The Delhi ITAT, in a recent ruling, held that imposing penalty by quoting wrong section would not itself make the entire proceedings invalid if the assessee had not raised any objection during pre-assessment stage and has co-operated with the proceedings.
if relevant details of address or PAN Identity are furnished to the Department along with the copies of shareholder register, share application form, share transfer register etc, it would constitute acceptable proof or acceptable explanation by assessee.
Nature of the transaction made by the Petitioner with its tenant clearly amounts to renting of an immovable property for the purpose of business or commerce and is, therefore, clearly covered by Section 65(90a) of the Finance Act, 1994 and service tax is clearly livable thereon
Where AO had only considered the discrepancy regarding gross receipts but did not carry out any inquiry in regard to the nexus between business receipts and cash deposits which was the specific direction of the Tribunal, Commissioner was justified in making revision order since the order was prejudicial to the interest of revenue.
A full-Bench of the Central Information Commission recently refused to direct the RBI to disclose list of defaulters and non-performing assets, in view of a similar issue being under consideration before the Supreme Court in the case of Center for Public Interest Litigation v. Housing and Urban Development Corporation Ltd. & Ors., WP(s) (C) No 573/2003.
There has been constant reopening of assessments by Assessing Authorities on mere change of opinion while law is well settled on the point that an assessment cannot reopened by recourse to section 147/ 148 of the Income tax Act, 1961 on mere change of opinion of the Assessing Officer(AO).
On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting the addition of Rs 14,36,653 which was made by invoking the provisions of section 69C of the I. T. Act by treating the purchase are genuine without appreciating the fact that the notices u/s 133(6) issued to the parties were returned unnerved as addressee was not available at the given address.
The Delhi High Court, in the case of Deepak Malhotra vs Deepti Malhotra and Ors, has held that the proportion of the husband’s income to be awarded as maintenance pendente lite to the wife is dependent on the surrounding circumstances and cannot be determined by a strict mathematical formula.
A perusal of the common order of the ITAT shows that it first dealt with one common ground raised by the Assessee in all its appeals which concerned the jurisdictional issue of the validity of the invocation of Section 153A of the Act by the Revenue. It was contended that for the AYs 2000- 01 […]
There is, therefore, nothing to contradict the categorical finding of the ITAT that the document which formed the main basis for initiation of the proceedings under Section 153C of the Act does not belong to the Assessee. One of the principal conditions for attracting Section 153C of the Act is, therefore, not fulfilled in the present case.
