Shri Siddharth Chhajlani was a regular employee of the assessee Company since financial year 2003-04 and has taken note of the salary certificate along with the deduction and payment to Employee’s Provident Fund. It has also been noted that Shri Siddharth Chhajlani was sent for higher studies in printing technology, which is the main field of working of the assessee Company and a bond was got executed to ensure that he will work for at least 5 years after return to India.
On the perusal of the record, it is noticed that the petitioner has already preferred an appeal before the Commissioner of Income Tax (Appeals), Range – Ujjain against the impugned order of assessment. The memo of appeal indicates that in the said appeal the petitioner has also questioned the jurisdiction of the assessing authority. Therefore, the petitioner cannot be permitted to pursue the parallel remedy before two forums at the same time raising the same issue.
In the instant case, Amish Kumar Patel in his statement under Section 131 of the IT Act has nowhere said that the money in question belonged to the petitioner’s firm or was to be delivered to it. Instead, he has stated that the money in question was handed over to him by Praveen Bhai who was found untraceable at the address provided by Amish Kumar. This being so, the petitioners do not get any advantage of Vindhya Metal Corpn.’s case (supra), being distinguishable on facts.
The AO has simply mentioned in the asstt. Order that on enquiry some of the vehicles shown to have been involved in the supply of seeds have been found to be two-wheelers and cars and not trucks & metadors, but has not given any specific instance. Therefore, the charge made by the AO to this extent cannot be verified by this office. Even otherwise, it is a fact that the vehicle Nos. are being mentioned at the gate-passes by the security staff who are not highly literate and who may write an alphabet of insurance in such a way that any person may read it to be some other alphabet. For example it is quite possible that the gate-keeper writes the alphabets OD on the gate pass which the next record may read as OO or DO or DD for the simple reason that the first person might have written the two alphabets in a near similar fashion. Therefore, no adverse inference can be derived only for the reason of discrepancy in the vehicle numbers
The acquisition is of the year 2001 while the compensation has been paid somewhere in the year 2009. Keeping in view the law laid down by the Apex Court in the matter of Bikram Singh v. Land Acquisition Collector [1996] 89 Taxman 119, it is to be held that interest received on delayed payment is a revenue receipt exigible to Income-tax. Since the amount has already been deposited by the respondent-authority and the deduction is in accordance with section 194A, therefore, no illegality has been committed by the Court below in upholding the action taken by respondent-authority in deducting the amount.
Commissioner of Income Tax Vs M/s Khemchand Motilal Jain (Madhya Pradesh High Court)- In the present case, Sukhnandan Jain was on business tour and was staying at Govt. Rest House, Sagar from where he was kidnapped.
CIT v Kewalchand Pratapchand (High Court of Madhya Pradesh) – From the perusal of aforesaid, it is apparent that the Board Circular dt.27.3.2000 was applicable even to the old references which are still pending and are undecided. By circular dated 27.3.2000 financial limit to the extent of tax liability of Rs.2 lakh was fixed, which is applicable in this case.
The Legislature, by inserting sub-clause (vi) to clause(2) of section 17 with effect from 1-4-2009, has prescribed fringe benefits or amenities which are treated to be perquisite. Rule 3(7) prescribes the amenity/benefit by way of valuation; it has the status of the benchmark; if the valuation results in a positive figure, i.e., State Bank of India rate, rate at which the employer grants loan, then it would be treated as a concession; thus, the rule lays down an express method and provides for a basis of ascertaining the value for concession.
The Appellant filed a Civil Suit upon refusal by the Second Respondent Company to register shares transferred by the First Respondent in the name of the Appellant on the ground that the signature of the transferor did not tally with the signature in the company records. The transferor did not contest the suit and the trial court passed a decree in favour of the Appellants.
Explore the legal case of M/s Goel Coal Co. vs. State of Madhya Pradesh regarding entry tax. Understand the significance of rubber seal on invoices and how the absence of such seal affects the liability of the petitioner. Read the High Court of Madhya Pradesh’s order dated 7/3/2008, highlighting key legal points. Get insights into the burden of proof, implications of the Ranomal case, and the petitioner’s entitlement to the prima facie import of the absence of a rubber stamp. Stay informed about the intricacies of entry tax laws in this comprehensive legal analysis.
