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Income Tax judiciary-2

Royal Buggy used by royal family for ceremonial occasions is exempt from Wealth Tax

Shantadevi p. Gaekwad Vs W.T.O (Gujarat High Court at Ahmedabad)

This appeal is filed by the assessee challenging the judgment of the Income Tax Appellate Tribunal (Tribunal for short) dated 26.9.2001. Appeal was admitted for consideration of following substantial question of law....

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Principle of Mutuality applies to Club run by a Company

Commissioner Of Income Tax Vs Karnavati Club Ltd. (Gujarat High Court)

This Tax Appeal is filed challenging the judgement of the Income Tax Appellate Tribunal dated 28.08.2006. The Tax Appeal has been taken up for consideration of following substantial questions of law: [A] “Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) deleting the addition of [&h...

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Deduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C

Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata)

In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law as specified Section 54EC of […]...

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Capital Gain Tax applicable on Transfers made by corporate entities under family arrangement /settlement

B.A.Mohota Textiles Traders Pvt. Ltd. Vs The Deputy Commissioner of Income-tax (Bombay High Court)

This appeal under Section 260A of the Income Tax Act, 1961 (Act) challenges the order date 23.4.2002 of the Income Tax Appellate Tribunal, Nagpur (Tribunal) relating to Assessment Year 1995- 96....

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No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

Asstt. Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)

In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end....

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Whether reassessment proceedings can be initiated on basis of CIT(A)’s directions

Raghunath Devchand Patil Vs Asst. Commissioner of Income Tax (Gujarat High Court)

It is the case on behalf of the petitioner that the assessment for A.Y 2008-2009 is sought to be reopen beyond the period of six years, solely on the directions issued by the learned CIT [A], which has been subsequently set-aside by the learned Tribunal. It is submitted that otherwise, the re-assessment proceedings beyond six years is not...

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ITAT Confirms Penalty for not attending SCN related to Undisclosed Swiss Bank A/C

Manish Periwal Vs DCIT (ITAT Delhi)

The facts about the Bank Accounts and other circumstances are in the exclusive knowledge of the assessee and non co-operation leads to derailment of It is the duty of every assessee to duly respond to statutory notices failing which the law provides imposition of penalty u/s 271(1)(b) of Rs. 10,000/- each default. In this case, assesse’...

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No Penalty- When deeming provisions are applied for assessing income

Pr. CIT Vs. M/S Hariom Steels (P) Ltd. (Allahabad High Court)

Hon'ble Allahabad High Court has in the case of Hariom Steels Pvt Ltd has held that penalty cannot be levied when deeming provisions are applied for assessing income....

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In absence of communication of interest on IT Refund no penalty for not offering the same for tax

M/s Subhash Chander Sewa Vs Income Tax Officer (ITAT Amritsar)

Admittedly there is a mistake committed by the assessee in not adding interest on the refund to his sources of income. There is no disputing the fact that the tax payer duly and diligently must necessarily in its return of income disclose all avenues of his income. The assessee in its defence has consistently maintained […]...

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Finding Fact of Settlement Commission is not Open to Judicial Review

ABC Dubash Mining & Anr. Vs. The Income Tax Settlement Commission & Ors. (Calcutta High Court)

A finding of fact made by the Settlement Commission is not open to judicial review unless it is established that, such finding of fact suffers from perversity or is vitiated due to bias or malice. None of the grounds known to law to upset a finding of fact returned by a Settlement Commission has been substantiated in the facts of the pres...

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