High Court held In the case of CIT vs. Ms Megha Dadoo that the product (Route Marker) produced by the assessee was commercially different from its raw material and also a commercially different product known in the market.
The ITAT considered the submissions and concluded that the AO could not have brought to tax the amounts that he ultimately did merely based upon the DVO’s report in the absence of any material pointing to under valuation.
Sri Damodarlal Badruka Vs. ITO (Andhra Pradesh High Court) It is well settled that once an assessment is re-opened by virtue of the order passed by CIT under Section 263 of the Act, the initial order of assessment ceases to be operative.
The writ petitioner under Article 226/227 of the Constitution ofIndia, is a company incorporated under the laws of Mauritius, challenges aruling dated 21.03.2012 (hereinafter referred to as the ‘impugned ruling’) ofthe Authority for Advance Ruling, (herein after referred to as ‘AAR’) in A.A.R.
In the case of M/s.Novel Digital Electronics Vs The Commissioner Customs (Imports), it was held by Madras High Court that penalty will ordinarily be imposed in cases where the party acts deliberately in defiance of law, or is guilty of contumacious or dishonest conduct
If the returns are furnished and submitted, then, they deserve to be scrutinised. If they should be scrutinised expeditiously and early and equally the claims for refund in pursuance thereof, then, the only direction that we issue is that the Respondents process such cases and as expeditiously as possible.
High Court held that Business is a continuous activity which is done year to year. Here, in this case the Assessee let out his godown and shown income as Income from Business instead of Income from property to which the High court do not agree
CIT Vs. M/s. Sileman Khan Mahaboob Khan (Andhra Pradesh High Court) Merely because one of the objectives, in the partnership deed, was to let out the godowns would not mean that the assessee had undertaken the activity of construction of godowns and letting them out as business activity.
Section 12AA, which lays down the procedure for registration, does not speak anywhere that the CIT, while considering the application for registration, shall also see that the income derived by the trust or the institution is either not being spent for charitable purpose or such institution is earning profit.
The grievance of the Revenue with regard to the impugned order so far as change of opinion is concerned, is that the Assessing Officer had acted upon on audit objection which has been received by him. Thus, there was tangible material available for issuing notice for reopening of the assessment.
