CIT Versus Narayan Securities Pvt. Ltd. (Delhi HC)- The Tribunal relied upon the case of ITO v. Smt. Darshan Kaur of the Amritsar Bench of the Tribuanl and also the case titled CIT v. Atlas Cycle Industries, 180 ITR 319 and CIT v. M.P. Iron Traders 189 CTR 154, holding that the assumption of jurisdiction to frame the assessment by invoking Section 147 of the Income Tax Act was not justifiable in this case and consequently quashed the assessment framed under Section 143(3)/147. It is against this impugned order that the appeal has been preferred by Revenue. The present case is squarely covered by the judgment of this Court in ITA No. 148/2008 titled as Ranbaxy Laboratories Limited v. Commissioner of Income Tax, pronounced today, i.e., 3rd June, 2011 by this Court.
National Agricultural Co-Operative Marketing Federation of India Ltd. Versus CIT (DELHI HC)- In fact the liability on account of interest was to be deductable only when it gets crystallized into a certain liability and that took place only on this court passing a decree and awarding interest after the date of the award till the date of realization. Thus, we are of the view that the liability did not crystallize in the three assessment years 1996-97, 1997-98 and 1998-99,but only came to be crystallized in the year 2000-2001, when this court passed decree on 28th January, 2000 and, therefore, the assessee could not claim deduction for the same in the assessment years 1996-97, 1997-98 and 1998-99. We thus, answer question in affirmative in favour of the Revenue and against the assessee and consequently dismissed the appeal.
ITO vs. Laxmi Jewel Pvt Ltd (ITAT Mumbai)- As per Instruction No. 3 of 2011 dated 09.02.2011 appeal before appellate Tribunal can be filed where the tax effect exceeds the monitory limit of 3,00,000/-. However, considering the similar situation where tax limits were modified by the CBDT Instruction No. 5 of 2008 the Hon’ble jurisdictional High Court in the case of CIT vs. Madhukar K. Inamdar (HUF) (supra) held that the circular will be applicable to the cases pending before the court either for admission or for final disposal.
CIT Versus Continental Engines Ltd. (Delhi HC) – There is no dispute that the assessee is an approved EOU unit approved by the NEPZ authorities and there is also no dispute that the assessee was having two units described as CEL-I and CEL-II and that the assessee was making exports. Both the CIT(A) and the Tribunal have recorded as a matter of fact that the assessee was involved in manufacturing of an article or thing and that the mere fact that it was getting some works done on job basis from its sister concern would not deprive the assessee of its entity to be an EOU manufacturing unit.
Astra Housing & Investment P. Ltd v CIT (Delhi HC) The crux of the ratio of above decisions is that a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. In order to be covered within the proviso of clause (c) of sub-Section (1) of Section 271, there has to be concealment of particulars of income by the assessee or the assessee must have furnished inaccurate particulars of income. Incorrect claim may not amount to furnishing of inaccurate particulars. Everything depends upon the return filed by the assessee, because that is the only document where the assessee can furnish particulars of his income. When such particulars are furnished inaccurately, the liability would arise.
The Ministry of Corporate Affairs has clarified that – (i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing. (ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for shareholders is optional. Thereafter, it is mandatory for all listed companies.
Recently, hon’ble Supreme Court in Gangadhara Palo Vs The Revenue Divisional Officer & Another {(2011) 4 SCC 602; Decided on 08.03.2011} has held that there can be no review of a judgment, if appeal has already been decided. The Court observed the principles as follows.
) Income Tax department conducted raids at 14 premises and surveys at six places belonging to private doctors here for suspected tax evasion, officials said today. The raids launched yesterday were being carried out till late last night and are likely to end today, they said.
IT: Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900 : (Indian Express April 1, 2011). SBI lending rates are as follows—
Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company,” Corporate Affairs Secretary D K Mittal told reporters on the sidelines of an AIMA event here. Singapore-based Speak Asia, promoted by Hariender Kaur, was incorporated last year. So far, it only has operations in India and claims to have 19 lakh members or panelists in the country.
