A person seeking to avail the benefit of VDIS Scheme of 1997 Act must strictly satisfy its provisions as held by the Supreme Court in Hemalatha Gargya v/s. CIT 259 ITR 1. The Apex Court held that the person seeking the benefit of the Scheme of 1997 Act is bound to strictly comply with its conditions like any fiscal legislation and equitable considerations can have no place in construing it.
Having heard Mr. Pinto at some length and perusing with his assistance the order, dated 1972013, passed by the Income Tax Appellate Tribunal, “F” Bench, Mumbai in Income Tax Appeal No.4125/Mum/2012 for the Assessment Year 2009-10, we are of the view that the same does not raise any substantial question of law.
It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable.
By this Writ Petition, under Article 226 of the Constitution of India the Petitioner inter alia prays for issuance of a Writ of Mandamus calling for the record and files in respect of the service of the Petitioner from the office of the Respondents and after perusal of the same to declare the letters dated 30th October, 2012
Assessing Officer to delete the 12% interest charged by him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not the facts?
In view of the fact that the Revenue has been consistently taking a view that the income earned on investments is taxable under the head capital gains no difference in facts and /or in law has been pointed out to take a different view for the subject Assessment Year
Whether Tribunal was right in holding that the expenditure on acquisition of marketing and technical knowhow is revenue in nature as the benefit would accrue over a period of time and treatment in books of account is not relevant
Mere receipt of information from any source would not by itself tantamount to reason to believe that income chargeable to tax has escaped assessment. In the present case the Assessing Officer prima facie has not done the bare necessary/rudimentary enquiry into the material received before he concludes that income chargeable to tax has escaped assessment.
In the light of the above factual position and the two Judgments of the Hon’ble Supreme Court of India, it is conceded equally by the Department that their stand, as contained in the impugned letter, is unsustainable in law. The matter is covered by the said two Judgments. In the circumstances, we allow this writ petition and quash and set aside the impugned letter dated 821999. We direct that the declaration of the petitioners shall now be proceeded with and decided in accordance with law.
This Reference under Section 256(1)of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on two substantial questions of law as framed by it. However, Mr. Rattesar, the learned counsel appearing for the applicant assessee very fairly states that he is not in a possession of evidence to show that the Reference has been served upon the Revenue.
