It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act.
Delhi High Court on appeal by Narendra Plastic Private Limited directed as under: (i) The Petitioner will be permitted to clear the consignments of imports constituting inputs for the fulfilment of its export orders placed on it prior to 1st July 2017 without any additional levies, and subject to the quantity and value as specified […]
Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom the cash was received […]
Advisory services provided by CRISIL does not fall under category of Management Consultancy Services and is correctly classified under the Banking and other Financial Services.
CA accused of offering a bribe to ITO for performing an official act can be tried U/s. 7 and 13 (1)(d) of Prevention of Corruption Act and section 120-B of the IPC. The fact that the CA is not a public servant is irrelevant.
The use of deceptive loan entries to bring unaccounted money into banking channels plagues the legitimate economy of our country. The mere fact that the identity of the lenders is established & payments are made by cheques does not mean they are genuine.
M/s. M.J.S. Enterprises & Ors vs. The Controller of Stores & Purchase & Ors. (Karnataka High Court) HC held that it would be premature for the Court to decide such academic questions at this stage, when the very foundation of such a dispute itself is not even available for the Court to decide. It is […]
In case of assessee dealing in foodgrains, investment in unrecorded stock of rice noticed during the course of survey was to be taxed as business income and not as income from other sources as investment in procurement of such stock of rice was clearly identifiable and related to the regular business stock of the assessee.
(i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock
S. 263: Lack of inquiry vs. Inadequate inquiry: Revision on the ground that the AO did not conduct a detailed inquiry on account of paucity of time is unfair to the assessee and invalid (Amitabh Bachhan 384 ITR 200 (SC) & Maithan International 375 ITR 123 (Cal) distinguished
