Interest on securities and interest on head office investment account was made chargeable pursuant to Board’s instructions No. 1923 dated 14.3.1995 and as such, this Court sees no occasion for assessee Bank to declare same in its profit and loss account, wherein it had declared interest of Rs. 39.98 Crores, on approved securities for the period 1.10.1991 to 31.3.1992.
It, therefore, further logically follows that the creditor’s creditworthiness has to be judged vis-a-vis the transactions, which have taken place between the Assessee and the creditor, and it is not the business of the Assessee to find out the source of money of his creditor or of the genuineness of the transactions, which took between the creditor and sub-creditor and/or creditworthiness of the sub-creditors, for, these aspects may not be within the special knowledge of the Assessee.
Without any concrete facts, reopening cannot be ordered merely on the presumption that the returned income is very shockingly lower than the total gross receipts.
This Petition under Article 226 of the Constitution of India challenges a communication dated 18th March, 1998 of the Commissioner of Income Tax, Mumbai City III and the Circular dated 25th July, 1997 of the Central Board of Direct Tax (CBDT).
A careful look at the reason for Rule 36 being inserted, which cannot be correlated to anyone of the matters enumerated in Clauses (a) to (r) of sub-section (2) of Section 78, will show that in the entire Telangana VAT Act, 2005, the only place where a transfer of business as a whole is spoken […]
Carrying of sharp edged weapons with a blade more than 6 inches long or 2 inches wide and spring actuated knives with a blade of any size is prohibited and that too carrying of such blades in public places. Gurudwara, though is open to public, is not a public place, it is a private place where there is Prakash of Gurugranth Sahib.
The central question that arises for consideration before this Bench is whether the words “the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner” in Section 260A (2) (a) of the Income Tax Act, 1961 (‘Act’) mean only the ‘jurisdictional’ Principal or Chief Commissioner of Income-tax (CIT) or could it include any CIT including the […]
GP ratio needs to be estimated which definitely involved some estimation/guess work but the said estimation/guess work should be fair, honest and rational keeping in view factual matrix of the case and cannot be arbitrarily applied at the discretion of authorities.
Appellant was supervisor to provide technical assistance for the purpose of erection and installation. Therefore Revenue is correct in its approach to bring the service provided by the appellant as Consulting Engineer, providing consultancy for the said service.
The present set of Appeals (1282 in number) arise out of RTI Applications filed by the Appellant against different Commands of Indian Air Force and it has been decided to adjudicate upon the Appeals by putting same subject matters under one head (which may or may not have the same date of RTI Application) and have been listed for hearings in different bunches.
