Punjab and Haryana High Court held that revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objections raised by audit party justifiable since there was no verification done by AO during assessment proceedings.
Respondent had already reached the age of superannuation and he worked under pressure, penalty of dismissal was disproportionate to the misconduct established against the respondent and his unblemished career for a long time.
Assessee also pointed out that the income from these credits was included in its accounts for the year and taxed accordingly. A claim for interest under section 244A for the short refund was also raised.
ITAT Jaipur held that rejection of application in Form 10AB for registration under section 12AB of the Income Tax Act alleging violation of FCRA Act without specifying the relevant provision is unsustainable in law. Accordingly, matter remanded back to CIT(E).
SC judgment in Arnesh Kumar case stresses strict compliance with CrPC Sections 41 & 41A for arrests in offences punishable up to 7 years, ensuring safeguards.
Delhi High Court quashes reopening of assessment for Shri Tarlochan Lal Goel for AY 2011-12 due to erroneous grounds in the reassessment notice.
Bombay HC sets aside reassessment notice against Narendra Kumar Shah, ruling that AO failed to verify tax return records before issuing the notice.
Delhi High Court held that gold bangles worn by foreigner coming to India being part of personal effects is not required to be declared. Accordingly, seizure of such gold bangles by customs department is unjustifiable in law.
Delhi High Court held that deeming income from house property @50% merely on the assumption that assessee was signatory to the instrument is untenable in law since assessee doesn’t own beneficial interest in the property.
ITAT Mumbai held that market development expenses towards sale of product is revenue in nature hence denial of same is unsustainable. Accordingly, market development expenses being revenue expenditure is allowed as deduction.
