"05 November 2017" Archive

CIC awards Compensation to RTI Applicant for 2 year delay in providing info

Aabid Hussain Vs. CPIO (Central Information Commission)

Commission is convinced with the averment of the Appellant for having suffered gross detriment due to the delay of over 2 years in providing the information to him. Appellant deserves to be compensated on this account. ...

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Judicial proceedings & records are public records and can be availed under RTI

Shri Y N Prasad Vs. PIO (Central Information Commission)

Judicial proceedings and records thereof are public records and the appellant has a right to secure desired information. After hearing the appellant and perusal of record, the Commission deems it fit to direct the respondent PIO to offer inspection of the judicial file to the appellant on a mutual convenient day and time. ...

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Madras HC allows filing of IT return without insistence on Aadhar

Preeti Mohan Vs Union of India (Madras High Court)

Preeti Mohan Vs Union of India (Madras High Court) The petitioner before this Court is a practicing advocate and she has filed this writ petition praying for a direction to the ITO to allow her to file income tax returns for the assessment year 2017-18 either manually or through e-filing facility without insisting for production […...

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Right to Property is Constitutional / Legal and Human Right

Narayan Prasad Vs State of Chhattisgarh (Chhattisgarh High Court)

In absence of law prohibiting transfer, no restriction to transfer the land can be directed by respondent No.2 as right to property under Article 300-A of the Constitution of India is not only constitutional or legal right, but it is also human right and a person can be deprived of that right only by authority of law....

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Penalty U/s. 221(1) for default in payment of demand cannot exceed tax amount

CIT Vs. Oryx Finance and Investment (P) Ltd. (Bombay High Court)

On reading the provisions of section 221 conjointly with the definition of “tax” as detailed under section 2(43), the irresistible conclusion that can be drawn is that the phraseology tax in arrears as envisaged in section 221 of the Act would not take within its realm the interest component. ...

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Section 54/54F exemption not available if house purchased is not for residence of the Assessee

Shri Arunkumar Nathan Vs Asst. Commissioner of Income Tax (ITAT Bangalore)

In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee's own residence....

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Two assets falling under different classes having same depreciation rate constitutes a single ‘block of assets’

Panchshila Hospitality Ventures Ltd. Vs. ACIT (ITAT Delhi)

section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two classes of assets, assets having same rate of depreciation are prescribed and they fall within the same block. ...

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80P Deduction eligible to Co-op Societies providing Credit facilities only to its Members

ITO Vs. Shri Shri Revanasiddeshwar Co-op. Credit Society Limited (ITAT Bangalore)

A co-operative society registered under the Karnataka Co-operative Societies Act, which is not having a banking license from the RBI to carry on the business of banking, cannot be deemed to be a co-operative bank coming within the ambit of section 80P(4) of the Act. ...

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Addition cannot be made for invalid gift of immovable property

Shri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore)

If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain ...

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NFRA to be set-up soon; Will take disciplinary action against errant CAs, CSs & Cost Accountants

Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to [&hel...

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Posted Under: Corporate Law |