The Hon’ble Kerala HC in the case of Jose Kuruvinakunnel vs. CIT held that the I.T Act does not envisage double taxation and assessment should be in the hands of the right person and that there cannot two assessments for the same income.
The Hon’ble Kerala HC in the case of Beacon Projects Private Limited held that a sum paid can be termed as interest only when the same is paid in respect of a pre-existing debt obligation and there existed a debtor-creditor relationship.
The Hon’ble Kerala HC in the case of Kerala Kamudi P. Ltd. held that the assessee is allowed to follow hybrid system of accounting for different nature of transactions provided the same is followed consistently and income can be deduced from such accounting.
Punjab & Haryana High Court in case of B.M.J Real Estate P. Limited held that where the consideration received or accrued as a result of transfer of capital asset being the land or building is less than the value adopted or assessed by the stamp valuation authorities
The Hon’ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver
The ITAT Mumbai in the case of Mckinsey Business Consultants Vs. DDIT held that if there is no clause in DTAA to tax fees for technical services (FTS) then the same is taxable as business profits provided the income is earned by assessee through a PE in India.
The ITAT Kolkata in the case of DCIT Vs. Trade Apartment Ltd. held that the delay in filling appeal cannot be condoned if the same is attributable to gross negligence and inaction on the part of revenue.
The ITAT Mumbai in the case of M/s Steller Developers P. Ltd. held that if the letting out of property is with intention to commercially exploit and it is the main object of assessee company then income from such leasing/letting is assessable under business head and not as house property.
The ITAT Mumbai disposing off miscellaneous application of ICAI held that the observations made by ITAT were not offensive, thus, cannot be deleted in totality. The same has been misunderstood by ICAI and ,therefore, modified suitably to ensure that the clear message that there is a need of improvement in the overall design of CA course
Penalty u/s 271(1)(c) can be levied only in the cases of concealment of income in the return of income filed by the assessee. In the present case, the return filed in response to notice u/s 153A was accepted by the AO as it is which also included surrendered income not disclosed in the original return due to bonafide error.
