It will be appreciated from the above that the Revenue had accepted the order of the CIT (Appeals) in which she was held to be the owner of M/s Trans World International from the assessment year 1997-98 and that her husband, the assessee before us, was the owner of the said concern only upto the [...]

The conviction recorded against the appellant for bigamy stands even today though sentence was reduced to the period already undergone. Hence, the decision taken by the first respondent to remove the name of the appellant from the register maintained by the Chartered Accountants Council, which was upheld by the learned single Judge is valid and no interference is required as the appellant has attracted disqualification by operation of law viz., Section 8 of the Chartered Accountants Act, 1949, due to his involvement in an offence involving moral turpitude.

From the noted portion of the Tribunal’s impugned judgment, it clearly emerges that no such satisfaction was recorded by the Assessing Officer of the searched person. At any rate, no such satisfaction was produced before the Tribunal. In fact the Tribunal found that the satisfaction recorded for issuance of notice was by the Assessing Officer [...]

The only other explanation, to which the attention of the Court is drawn, is that in paragraphs 3(H)(iv) and (v) to the effect that the Assistant Manager (Taxation) who scrutinized the order “was about six months old in the taxation department and not very familiar with the subject and the appellate procedure”. Moreover, it has [...]

The petitioners have approached this Court seeking various reliefs, including quashing of Ext.P2 circular. The main ground of challenge of the order is that the Securities and Exchange Board of India has no power to issue the notification. The circular is for the benefit of the investors. It ensures transparency or openness as distributors have [...]

The Tribunal by its order dated 17 December 2010 restored the proceedings back to the Assessing Officer. The Assessing Officer gave effect to the order of the Tribunal by passing an order dated 27 December 2010 which states that it has been made under section 254. The Assessing Officer re-computed the loss at Rs.16.82 crores. [...]

Learned counsel for the assessee placed a circular in Circular No.5/2010/(F.No.142/13/2010-SO(TPL)) dated 03.06.2010 issued by the Board and submitted that as per the circular, it is made clear that the amendment made by the Finance (No.2) Act, 2009 is only prospective in nature and cannot be applied retrospectively.

Directors of the Software Technology Parks of India have the authority of the Inter-Ministerial Standing Committee and that all approvals granted by the STPI Directors are therefore deemed to be valid. The position is also clear from a letter dated 6.5.2009 issued by the Central Board of Direct Taxes to the Joint Secretary, Ministry of [...]

The preponderance of the judicial opinion of all the High Court including this Court is that at the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look into the [...]

Whether the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration ? Yes, the Hon’ble Tribunal has decided on facts, by giving a factual finding that the amount of liabilities taken over in case of [...]