high court judgments - Page 3

No Penalty for non payment of service Tax if no willful suppression of facts to evade tax

Mahadev Logistics, Vs Customs and Central Excise Settlement Commission (Chhattisgarh High Court)

Court is of the considered opinion that there is no willful suppression of facts to evade tax on the part of the petitioner and it was bona fide on the part of the petitioner, it was not deliberate and in absence of finding relating to mensrea recorded by the Settlement Commission, the penalty imposed upon the petitioner under Section 78 ...

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Custodian of Goods cannot deny his liability for export of Illicit Goods

M/s. Sanco Trans Ltd Vs The Customs, Excise and Service Tax Appellate Tribunal (Madras High Court)

This Civil Miscellaneous Appeal is filed by the assessee challenging an order of the Customs Excise and Service Tax Appellate Tribunal dated 15.6.2015 confirming imposition of penalty under section 114 of the Customs Act (in short Act) though reducing the quantum from Rs.5 lakhs to Rs.2.5 lakhs....

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Loss / Gain on Foreign Currency Translation is notional debit/credit and not subject to Income Tax

CIT Central Vs M/S Jai Prakash Industries Pvt. Ltd. (Allahabad High Court)

A division bench of the Allahabad High Court, in CIT v. Jaya Prakash Industries Pvt Ltd, held that the difference on foreign currency translation which is notional debit/credit, did not represent any loss or income for the purpose of computing the taxable income under the Income- Tax Act....

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Tax relief to Nusli Wadia on sale of life interest in income from Trust property

Shri Nusli N. Wadia- Applicant Vs. CIT (Bombay High Court)

In a recent ruling, the division bench of the Bombay High Court, while allowing tax relief to Mr. Nusli Wadia, held that the sale of his life interest in the income from the Trust property would not attract Capital gains Tax if the previous transaction through which he got the title over the property was held as not a transfer or Gift und...

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Assessee can adjust cash seized against its advance tax dues

Pr. CIT Vs Sh. Surinder Kumar Khindri (Punjab And Haryana High Court)

The assessee has been held entitled to adjustment of cash seized against its advance tax dues. It has further been held that the Explanation 2 to Section 132B of the Act is not retrospective in nature. ...

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Order passed by Tribunal without considering all evidences is faulty order: HC

Ms. Amita Bansal Vs CIT & Another (Allahabad High Court)

HC held that Tribunal - the higher appellate authority has neither considered and weighed, in entirety, the evidence relied by the lower appellate authority nor it has dealt with the reasoning and findings of the lower appellate authority while passing the order of reversal. ...

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Government cannot direct assessing officer to take a particular view: HC

M/s. All India Association of Authorized Money Changers & Money Transfer Agents Vs The Union of India & Ors. (Bombay High Court)

HC held that The Central Government cannot direct the assessing officer to take a particular view of the matter as that would be a direct interference with his powers as an assessing officer. He has to exercise the powers in accordance with law. ...

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Prisoners too have fundamental Right to Trade and Profession: HC

Soma Saha Sen Vs State of West Bengal & Ors. (Calcutta High Court)

Right to carry on trade and profession including right to convey property in course of such business is an essential fundamental right enshrined under Article 19(i)(g) of the Constitution of India and the same do not stand eclipsed by the continuing incarceration of a prisoner....

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Partners to Explain Source of Gift received by their Minor Children

Banaras Chemical Factory Vs Commissioner Income Tax (Allahabad High Court)

We cannot loose sight of the fact that the minors in question were children of the partners in the firm and therefore, it had to be the partners who would have both arranged the gifts and also made the decisions to introduce money into the firm in name of the minors. ...

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Filing of Audit Report along with Income Tax Return is not Mandatory

Commissioner of Income Tax Vs M/S Fortuna Foundation Engineers & Consultants Pvt. Ltd. (Allahabad High Court)

This question is regarding filing of audit report in form 10CCB. If it is not filed alongwith return but filed before assessment, will it amount to non-compliance of Section 80IB (13) read with Section 80IA (7)....

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