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 : The Allahabad High Court ruled that ordinary land disputes involving allegations of cheating cannot attract the Gangsters Act with...
Goods and Services Tax : The debate examines why GST penalties under Section 122(1A) may survive a direct challenge under Article 20(2). The key takeaway i...
Corporate Law : The Court directed trial courts to award just and reasonable compensation to survivors irrespective of conviction, acquittal, or a...
Goods and Services Tax : The Court held that recovery from third parties cannot be initiated when only a proposed demand exists and no final tax liability ...
Corporate Law : The Karnataka High Court held that projects obtaining partial occupancy certificates before RERA came into force are exempt from b...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Company Law : The Karnataka High Court held that criminal proceedings under Sections 447 and 448 of the Companies Act could not continue against...
Corporate Law : The Delhi High Court held that whether coal beneficiation amounts to manufacturing involves mixed questions of fact and law requir...
Goods and Services Tax : The Madras High Court admitted writ petitions challenging a GST demand arising from the classification of logistics services as in...
Income Tax : The Court held that the delay in e-verification of Form 10B during the pandemic was supported by bona fide reasons. It ruled that ...
Goods and Services Tax : The Court held that producing an accused before a Magistrate in another State without obtaining transit remand rendered the detent...
Income Tax : The Court held that membership cannot be granted where the underlying flats do not exist and are merely refuge areas. It ruled tha...
Corporate Law : Bombay High Court implements "Rules for Video Conferencing 2022" for all courts in Maharashtra, Goa, and union territories, effect...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
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...
In the reopened assessment, the AO has taken the view that the amount in fact did not represent any capital gains on sale of shares, but represented the undisclosed income of the assessee brought in by means of an accommodation entry given by My Money Security Pvt. Ltd. Accordingly he brought the amount to tax with the narration undisclosed income introduced under guise of short term capital gains.
When the Settlement Commission examines an application in terms of statutory powers and finds that such application does not satisfy the legal requirements, as contained in section 245C(1) of the Act, in our view, unless such decision of the Commission is contrary to the statutory provisions contained in the Act, interference in exercise of writ jurisdiction under Article 226 of the Constitution of India would not be warranted.
We find that both the Commissioner of Income Tax (Appeals) as well as the Tribunal have arrived at a finding of fact that Assessing officer did not have any reasonable belief to come to the conclusion that that there has been any escapement for the assessment year 2003-04. The order of MERC dated 01.07.2004 specifically deals with regard to fixing of the tariff rate at which power has to be supplied to the consumer.
The case of the petitioners is that the impugned explanation below sub-section (13) to section 80IA provides for a levy of tax which was hitherto unknown. It is, therefore, urged that the Court should examine the reasonableness of such provision particularly when the same is brought into operation with retrospective effect. Section 80IA(4) provides for deduction under certain circumstances. If such deductions are withdrawn with retrospective effect, surely there would be a case of providing for a levy which was till then not known.
The Assessing Officer while reassessing the respondent by an order dated 26/3/2002 has in fact taken a ground different from the grounds in the reasons recorded for reopening the assessment under Section 148 of the said Act. The reasons furnished for reopening the assessment alleged that non fund income had been shown in fund based income so as to avail of a higher deduction.
‘In the United States, these ‘fact-cases’ are likened to railroad-tickets: ‘valid for single journey only’. The Americans are not greatly enamoured (as we or the British are) about precedent, and every ten or fifteen years they appoint a body of very learned and wise lawyers, who go into the hundreds of cases reported in all the decisions across the United States and then come up with what is called a ‘restatement’ of the law on every possible topic. After the restatement, no case can be cited of a period prior to the restatement, and a large body of useless case law gets confined to the dustbin of legal history.’
We find that the findings of the Tribunal on the assessment was not on the ground of treating the claim as not bona fide. We find that the assessment on the consumption of bottles made on the ground of alleged non-existence of two firms was rejected by the Tribunal by rendering a finding that the suppliers were very much in existence. On the 2% addition made to the bottles sent direct to the factory without entering into the books of accounts and on the price difference,
The CIT adverted to the fact that the quantum appeal had been rejected by the CIT (A) and the ITAT. That in itself would not amount to a valid justification for imposition of a penalty. Before a penalty is imposed, the requirements of Section 271 must be established. Accordingly, it would have been open to the Court to set aside the impugned order in its entirety and to remand the proceedings back to the assessing officer for fresh consideration.
Sec. 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. For the purpose of that section, the residential house so constructed is referred to as new asset.
The very same issue was considered by the Division Bench of this Court in Tax Case (Appeal) No.273 of 2012 dated 12.09.2012 (Commissioner of Income Tax, Chennai v. M/s. Shriram Properties & Constructions (Chennai) Ltd., T.Nagar, Chennai-17) wherein one of us was a member (Justice K.Ravichandrabaabu, J). In that case, the Assessing Officer initiated penalty proceedings under Section 271(1) (c) of the Act holding that the assessee had not filed the revised return of income to offer the amount as income for the purpose of assessment
