Judiciary

Sec.153B(2)(a) Mere Panchnama would not extend period of limitation

Pr. Commissioner Of Income Tax Central-3 Vs Ppc Business And Products Pvt. Ltd. (Delhi High Court)

The Court is not prepared to accept the plea of the Revenue that merely because a panchnama was drawn up on 15thMay, 2007 showing that the search was ‘finally concluded’ on that date, it postponed the period of limitation in terms of Section 153B (2) (a) of the Act....

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Amount offered for tax in earlier year cannot be taxed in subsequent year

Fino Paytech Ltd. Vs ACIT (ITAT Delhi)

In view of the undisputed fact that a sum of Rs. 18,63,61,346/- was offered to tax though it was originally debited to the profit and loss account during the AY 2011-12,and because of the cost reimbursement agreement between the assessee and the parent entity on 18.05.2012 pursuant to which a sum of Rs. 13,21,53,000/- and Rs. 5,44,13,490/...

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Wrong Mention of Section would not make Re-Assessment Invalid

DCIT Vs Shri K.M. Nagaraj (ITAT Bangalore)

Under the provisions of section 292B, certain acts are not to be treated as invalid by reason of mistake or defect or omission either in the return of income, assessment, notice, summons or other proceedings. In other words, notice cannot be invalidated by reason of any mistake such as one occurred in the present case i.e. mentioning sect...

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Mandatory Pre-Deposit U/s. 129E of Customs Act is Constitutionally Valid: Bombay HC

Haresh Nagindas Vora Vs Union Of India (Bombay High Court)

The Bombay High Court has upheld the constitutional validity of Section 129 E of the Indian Customs Act, 1962, that makes pre- deposit mandatory for filing an appeal before the tribunal or the Commissioner (Appeals) concerned....

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Addition based on mere statement of assessee which is retracted is not sustainable

CIT Vs Lavanya Land Pvt. Ltd (Bombay High Court)

The Tribunal considered the merits and once again, at great length. The particular argument revolving around the statement of Dilip Dherai and his answer to question No. 24 was also considered in paragraph 21 of the impugned order. Then, in paragraph 22, the Tribunal refers to the additions made under Section 69C....

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Interest on NPAs: RBI Directions U/s. 45Q of RBI Act prevail over sec. 145 of IT Act, 1961

Pr CIT Vs Shri Mahila Sewa Sahakari Bank Ltd (Gujarat High Court)

Appellant contended that section 43D of the Act itself recognises recognition of taxability of such interest and that when a specific provision in the nature of section 43D of the Act has been made, and entities like the assessee are excluded from the purview thereof, the assessee cannot indirectly claim benefit which would amount to [&he...

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Royal Buggy used by royal family for ceremonial occasions is exempt from Wealth Tax

Shantadevi p. Gaekwad Vs W.T.O (Gujarat High Court at Ahmedabad)

This appeal is filed by the assessee challenging the judgment of the Income Tax Appellate Tribunal (Tribunal for short) dated 26.9.2001. Appeal was admitted for consideration of following substantial question of law....

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Principle of Mutuality applies to Club run by a Company

Commissioner Of Income Tax Vs Karnavati Club Ltd. (Gujarat High Court)

This Tax Appeal is filed challenging the judgement of the Income Tax Appellate Tribunal dated 28.08.2006. The Tax Appeal has been taken up for consideration of following substantial questions of law: [A] “Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) deleting the addition of [&h...

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Deduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C

Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata)

In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law as specified Section 54EC of […]...

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Capital Gain Tax applicable on Transfers made by corporate entities under family arrangement /settlement

B.A.Mohota Textiles Traders Pvt. Ltd. Vs The Deputy Commissioner of Income-tax (Bombay High Court)

This appeal under Section 260A of the Income Tax Act, 1961 (Act) challenges the order date 23.4.2002 of the Income Tax Appellate Tribunal, Nagpur (Tribunal) relating to Assessment Year 1995- 96....

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