Judiciary

Levy of penalty under section 158BFA (2) on undisclosed income returned for non-payment of tax thereon

DCIT Vs Heera Constructions Co. (P.) Ltd. (ITAT Cochin)

Provided further that the provisions of the preceding proviso shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income show in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined which is in excess of the amount of undisclosed income ...

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Undisclosed income of the partnership firm can not be assessed in the hand of the partners

ACIT Vs Shri K. T. Joseph (ITAT Cochin)

Whether, in the facts and circumstances of the case, the CIT(Appeals) is justified in holding that no addition can be made in the hands of the assessee towards undisclosed income from the liquor business carried on by the firms M/s. Malabar Associates....

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Leviability of Penalty under section 271D if Assessee have reasonable cause for borrowing in violation of section 269SS

Jitu Builders Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad)

The facts leading up to the levy of penalty have been stated in the dissenting orders and there is no dispute regarding their accuracy. The only question is whether on these facts there was reasonable cause within the meaning of sec.273B preventing the assessee from accepting the sum of Rs. 15,00,000 from N.K. Chemist by account payee che...

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If assessee has no enforceable right to receive interest then there can not be accrual of income

ACIT Vs Travancore Titanium Products Ltd. (ITAT cochin)

I entirely agree that unless and until the terms and conditions of advance are known and agreed between the parties or through Government of Kerala, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. This is well settled position....

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Expression Marketing under section 80P(2)(a)(iii) includes processing

Budhewal Co-op. Sugar Mills Ltd. Vs CIT (Punjab & Haryana High Court - Full Bench)

According to plain reading of Section 80P(2)(a)(iii) , if a Cooperative Society earns income from marketing of the agricultural produce grown by its members, the deduction in respect of the profits and gains of business which are attributable to that marketing activity would be available under this provision. The main point that needs del...

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Change in method for Valuation of closing stock should be bona fide

Triveni Engineering & Industries Ltd. Vs. CIT (Delhi High Court)

As regards the issue raised with regard to rejecting the method in the change of valuation of closing stock, we find that the finding arrived at by the three authorities below that the change in the valuation of closing stock was not bona fide is a pure finding of fact and no question of law arises much less a substantial question of law...

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Allowability of interest due and payable to financial institution u/s. 43B of Income Tax Act, 1961

Triveni Engineering & Industries Ltd. Vs. CIT (Delhi High Court)

We do not find any error in the approach of the authorities below. Merely because the interest was debited in the books of accounts maintained on mercantile basis would not mean that the interest had become due and accrued because admittedly the interest liability would become due not during the relevant previous year but only for the fir...

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Non-reference by ITAT of cited judgements is not an apparent mistake : Madras HC

M/s. Visvas Promoters P Ltd. Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The assessee claimed deduction u/s 80-IB (10) which was rejected by the AO but allowed by the CIT (A). On appeal by the department, the Tribunal ruled against the assessee and held that it was not eligible for deduction. The assessee filed a MA u/s 254 (2) pointing out that it had cited a judgement of the Kolkota Bench of the Tribunal (wh...

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Section 54 merely required purchase of new house within the specified period, source of funds for the purchase is irrelevant

The Commissioner of Income Tax Vs. Dr. P. S. Pasricha (Bombay High Court)

S. 54 provides that if an assessee has LTCG on transfer of a residential house and he purchases or constructs a residential house within the specified period then the amount appropriated towards the new house shall be deducted from the LTCG....

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Supreme Court on Applicability of ESI Act, if not reviewed, can create havoc

Employees State Insurance Corporation Vs. Bhakra Beas Management Board and Anr. (Supreme Court)

It appears that the appellant had issued a notice under Section 45A of the Employees State Insurance Act, 1948 (hereinafter for short 'the Act') for making employer's contribution towards the employee’s state insurance. The respondent No. 1 Board challenged that notice before the Employees State Insurance Court, Delhi. It appears that n...

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