It is settled principle of law that seizure can not be made merely on presumption. There must be a material to show that the Section 52 Rule 58 or the procedure prescribed in the circular issued by the Commissioner has been violated.
It is undisputed that the sole basis for detention of the tanker in question and seizure of the bitumen by the Respondent No.4 was the information collected by him from the toll plaza which revealed that last four digit of the registration number of the tanker in question was similar
it is immaterial whether the shares are held by the appellant as stock-in-trade. The dividend income derived from these shares is specifically chargeable under the head Income from other sources. Consequently, it is immaterial whether the appellant is a dealer or a trader and caries on business of purchase and sale of shares.
In Commissioner of Income Tax vs. Creative Dyeing and Printing Pvt. Ltd., 318 ITR 476, an advance was given to the said assessee by the sister concern, which held 50% of the share holding in the assessee concern for mordenisation project.
At the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look into the activities, where such activities have not or are in the process of its initiation.
Tribunal was justified in assessing the correctness of the notice for reopening the assessment under Section 148 on the basis of the reasons which were disclosed by the Assessing Officer. Those reasons, as the Tribunal noted, could not give rise to a reason to believe that income had escaped assessment for the simple reason that in the computation of income, the assessee had adopted the circle rate which is higher than the sale consideration. Hence, the appeal will not give rise to any substantial question of law.
In the present case, the Assessing Officer has noted that the assessee had invested a certain amount of its funds in shares and that the dividend which has been received or receivable did not form part of the total income.
Sub-section (1) of Section 151 provides inter alia that where an assessment has been made under section 143(3), a notice under section 148 cannot be issued by an Assessing Officer, who is below the rank of Assistant Commissioner or Deputy Commissioner unless the Joint Commissioner
Yesterday i.e. on 25.8.2014, due to non-functioning of the ACs installed in Court No.24, atmosphere of the Court was so humid and warm that learned Advocates including Senior Advocates, namely, Mr. Anil Kumar Tiwari, Mohd. Arif Khan, Dr. L.P.Mishra, made complain in this context to the Court.
Reliance in this regard can be placed on the decision of Hon’ble Allahabad High Court in case of M/s Vinay Wire and Poly Product Private Limited Vs. DGCEx [Writ Tax No. 283 of 2014] wherein the appellant has challenged the order of Hon’ble Settlement Commission passed u/s 32E of CEA, 1944.