Therefore, since it has been held in this judgement that it is imperative on part of the respondents to issue order under section 127(3), the letters/notices under challenge are set aside and quashed. The writ petition is allowed. Consequential proceedings are also set aside and quashed. Accordingly, the notice dated 6th January, 2010 regarding the penalty proceedings under section 271(1)(c) for the assessment year 2006-07 is also set aside and quashed. The application being G.A.No. 81 of 2010 is also allowed.
EPCG-Before the aforesaid company availed of the benefit of 10% duty of customs scheme in April 1999, the government had introduced a 0% duty of customs scheme with effect from April 1, 1999. The benefit of the above scheme was made available for the period from April 1, 1999 to March 31, 2000. But no notification was issued to that effect in exercise of powers conferred by sub-section (1) of Section 25 of the Customs Act, 1962.
With regard to the question as to whether Panna Bai was the benamidar of Dwarka Prasad Agarwala or not, the TRO, held that without doubt the transaction was benami and the real owner of the property at 13,Kalipukur Lane (Road), Sheoraphully, Hooghly, was Dwarka Prasad Agarwala and Panna Bai, wife of Dwarka Das Agarwala, was the ostensible fictitious owner.
In connection with search and seizure operations against the R group of companies, the Commissioner of Income-tax after hearing the assessees passed a reasoned order directing transfer of the cases of the assessees from the Income-tax Officers at Kolkata to Patna.
Section 127 does not spell out under what facts and circumstances a transfer of a case can be made. However, in a case of inter-city transfer statute requires compliance of two requirements –first, to vie the assessee a reasonable opportunity of hearing, wherever it is possible to do so and secondly, reasons with regard to transfer should be recorded. In the instant case there is no dispute that the principles of natural justice
On a reference to the Board for Industrial and financial Reconstruction (BIFR) by the company, a scheme of rehabilitation was sanctioned and the management of the company was taken over under the directions of the Board. The scheme sanctioned by the Board for Industrial and Financial Reconstruction failed to reflect the dues of the Petitioners.
It is also to be noted that Dr. Pal at that point of time tried to distinguish the said judgment in the Hamilton’s case (supra) with the judgment of Hope (India) Ltd. (supra) and submitted that there is no inconsistency in the view taken by the subsequent Division Bench in the Hope (India) Ltd case (supra) and in this subsequent decision the Hon’ble Division Bench duly considered the judgment delivered in the Hamilton’s case
Therefore, there cannot be a formula which had no connection with the value of the individual assets and the liabilities. The price was determined that of the business and therefore, there is no question of picking up any portion of such price and charging its capital gains. It appears to us that before transfer of the company, the said company had issued subscribed share capital and the original share certificates
Unlock the Calcutta High Court’s perspective on Section 68 and Bogus Capital Gains from Penny Stocks in the case of CIT Vs. M/s. Alpine Investments. Dive into the court’s thorough examination of the matter, emphasizing the significance of documented evidence such as contract notes and bills in supporting share transactions. Despite initial suspicions, the Tribunal dismissed the appeal (ITA No.620 of 2008), asserting that transactions backed by strong documentary evidence cannot be dismissed on mere suspicion. Explore the detailed order/judgment to understand the court’s reasoning, background of the case, the search and seizure operation, and subsequent assessment proceedings. Gain valuable insights into how the court weighed conflicting statements, including the deposition of Mr. Kamlesh A. Rupani, and upheld the authenticity of share transactions. Stay informed about the court’s dismissal of any substantial question of law in this matter.
The decision in this case arose out of an order passed by the Tribunal which had condoned the delay in filing the appeal by the respondent. The Tribunal had condoned the delay on the ground that there was a decision of the Supreme Court on the controversy raised and because of the said decision the Assessee had found that it had good reason to prefer an appeal
