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Allahabad High Court

Framing of additional question of law by HC not tantamount to review of order

October 16, 2012 2865 Views 0 comment Print

Proviso of sub-section 4 to section 260 is an exception giving High Court a judicial discretion to frame additional substantial question of law during the course of hearing. The language used by the legislature in the proviso is quite clear and does not suffer from any ambiguity.

Dearness relief received by a retired judge is ‘profit in lieu of salary’

October 14, 2012 4511 Views 0 comment Print

. The dearness relief is neither compensation received in lieu of termination of the employment, nor any amount due paid in lumpsum or otherwise after cessation of the employment.

Sale of agricultural land by converting into plots would attract section 45(2)

October 12, 2012 28931 Views 0 comment Print

Since no agricultural operations were carried on, the income tax authorities rightly concluded that the capital asset was converted into stock-in-trade, and that sales of plots in the case of such land would be treated to be business activity to make profits.

Cases already settled cannot be reopened on the basis of Retrospective Amendment

October 11, 2012 3164 Views 0 comment Print

In the instant case, the amendment under Section 260A (2A) has been introduced retrospectively w.e.f. 01.10.1998 by the Finance Act, 2010. But fact remains that the cases already settled before the said amendment cannot be re-opened, as per the ratio laid down in the case of Babu Ram v. C. C. Jacob and others; AIR (1999) SC 1845, where it was observed that the prospective declaration of law is a devise innovated by the apex court to avoid reopening of settled issues and to prevent multiplicity of proceedings.

S. 68 Addition for fraudulent loan transactions through family trust justified

September 28, 2012 1303 Views 0 comment Print

In the instant case, ‘R’ has created these trusts and was depositing the amount in cash to be given to the company as loans. He did not produce the trust deeds, the author of the trusts or beneficiaries of the trusts. The method and manner in which the amounts were deposited in the bank accounts of the trusts and was transferring the same on the same day by way of cheques to the company clearly established that he was playing a fraud with the revenue.

Assesee can not challenges jurisdiction of Assessing Authority after accepting the same

September 18, 2012 7957 Views 0 comment Print

The petitioner is a share broker. A survey was conducted under Section 133-A of the Act on 24.4.2001 in which a large number of incriminating documents were found. The AO proceeded to make enquiries in which it was found that there were serious defects in the books of accounts. Shri Ravindra Kumar Agrawal-the Director had created large number of fictitious concerns, which were not doing any business. In the circumstances the AO completed the assessment on protective basis.

Interest u/s. 244A is also payable on interest portion of tax demand

September 3, 2012 4291 Views 0 comment Print

The question that arises for consideration in instant case is, whether the payment made by the assessee of Rs. 1.74 crore against the total amount of Rs. 3.61 crore, which included the interest of Rs. 1.83 crore under Section 220(2) and 234-B, was paid as tax or interest.

Encashment of bank guarantee amount to payment of duty / tax

August 12, 2012 3376 Views 0 comment Print

In this case initially the bank guarantee furnished, was not a duty deposit in advance, but a security. After the duty was determined, the encashment of bank guarantee will amount to duty paid as the encashed bank guarantee lost its character of security.

Assessment can’t be held void if search warrant issued in joint names

August 2, 2012 3103 Views 0 comment Print

In the present case we find that the warrant of authorisation under Section 132 of the Act has been issued on 10th November, 2006 in the joint name of three persons. We are, therefore, of the considered opinion that in view of the provisions of Section 292CC, as inserted by Finance Act, 2012 in the Statute Book i.e. the Income-tax Act, 1961, the assessments made in the individual capacity of each persons named in he warrant of authorisation was perfectly within the jurisdiction of the Assessing Authority and the Commissioner of Income Tax (Appeals) as also the Tribunal were not justified in annulling the assessment on the ground that if the warrant of authorisation was issued jointly in the name of more than one person, the assessment could not have been made in the capacity of an individual.

Gift from friends not to be doubted just because not received from blood relative

July 1, 2012 2441 Views 0 comment Print

The assessee, while filing her initial return of income, disclosed her income to be Rs. 1.34 lakhs in the relevant assessment year and the said return finds mention of receiving gift of Rs. 2.50 lakhs from ‘A’. In the revised return the said amount of gift was declared as part of her income. Thus, there was no concealment in respect of above amount in filing the return. She further surrendered a sum of Rs. 2.50 lakhs as additional income which was also received by her as gift from one ‘U’. In this manner her taxable income was computed to be Rs. 6.34 lakhs by adding the aforesaid two amounts of Rs. 2.50 lakhs each as finally disclosed.

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