justification

Simply because some incidental activity of the assessee is revenue generating, does not provide any justification to hold that it is tainted with "commerciality" and reaches a point where relationship of mutuality ends and that of trading begins. Full Article

If the AO has cause or justification to know or suppose that income has escaped assessment it can be said to have a reason to believe that an income had escaped assessment; at the time of recording reasons for initiating proceedings u/s 147 it is not necessary that the Assessing Officer should have finally ascertained the fact by legal evidence or conclusion; at the initial stage what is required is `reason to believe' but no established fact of escapement of income. Full Article

SUMMARY OF CASE LAW If an assessee has developed a housing project, wherein the majority of the residential units has a built-up area of less than 1500 sq.ft. i.e., the limit prescribed by section 80-IB(10) and only a few residential units are exceeding the built-up area of 1500 sq. ft., there would be no justification [...] Full Article

The sum due as referred to under section 434 of the Companies Act, 1956 must mean what has fructified and can not merely be a contingent liability or deferred payment; if the liability has not fructified within 21 days from the time the date of service of notice, it cannot be said to be a debt which company is unable to pay, in order that the Court could find a justification for winding up the company. Full Article