There is undoubtedly no material available to even remotely reflect that consideration over and above what was shown to be paid in the registered sale deed of the said property was made over to the seller. In these circumstances, it was not fair in the first place to refer the said property for estimation of its market value by DVO.
CIT Vs. G.K. Properties Private Limited (Andhra Pradesh HC) Merely because the assessee made a claim which was not acceptable ipso-facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1)(c) of the Income Tax Act
Pr. CIT Vs. M/s G.K. Properties Private Limited (Andhra Pradesh High Court) The case of the appellant-Department, in brief, is that the assessee had purchased agricultural lands with a clear intention to trade in buying and selling of agricultural lands
That debentures are securities within the meaning of the expression understood in Section 2 (ac) and (h) of the Securities Contract Regulation Act, 1956 and freely tradable. The moment the debentures were issued to ICICI, the latter could realize the money value thereof.
An Assessee cannot be compelled with the quantum of additions as admitted during the course of assessment proceedings if the said additions were not offered to tax in the return of income.
While setting aside the order passed by ITAT Hon’ble HC held that tax can be levied on real income not on hypothetical income. Realization of some entries is doubted and such entries can not constitute a valid levy of tax.
Karnataka High Court in the case of M/s TVS Motors Co. Ltd. held that the automobile cess leviable under the automobile cesses rules are governed by the provisions of central excise act and rules made under the act and are in the nature of excise duty and thus, allowable as rebate under Rule 18 of Central Excise Rules,2002.
The Hon’ble Madras HC in the case of PK Shefi vs. CESTAT held that the tribunal is not right to order pre-deposit prejudicial to the interest of the assessee when the issue was debatable and the assessee has reasonably shown the likely financial hardship to be suffered.
Whether the receipt of Letter of Credit Margin/Trade margin by the petitioner in convertible foreign exchange for rendering service to various overseas buyers are liable to service tax under the category of “Business Auxiliary Services” as per Section 65(19) of the Finance Act.
The only issue before Hon’ble court is that whether assessee is entitled to claim deduction u/s 80 IA even though it have been set off losses against the profits from other sources. CIT VS. GR Thangamaligai Firm (Madras High Court)
