Deletion of addition under section 68 for unexplained credits without examining creditworthiness of the persons or genuineness of the transactions for the mere fact that credit were made through Banking channels not justified.
ALLAHABAD High Court Rejects Revenue’s denial of Sec 80G(5) recognition on the ground that the assessee-trust did not commence one of the activities mentioned in object clause- The fact that the assessee was still to commence the activity of establishing a hospital for imparting medical treatment would not by itself result in the rejection of the claim for recognition.
From a reading of the clauses (a) and (b) of the Explanation to section 10(13A), which were inserted by the Taxation Laws (Amendment) Act, 1984 with retrospective effect from 1-4-1976, it is absolutely clear that in order to claim deduction under sub-section (13A)
If the assessee had not bargained for interest, or had not collected interest, we fail to see how the income-tax authorities can fix a notional interest as due, or collected by the assessee. Our attention has not been invited to any provision of the Income-tax Act empowering the income-tax authorities to include in the income interest which was not due or not collected
In case of private assessee, the Commissioner will refer the matter to an officer to collect the material or Chartered Accountant for the purpose of audit. Thus, for the purpose of audit, the material can be collected either by the officer authorized by the Commissioner or by the Auditor himself. But, audit will be performed only by the Chartered Accountant.
From the record, it appears that originally, the dispute was between Accountant and Judicial Members of the Tribunal and it was not functioning. So, adjournment was sought by the petitioner, but the same was refused. However, on 06.03.2013, the case of the petitioner was decided in favour of the assessee in his presence.
By considering the totality of the facts and circumstances of the case, we find no reason to interfere with the impugned order passed by the Tribunal specifically when both the appellate authorities have given concurrent findings. The same is hereby sustained along with the reasons mentioned therein.
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
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
The difference between the ‘short-term capital’ asset and ‘long-term capital asset’ is the period over which the property has been held by the assessee and not the nature of tittle over the property. The lessee of the property has rights as owner of the property subject to covenants of the lease
