In the present case the Tribunal found that the DVO’s report is based on his opinion, and not on any material, which could form the basis of reopening of the cases, and thus it can at best be treated as an information, which will not be sufficient material for recording ‘reason to believe’ to proceed [...]

The Official Liquidator is expected to satisfy himself after a prior investigation on his own that charges, in respect of which punitive action is to be taken that a case is made out against the Ex-Directors. Accusations against the Ex-Directors for the decisions taken in the normal conduct of the business of a Company would [...]

An application under Section 543 of the Companies Act, 1956 cannot be made in vague terms and it cannot be used as a power to conduct a roving enquiry in these proceedings and to ascertain as to whether there is any act of misfeasance on the part of erstwhile directors.

The application made, for recalling the order dated 19th November, 2012, has failed to convince the Court to the fullest extent. The person sworn-in to the affidavit has stated that he was managing the affairs of the Company and he was in the Country for six months, itself, is not sufficient to recall the winding-up [...]

Assessing Officer should record in the assessment order his satisfaction that the assessee had either concealed the income or furnished inaccurate particulars of income in his return before imposing penalty, we noticed that in the assessment orders passed by the Assessing Officer for the assessment year 1982-83 (which is the subject-matter of I.T.T.A. No. 29 [...]

In the present case, it is an admitted position where the appellant had not furnished the return within time allotted to him under sub sections (1) and (2) and therefore, his case clearly falls within the provision of section 139 (4). Section 139 (5) merely stipulates that it is applicable to any person who has [...]

The payment by CRS & Sons Co. Ltd., on the basis of franchise agreement to various persons cannot be treated as payment to Directors who have substantial interest in the company and Section 2 (24) (iv) cannot be invoked.

A perusal of the impugned order passed by the Commissioner specifies that what was pending consideration before him was the application filed by the respondent for renewal of exemption certificate issued under section 80(G) of the Income Tax Act. The order passed by the Commissioner further specifies that a notice was issued to the respondent [...]

The contention of the assessee that the payments in question were made to the builder not in the assessment year 2008-2009, but in the earlier years has been rightly rejected by the CIT because, firstly, the payments made in the earlier years if any related to purchase of flat No. B-92 on the 9th floor [...]

Learned counsel appearing for the assessee placed reliance on the decision of this court in CIT v. Ayesha Hospitals (P.) Ltd. [2007] 292 ITR 266 (Mad.), wherein in respect of the claim made for the assessment year 1991-92, the assessee claimed the amounts spent on painting, relaying of the damaged floors, partitions, etc., as revenue [...]