Prestige Estates Projects Pvt Ltd Vs Commissioner Of Central Tax (CESTAT Bangalore) It is seen that the amounts received by the appellants in respect of 3 activities undertaken by them i.e. ‘assignment transfer income’, assessment and bifurcation fees, ‘Khata transfer fees’ and ‘forfeiture’ amounts find their origin in the agreement with prospect to buyers in […]
DCIT Vs Star Wire Ind. Ltd. (ITAT Delhi) It is pertinent to note that the Assessing Officer himself has recorded the statement of Shri Mohinder Kumar Gupta in the assessment order, wherein the Director of the Company has elaborated the transaction which was also confirmed by Mr. Kailash Chandra Agarwal. The assessee Company through its […]
DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the orders would not […]
TLG India Private Limited Vs JCIT (Bombay High Court) It is stated that the impugned communications / certificates, copies of which are annexed to the Writ Petition as Annexures-T and U are withdrawn. The concerned official will now issue fresh certificates in accordance with law. While we allow withdrawal of these certificates and impugned in […]
ITO Vs Urban Improvement Trust (Supreme Court of India) “The High Court based its decision on the fact that functions carried out by the assessee are statutory functions and it is carrying on the functions for the benefit of the State Government for urban development. The said reasoning cannot lead to the conclusion that it is […]
Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks.
Surendra Kumar Jain Vs PCIT (Delhi High Court) The general provision of two years, in the opinion of the Court, has been provided with one important objective i.e. to cater to a specific situation where upon search and seizure operation, if new material is found, already completed assessments are revisited. Had Parliament not prescribed such a […]
Needless to clarify that in the absence of a clear policy, the Courts may then impose interest on the quantum of refund generated either by virtue of Court orders or by virtue of substantive proceedings arising out of refund applications. Either-way, it is the Revenue who would have to pay interest on the delayed refund and as such rates determined by the Court.
Vague information given by DIT (inv) there is no other material the AO collected after preliminary enquiry which could have enabled him at the time of recording reasons to come to a conscious independent conclusion that income of the assessee has escaped assessment.
Col. J.P.S. Yadav Vs South Eastern Coalfields Limited (High Court Chhatisgarh) Consequently, evaluating the facts, the finding that the notices were sent under the camouflage cover of SECL concealing the name of the sole arbitrator on 20.9.1993 and 28.10.1993 would be important. Further, the Court held that no service was affected to J.P.S. Yadav, the Managing Director and the […]
