Rishabh Mehra - Page 4

Registration u/s 12AA cannot be denied to an educational institute merely because it’s is been run by Christian community

Alexandra School Vs CIT, Amritsar (Punjab & Haryana High Court)

Punjab & Haryana High Court held in Alexandera School Vs CIT, Amritsar that if an educational institute had been run by a particular section of community then registration u/s 12AA could not be denied provided it was running to benefit all sections of society....

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Interest u/s 215 cannot be levied if partner had paid advance tax in individual capacity on bonafide estimate of firm’s income

CIT Vs M/s Mahesh Munjal HUF (Punjab & Haryana High Court)

Punjab & Haryana High Court in CIT Vs M/s Mahesh Munjal HUF held that if the assesse had paid advance tax in his individual capacity after considering his estimated share in his firm’s income without any anticipation that the firm’s income on which he was paying advance tax was false then interest u/s 215 could not be levied. ...

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Reassessment u/s 147 not permitted for failure of AO to draw correct inference from details disclosed by assesse

CIT(A) Vs M/s ITW India Limited (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT(A) Vs M/s ITW India Limited that mere change in opinion of the AO could not amount to issue of notice for re-assessment u/s 147. AO should had reasonable tangible facts in hand before issuing notice u/s 147....

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Comparable which is to be considered as a benchmark for comparing with comparable company should belong to year under consideration

CIT Vs DSM Anti Infectives India Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT Vs DSM Anti Infectives India ltd that the benchmark comparable which was used to compare with the comparable company that should be considered only of that year of which TP case was involved....

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Penalty u/s 271(1)(c) leviable for failure to prove genuineness of exemption u/s 54

Manpreet Kaur Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held in Manpreet Kaur vs CIT that if the assesse had claimed exemption u/s 54 for utilizing the sales proceeds in the construction of the residential house then the onus to prove that the sales proceeds had actually been used in the construction of residential house in on assesse....

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Exemption u/s 54B can be claimed for long term & short term assets; land purchased has to be in the name of assesse

CIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court)

Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets. ...

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Appellate order passed without reasons for conclusions Not Valid

CIT, TDS Vs Khadim Shoes Pvt Ltd (Kolkata High Court)

High Court Kolkatta held in CIT,TDS Vs Khadim Shoes Pvt Ltd that the order passed by the CIT(A) should contain reasons for its conclusions of decisions. An order without reasons is of no relevance. So the appeal had been dismissed....

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Reasoned speaking order is mandatory for passing any judicial order

CIT(A) Vs M/s Rashtriya Vikas Party (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT(A) Vs M/s Rashtriya Vikas party that for passing any order reasons for conclusions should be given accompanying that order then only that order would be considered as complete order....

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Depreciation allowable for suspended period of business for reasons not attributable to Assessee

M/s Budge Budge Company Ltd Vs CIT (Calcutta High Court)

Calcutta High Court Held in the case of M/s Budge Budge Company Ltd Vs CIT if the business had been suspended for some period of time without any malice contention of the assesse and the plant was still ready for use during that suspended period also...

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Income from business of letting of property taxable as Business Income

Shyam Burlap Company Ltd Vs CIT (Kolkata High Court)

Kolkatta High court held Shyam Burlap Company Ltd Vs CIT that as the assesse’s main business is purchasing, developing and letting out of property. The same was mentioned in the object clause of memorandum of the company....

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