"24 October 2012" Archive - Page 3

Notice issued u/s.158BC(a) cannot be equated to a notice issued u/s.148 to reopen an assessment

Shibani Dutta Vs Commissioner of Income-tax (Delhi High Court)

First proviso to Section 158BC (a) required no notice under Section 148 for making a block assessment, merely because the notice required to be issued under Section 158BC (a) calling for the block return is analogous to the notice under Section 148 to reopen an assessment, is without any basis, either on principle or on authority. ...

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Settlement Commission should examine application for settlement by lifting corporate veil

ING Vysya Bank Ltd. Vs Commissioner of Income-tax, Bangalore-I (Karnataka High Court)

In a given case if such immunity is not granted the Department would proceed to prosecute the assessee in a jurisdictional court. Once prosecution is lodged the presumption is that there was mens rea on the part of the assessee to conceal the income by a smoke screen or evade tax. Thus the Settlement Commission will have to examine the ap...

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