Access significant and up-to-date high court judgments for legal insights and precedent. Stay informed about the latest legal decisions and their impact on various areas of law.
Corporate Law : Delhi High Court recent judgment highlights the alarming misuse of the POCSO Act, where cases are filed due to family objections t...
Corporate Law : J&K&L High Court quashes money laundering case against Farooq Abdullah, citing absence of a scheduled offence under the Prevention...
Corporate Law : Jharkhand HC directs the state to use its Special Branch to identify illegal immigrants allegedly from Bangladesh in six districts...
Corporate Law : Punjab & Haryana HC confirms that the Armed Forces Tribunal has jurisdiction to review the legality of a ‘displeasure award’ g...
Corporate Law : Bombay HC rules that relatives of a husband cannot be charged under Section 498A IPC solely for advising a wife to tolerate cruelt...
Corporate Law : SC rules on Special Court jurisdiction; NCLAT redefines financial debt; HC upholds IBBI regulations and addresses various insolven...
Goods and Services Tax : HIGH COURT OF CALCUTTA: Ramesh Kumar Patodia v. Citi Bank [WPO NO. 547 OF 2019 JUNE 24, 2022 ] Facts: ♦ Petitioner is a holder ...
Goods and Services Tax : CGST, Gurugram (Anti Evasion) Vs Gaurav Dhir (Chief Judicial Magistrate, District Courts, Gurugram) U/s 132(1)) r/w 132(1)(b)(C)(e...
Corporate Law : In order to dispense with the physical signatures on the daily orders (which are not important/final orders and judgments) of the ...
Custom Duty : Delhi High Court admits petition questioning Validity of provisions in Finance Act 2022 which overruled landmark Judgment of Supr...
Company Law : Delhi High Court held that timelines under Regulation 35A of the CIRP Regulations, 2016 for filing avoidance application are direc...
Income Tax : Delhi HC held that the settlement consideration as received was liable to be recognized as capital gains and the same couldn’t p...
Income Tax : Delhi High Court held that passing of order by the revenue under section 148A(d) of the Income Tax Act on the basis of fresh groun...
Income Tax : Telangana High Court held that notice issued u/s. 148 of the Income Tax Act must comply with the requirement of the Scheme whether...
Income Tax : Bombay High Court held that half-hearted approach on the part of AO to make additions on the issue of bogus purchase would not be ...
Corporate Law : The Delhi High Court mandates new video conferencing protocols to enhance transparency and accessibility in court proceedings. Rea...
Income Tax : Income Tax Department Issues Instructions for Assessing Officers after Adverse Observations of Hon. Allahabad High Court in in Civ...
Corporate Law : Delhi High Court has exempted the Lawyers from wearing Gowns practicing in the High Court with effect from March 2, 2022 till furt...
Corporate Law : Till further orders, all documents/ not summons/Daks through physical mode be dispensed with, except where there, is a specific or...
Income Tax : Hon’ble Judges to hear the matters physically at the Principal Seat at Bombay, on experimental basis with effect from 1st Decemb...
No action can be taken under the section 147 after the expiry of four years from the end of the relevant assessment year unless the income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year
Where the revenue has failed to establish before the Court that there was a failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment, the exercise of the power to re-open the assessment beyond a period of four years of the end of the relevant assessment year would fail to fulfill the statutory condition precedent to a valid exercise of the power to re-open an assessment beyond a period of four years
The work that the respondents perform is in the nature of a creative art and their work is neither subject to an order required from the Art Director nor from any of the artists. In performing their work, they have to bring to their work, their artistic ability, talent and a sense of perception for the purpose of production of drama involving in the course of such work, the application of the correct technique and the selection of the cast, the play, the manner of presentation, the light and effects and so on. In effect, the work they do is creative art which only a person with an artistic talent and requisite technique can manage. To call such a person, a skilled or a manual worker is altogether inappropriate.
The Assessee for the relevant year filed return declaring “Nil” income. He case though processed under Section 143(1) was selected for scrutiny. The Assessee had shown the gross total income for the relevant year as Rs.6,92,453/- and deducted therefrom the amount applied for charitable purposes to the extent of Rs.27,28,001/-. The Assessee had made application of income by donation of Rs.26,66,000/- comprising of donation of Rs.25 lacs to BLB Trust as corpus donation and Rs.1,66,000/- to others. The source of the balance amount over and above the income of Rs.6, 92,453/- was from FDR encashment, MIP units a
In the light of the concurrent findings recorded by Commissioner (Appeals) as well as the Tribunal, it is apparent that the assessee had bona fide made a claim for deduction under section 80IA of the Act, which came to be rectified by filing a revised return withdrawing the claim and that as such there was no concealment or furnishing of inaccurate particulars of income on the part of the assessee. Moreover, the notice under section 154 of the Act issued by the Assessing Officer also does not remotely indicate anything to that effect. In the circumstances, Commissioner (Appeals) was justified in setting aside the penalty imposed under section 271(1) (c) of the Act.
Where the so called new unit set up by the assessee was merely an expansion of its existing business and was not setting up of a new business, the expenses incurred in that regard were allowable as revenue expenses.
Where any sum is found credited in the books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.”
If the assessee is not able to give satisfactory explanation as to the “nature and source” of a sum found credited in his books, the sum may be treated as the “undisclosed income” of the assessee. The initial burden is on the assessee to explain the “nature and source” of the credit and to do so, the assessee is required to prove (a) Identity of the shareholder; (b) Genuineness of transaction; and (c) credit worthiness of shareholders; If the assessee has produced documents like PAN Card, bank account details or details from the bankers the onus shifts upon the AO and it is for him to reach the shareholders and the AO cannot burden the assessee merely on the ground that summons issued to the investors were returned back with the endorsement “not traceable”; There is an additional burden on the Department to show that even if share applicants did not have the means to make investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. In the absence of such finding, addition cannot be made u/s 68 in the hands the assessee.
Delhi High Court in the case of Asia Satellite Telecommunications Co. Ltd. v. DIT held that the payments made for using capacity in a transponder for uplinking/down linking data do not constitute ‘royalty’ under the provisions of the Income-tax Act, 1961 (the Act). The High Court held that the customers did not make payments for the use of any process or equipment, since control over the process or equipment was with the taxpayer and not with the customers.
The assessee had filed a return of income on 28 November 2000 for assessment year 2001-01 and declared an income of Rs.89.75 crores. On 14 March 2002, the assessee filed a revised return of Rs.80.75 crores. The assessment proceedings commenced on 18 November 2002 with a notice under Section 143(2). The assessment order was passed on 31 March 2003 by which the Assessing Officer determined the income at Rs.97.09 crores under Section 115JA. TDS certificates amounting to Rs. 1,44,34,030/- were submitted during the course of the assessment proceedings. Interest has been allowed to th
