(i) Whether Central Bureau of Investigation, popularly called CBI, is a constitutionally valid police force empowered to investigate crimes? (ii) Could a police force, empowered to investigate crimes, have been created and constituted by a mere Resolution of Ministry of Home Affairs, Government of India, in purported exercise of its executive powers?
Whether the Tribunal has power in terms of Rule 24 of the Tribunal Rules to dismiss an appeal before it without considering the merits of the appeal and only on the ground for want of prosecution?
The challenge in this petition is to the Circular dated 6th March, 2013 issued by the 1st respondent. The said circular lays down the procedure of preparation of a panel of Auditors and Auditing firms in accordance with the third proviso to sub-section (1) (a) of Section 81 of the Maharashtra
Proviso to Section 112(1) is applied, then almost all assessees covered by the first proviso to Section 48 would be liable to pay tax @ 10% only and not @ 20% on long-term capital gains. The proviso to Section 112(1) is applicable to units and zero coupon bonds, which are not covered by the first proviso to section 48 of the Act.
Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency.
Merely because the assessee complies with the statutory procedural requirement of filing the prescribed form and certificate of the Chartered Accountant, cannot absolve the assessee of its liability if the act or attempt in claiming the deduction was not bonafide.
The penalty under section 272B cannot be imposed merely because it is lawful to do so. It can be imposed for failure to perform statutory obligation. The imposition of penalty for failure to perform a statutory obligation is a matter of discretion of the authority to be exercised judicially
An argument raised by counsel for the revenue that the matter be remitted to enable the Assessing Officer to verify receipts recorded in account books for the financial year 2005-06, cannot be accepted as the matter has been considered in great detail. The Commissioner of Income Tax (Appeals) has only after appraising the account books and referring to each receipt and TDS certificate, set out facts in a tabulated form and only after satisfying himself as to the bonafides of the assessee’s plea held that there was no fault on the part of the assessee.
– We were unaware that the law required anyone to give an explanation for having tea, whether in the morning, noon or night. One might take tea in a variety of ways, not all of them always elegant or delicate, some of them perhaps even noisy.
We are of the view that whenever objection is taken or claim is made before AO, that the value adopted or assessed or assessabe by the Stamp Valuation Authority under sub-section (1) of Section 50-C exceeds the fair market value of the property on the date of transfer
