Whether on the facts and in the circumstances of the case, the ITAT is correct in law in deleting the interest charged u/s 234B and 234C while computing income u/s115JB without appreciating the facts that the said section specifically state that all provision of the Act shall apply to the assessee being company mentioned in the said section and therefore section 115J of the Act is no more available for the assessee for delaying the payment of advance tax in view of the insertion of section 115JA 115JB in the Act.
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In the statement made by the Revenue Secretary to the media on 10th December 2012, he had stated that there is no advantage in suppressing the true income or avoiding paying income tax that is due because, sooner or later, the information available with the Income Tax Department will lead the department to the doors of such persons.
Hon’ble Delhi High Court in the case of CIT vs. Liquid Investment Limited, I.T.A.No. 240/2009 vide its order dated 5.10.2010 has clearly held that where High Court has accepted substantial question of law u/s 260A, this itself shows that issue is debatable. Accordingly, no penalty was imposable u/s 271(1)(c) of the Income-tax Act, 1961.
The documents have been perused. The CLB has noted the mismatching in the questioned and the admitted signatures yet on a perusal of the same and the submission of the learned counsel for the respondent which is to the effect that the signatures of a person do vary at different points of time which submission is not out of context.
It is not disputed that there was an agreement to sell between the assessee and M/s Shinestar Buildcon P Ltd. and in terms of the agreement the assessee received Rs. 18 crores as earnest money. Subsequently, the said earnest money was forfeited by the assessee and the same was claimed as capital receipt.
In the present case, the sole and dominant nature of the activity is education and the Petitioner exists solely for the purposes of imparting education. An incidental surplus which is generated, and which has resulted in additions to the fixed assets is utilized as the balance-sheet would indicate towards upgrading the facilities of the college including for the purchase of library books and the improvement of infrastructure.
It is well established in law that no one can act in judicial capacity if his conduct gives ground for believing that he cannot act with an open mind or impartially. In the present case, we have a reasonable apprehension that the A.O. who has passed the impugned order does not have open mind and, therefore, cannot pass order impartially.
Time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 28th February, 2013 or within 30 days from the due date of AGM of the company, whichever is later.
