Supreme Court on 01.11.2013 dismissed Writ seeking removal of Mr. UK Sinha from the post of Chairman of SEBI dismissed and observed that The petitioner was a stool pigeon acting on the directions of the business houses like Sahara and Reliance.
From the above discussion, it transpires that the objective satisfaction of the AO as to the correctness of the assessee’s claim was not recorded in the instant case. However, even if Rule 8D cannot be applied, the AO is obliged to ascertain the expenditure which had been incurred to earn the tax-free income.
Admittedly, learned CIT(A) admitted the fresh evidences but did not allow any opportunity to the Assessing Officer for examining those evidences or furnishing any evidence in rebuttal as required by sub-rule (3) of Rule 46A.
(i) Whether Central Bureau of Investigation, popularly called CBI, is a constitutionally valid police force empowered to investigate crimes? (ii) Could a police force, empowered to investigate crimes, have been created and constituted by a mere Resolution of Ministry of Home Affairs, Government of India, in purported exercise of its executive powers?
The AO noted in the assessment order that the assessee society is running maternity hospital and all services pertaining to maternity only. Maternity is a natural process and could not be termed as illness or disease. Giving birth and at that time hospital providing services for delivery could not be said to be providing any treatment for illness or mental defectiveness.
Once the legislature has not specified the ‘due date’ as provided in section 139(1) in Explanation 5A, then by implication, it has to be taken as the date extended under section 139(4). In view of the above, we hold that the assessee gets the benefit / immunity under clause (b) of Explanation to section 271(1)(c) because the assessee has filed its return of income within the ‘due date’ and, therefore, the penalty levied by the Assessing Officer cannot be sustained.
One thing is apparent that divergent view have been expressed by the Hon’ble Courts what is to be charged u/s.22 of the IT Act is the annual value of the property, irrespective of the fact whether or not any income is either actually received or accrued to the assessee.
Foreign exchange forward contract Gain/Loss to Assessee engaged in exports business : Speculative or Business? Justification for Premature Foreign exchange forward contract if assessee takes the same as business transaction.
We are of the view that the civil servants cannot function on the basis of verbal or oral instructions, orders, suggestions, proposals, etc. and they must also be protected against wrongful and arbitrary pressure exerted by the administrative superiors, political executive, business and other vested interests.
Assessee has only stated that he had surrendered the additional sum of Rs.40,74,000/- with a view to avoid litigation, buy peace and to channelize the energy and resources towards productive work and to make amicable settlement with the income tax department.
