Appeal to Commissioner (Appeals) --Appeal to Tribunal--Powers of appellate authorities--Commissioner (Appeals) has powers as wide as those of Assessing Officer --Tribunal has power to consider all aspects of question--Income-tax Act, 1961, ss. 251, 254-- Morgan Stanley Asset Management Inc. v. Deputy CIT (Mumbai) . . . 393
Business loss --Revenue or capital loss--Loss on sale of shares held by amalgamating company--Finding that shares held as long-term investment by amalgamating company--Assessing Officer to examine nature of transaction with reference to assessment record of amalgamating company--Matter remanded--Income-tax Act, 1961-- Metmin Investment and Trading P. Ltd. v. ITO (Mumbai) . . . 378
Charitable purpose --Exemption--Exceptions--Motor vehicle purchased and registered in name of president--Subsequent rectification and registration in name of institution--Section 13(3) not applicable--Exemption cannot be denied--Income-tax Act, 1961, ss. 11, 13-- Deputy Director of Income-tax (Exemption) v. Society for the Poor and Oppressed (Hyderabad) . . . 388
Company --Book profit--Computation of income under section 115JA--Assessee-company not having fixed assets in earlier years and not claiming depreciation--Allowance of loss alone cannot be brought forward in absence of unabsorbed depreciation--Regular computation resulting in nil income--Unabsorbed brought forward loss cannot be reduced from net profit--Assessing Officer holding income as deemed under section 115JA--Proper--Income-tax Act, 1961, s. 115JA(2)(iii), Expln.-- Metmin Investment and Trading P. Ltd. v. ITO (Mumbai) . . . 378
Penalty --Concealment of income--Cash credits--Creditors' identity and genuineness of transactions not established--Assessee's explanation not bona fide and failure to discharge burden--Conditional surrender of income after investigation by Department not voluntary--Department not precluded from levying penalty--Income-tax Act, 1961, ss. 68, 271(1)(c), Expln. 1-- Trivium Power Engineers P. Ltd. v. ITO (Delhi) . . . 347
Rectification of mistakes --Limitation--Settlement of cases--Block assessment order levying surcharge on 31-8-2001--Application for settlement of case--Levy of surcharge not considered by Settlement Commission--Order giving effect to order of Settlement Commission on 31-5-2006--Application for rectification of assessment deleting surcharge on 26-6-2006--Barred by limitation--Income-tax Act, 1961, s. 154-- Deputy CIT v. N. V. Marketing P. Ltd. (Delhi) . . . 363
Return --Validity of return--Difference between defective return and invalid return--Defect can be rectified within specified time--Instances of defects specified in Explanation to section 139(9) not exhaustive--Return verified by partners of chartered accountant firm which held power of attorney--Partner not signing return but mentioning name of firm--Original power of attorney not enclosed with return--Assessee claiming to be company but submitting return in form pertaining to association of persons--Defects which can be rectified--Matter remanded--Income-tax Act, 1961-- Morgan Stanley Asset Management Inc . v. Deputy CIT (Mumbai) . . . 393
Search and seizure --Block assessment--Limitation--Order for special audit held bad in law by Supreme Court--Annulment of block assessment not proper--Matter remanded for fresh assessment after providing an opportunity of hearing to assessee--Income-tax Act, 1961, ss. 142(2A), 158BC, 158BE-- Asst. CIT v. Daily Foods (Delhi) . . . 372
S. 11 --Charitable purpose--Exemption--Exceptions--Motor vehicle purchased and registered in name of president--Subsequent rectification and registration in name of institution--Section 13(3) not applicable--Exemption cannot be denied-- Deputy Director of Income-tax (Exemption) v. Society for the Poor and Oppressed (Hyderabad) . . . 388
S. 13 --Charitable purpose--Exemption--Exceptions--Motor vehicle purchased and registered in name of president--Subsequent rectification and registration in name of institution--Section 13(3) not applicable--Exemption cannot be denied-- Deputy Director of Income-tax (Exemption) v. Society for the Poor and Oppressed (Hyderabad) . . . 388
S. 68 --Penalty--Concealment of income--Cash credits--Creditors' identity and genuineness of transactions not established--Assessee's explanation not bona fide and failure to discharge burden--Conditional surrender of income after investigation by Department not voluntary--Department not precluded from levying penalty-- Trivium Power Engineers P. Ltd. v. ITO (Delhi) . . . 347
S. 115JA(2)(iii), Expln. --Company--Book profit--Computation of income under section 115JA--Assessee-company not having fixed assets in earlier years and not claiming depreciation--Allowance of loss alone cannot be brought forward in absence of unabsorbed depreciation--Regular computation resulting in nil income--Unabsorbed brought forward loss cannot be reduced from net profit--Assessing Officer holding income as deemed under section 115JA--Proper-- Metmin Investment and Trading P. Ltd. v. ITO (Mumbai) . . . 378
S. 142(2A) --Search and seizure--Block assessment--Limitation--Order for special audit held bad in law by Supreme Court--Annulment of block assessment not proper--Matter remanded for fresh assessment after providing an opportunity of hearing to assessee-- Asst. CIT v. Daily Foods (Delhi) . . . 372
S. 154 --Rectification of mistakes--Limitation--Settlement of cases--Block assessment order levying surcharge on 31-8-2001--Application for settlement of case--Levy of surcharge not considered by Settlement Commission--Order giving effect to order of Settlement Commission on 31-5-2006--Application for rectification of assessment deleting surcharge on 26-6-2006--Barred by limitation-- Deputy CIT v. N. V. Marketing P. Ltd. (Delhi) . . . 363
S. 158BC --Search and seizure--Block assessment--Limitation--Order for special audit held bad in law by Supreme Court--Annulment of block assessment not proper--Matter remanded for fresh assessment after providing an opportunity of hearing to assessee-- Asst. CIT v. Daily Foods (Delhi) . . . 372
S. 158BE --Search and seizure--Block assessment--Limitation--Order for special audit held bad in law by Supreme Court--Annulment of block assessment not proper--Matter remanded for fresh assessment after providing an opportunity of hearing to assessee-- Asst. CIT v. Daily Foods (Delhi) . . . 372
S. 251 --Appeal to Commissioner (Appeals)--Appeal to Tribunal--Powers of appellate authorities--Commissioner (Appeals) has powers as wide as those of Assessing Officer--Tribunal has power to consider all aspects of question-- Morgan Stanley Asset Management Inc. v. Deputy CIT (Mumbai) . . . 393
S. 254 --Appeal to Commissioner (Appeals)--Appeal to Tribunal--Powers of appellate authorities--Commissioner (Appeals) has powers as wide as those of Assessing Officer--Tribunal has power to consider all aspects of question-- Morgan Stanley Asset Management Inc. v. Deputy CIT (Mumbai) . . . 393
S. 271(1)(c), Expln. 1 --Penalty--Concealment of income--Cash credits--Creditors' identity and genuineness of transactions not established--Assessee's explanation not bona fide and failure to discharge burden--Conditional surrender of income after investigation by Department not voluntary--Department not precluded from levying penalty--Trivium Power Engineers P. Ltd. v. ITO (Delhi) . . . 347
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