Recently, the Delhi bench of the Income-tax Appellate Tribunal remitted back the matter to the Disputes Resolution Panel (DRP) for reassessment since the directions of the DRP were found to be very laconic and non-speaking. The Tribunal, while setting aside such directions commented that the DRP has not considered the voluminous submissions of the taxpayer.
A search was conducted on 18.01.2001 and it was said to have been completed in March 2001. The notice under Section 158BC of the said Act was served on the assessee on 03.12.2001 and the assessee filed the return on 31.12.2002. According to the learned counsel for the assessee / appellant, the notice under Section 143(2) of the said Act read with the provisions of Section 158BC(b) could have been issued by 31.12.2003, i.e., within the period of twelve months fro
These appeals were heard together and are being disposed of by this common judgment inasmuch as the question of law framed in both the appeals is identical and the circumstances are also virtually identical. The question of law that has been framed in these appeals is as under
An Enforcement Directorate raid on a sister concern connected with the Commonwealth Games scam is not a ground to terminate a contract, a division bench of the Delhi high court has declared. The Apparel Export Promotion Council had invited tenders and offered the contract for the February 2011 textile fair to an events management company, Meroform (India) Ltd. Later there was a telecast in private channels that its sister company was raided in scam investigation. Citing this telecast, the council declined to give the contract to the events management company, though large amounts were spent by it. It moved the high court challenging the termination of the contract. The court stated that the council’s decision was illegal. However, it did not grant any monetary relief to the affected company and pointed out that the remedy lay in the civil court.
Income Tax – Section 158BD – Whether recording of satisfaction is mandatory before notice u/s 158BD is issued – Whether statement of one of searched parties can have the sactity of ‘books of accounts’. – Revenue’s appeals dismissed
Swatanter Kumar J.- Before the Income-tax Appellate Tribunal, the Income-tax Officer, Ward-II New Delhi, while preferring an appeal against the order of the Commissioner of Income-tax (Appeals) dated December 1, 1999, relating to the assessing year 1996-97, raised the following issue
Whether, only because the assessee can deal in shares as per the memorandum of objects, any transactions undertaken by the assessee for sale or purchase of shares, in the earlier years is to be treated as business transaction, and the gains and loss resulting from the same to be assessed under the head business income and not capital gains.
Delhi High Court rules on penalty under Sec 271(1)(c) in CIT Vs Nalwa Sons. Case involves tax assessment, book profits, and disallowed deductions. Read more.
ITAT was right in law and on merits by deleting the additions of income made as interest earned/acquired on the loan advanced to M/s Shaw Wallace by considering the interest as doubtful and unrealizable.
Once the three conditions pointed out by the Supreme Court in the judgment of Madhav Prasad Jatia v. CIT [1979] 118 ITR 200 are satisfied, the assessee would be entitled to deductions in respect of the interest and charges paid on the loans; the matter would be different only in a case where after borrowing the funds from the bank, the assessee utilizes those very funds by giving interest free loans to others.
