Judiciary

PIL by a lawyer to gain popularity is violation of Code of Conduct

S. Baskar Mathuram Vs The State of Tamil Nadu (Madras High Court)

We take this opportunity to remind the State Government to put in place a policy decision to ensure that the Print and Electronic Media does not while reporting instances of similar nature from furnishing any details which are capable of enabling the readers or general public to come to know of the identity of either the victims or those...

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SC held Sasikala and her two relatives guilty of Corruption

State Of Karnataka Vs. Selvi J. Jayalalitha & Ors. (Supreme Court)

In a land mark 570 Page Judgment on 14.02.2017 Supreme Court has sent VK Sasikala and her two relatives to jail for four years for corruption. Supreme court also barred VK Sasikala from holding public office or contesting elections for 10 years after holding her guilty of amassing wealth disproportionate to her known income. She was also ...

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Allowability of Interest / Service Charges on Funds raised to Subscribe Debentures for acquiring controlling interest

Commissioner of Income Tax vi Vs m/s Virat Investment & Mercantile co. (Delhi High Court)

In this case, the expenditure clearly is not towards acquisition of the capital nor is it an integral part of it, it is only the service alone. It is of a similar kind that would otherwise have been permitted under Section 37 of the Income Tax Act. ...

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Transaction not bogus for mere non-filing of objection by Assessee

Tvl. Sun Powers Vs The Commercial Tax Officer (Madras High Court)

Assessing Officer, could have only come to a conclusion that the subject transactions were bogus, based on substantive material, and not that because objections were not filed by the petitioner, the assertions made in the pre-assessment notice would have to be deemed to be correct....

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Section 14A applicable even if motive of assessee in acquiring shares is to obtain controlling interest in a company

United Breweries Limited vs. DCIT (Karnataka High Court)

The learned Counsel for the appellant relied upon various decisions of the High Court and of the Apex Court, but in none of the decisions, the question arisen before the respective Court as to whether the finding of fact recorded by the Tribunal can be disturbed or upset at the stage of appeal before this Court, which is limited to the qu...

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As Advance tax not payable on salary Income so interest U/s. 234B, 234C cannot be levied

Ian Peter Morris vs. ACIT (Supreme Court of India)

In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part 'C' of Chapter VII of the Act can arise in cases of receipt by way of 'salary'....

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Freebies given to Doctors by A Pharmaceutical Company: Whether an allowable expenditure?

Dy. CIT Vs. PHL Pharma P Ltd. (ITAT Mumbai)

Expenditure incurred by pharmaceutical companies in respect of physician sample etc. has remained controversial issue. The recent decision of Mumbai ITAT in DCIT vs. PHL Pharma P. Ltd, Mumbai has thrown new light on the issue....

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HC dismisses Petition to seek early hearing, while assessee was taking adjournments on frivolous grounds

Tulsidas Trading Pvt. Ltd. Vs Tax Recovery Officer & Ors. (Bombay High Court)

This conduct on part of the petitioner filing the petition interalia seeking early hearing of its appeal before the CIT (A) and at the same time when the appeal is fixed for hearing by the CIT (A), the petitioner is seeking adjournment on frivolous grounds indicating that the petitioner is not serious about attending the hearing. It appe...

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In absence of incriminating documents addition cannot be made based on Mere voluntary disclosure

Chetnaben J Shah vs. ITO (Gujarat High Court)

Learned Counsel for the respondent has taken this Court to Section 132(4) of the Act and contended that the statement made during the search is required to be accepted and the retraction was made after a very long time. The reasoning of the Assessing Officer was confirmed by the Tribunal and therefore, no interference is called for by t...

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Section 68 cast onus on assessee to explain source of source of share subscription

Royal Rich Developers Pvt. Ltd vs. DCIT (ITAT Mumbai)

Onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not able to prove the same as per the facts emerging from the records and material before us as […]...

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