The relevant clauses of AS-7, applicable Guidance Notes, the fact that the accounts were duly audited and the disclosures made in the audit notes, the loss income as declared, small taxable income as assessed even after the additions were made and that the expenses as claimed were otherwise eligible and allowed in the next assessment year, we would accept that the assessee had shown that they had acted bona fidely. Thus, the assessee should not have been burdened with penalty for concealment of income under Section 271(1)(c) of the Act.
No disallowance of expenditure in terms of section 14A read with rule 8D can be made in case where no exempt income is earned in the relevant assessment year.
Assessee-GE group had carried out business through PE in India and GE India constituted DAPE in India for all overseas GE Group entities as LO were discharging vital responsibilities relating to finalization of commercial terms and a prominent involvement in the contract finalization process.
Mr. Jairam Ramesh Vs Union of India and Ors (Delhi High Court) There is no dispute that the petitioner herein is a Member of Rajya Sabha. The plea of Mr. Chidambram that the petitioner was not aware that such amendments have been carried out as Money Bills, is no reason to challenge the amendments, at […]
Brahm Datt Vs ACIT (Delhi High Court) CONCLUSION – Re-assessment not tenable in law in as much as the same is barred by limitation. Any subsequent amendment in the re-assessment provisions, if not specifically mentioned, are presumed to be prospective and hence not applicable in the present case. FACTS – Petitioner, a senior citizen, was […]
When AO finds the accounts of the assessee to be complex and in order to protect the interest of the revenue, it is justifiable to direct for special audit.
Refund claim of Vodafone’s worth Rs. 4759.74 Crores was rightly rejected as Revenue had the right to adjust the substantial outstanding demands against the refunds that arose but had not yet been determined due to ongoing scrutiny proceedings.
Income on sale of prepaid cards to the extent of unutilized talk time did not accrue as income in the year of sale. If assessee had failed to perform the services as promised, it would be liable and under an obligation to refund the advance payment received under the ordinary law of contract or special enactments, like the Consumer Protection Act.
Addition made under section 68 consequent to notice issued under section 153C was deleted because the AO had initiated assessment proceedings under section 153C for the relevant assessment years without pointing out or referring to any seized document belonging to those years and, therefore, there was no prima facierationale or logic behind issuing the said notice.
In terms of the provisions of section 245H of the Act, no immunity from penalty and prosecution can be granted by the ITSC since the complaint under section 200 Cr.P.C. for offences punishable under section 276 CC of the Act, was instituted before the receipt of the application under section 245C.
