INCOME TAX REPORTS (ITR)
Volume 328 : Part 3 (Issue dated 8-11-2010)
Advance tax --Nature of--Does not affect charge of tax or modify liability to pay tax on assessment order--Income-tax Act, 1961, ss. 4(1), 190(1), 207-- Brij Lal v. CIT . . . 477
Settlement of cases --Settlement Commission--Interest under section 234B--Only up to the date of order under section 245D(1) and not up to date of order of settlement under section 245D(4)--Income-tax Act, 1961, ss. 234B, 245D(1), (4)-- Brij Lal v. CIT . . 477
----Settlement Commission--Proceedings concluded--Thereafter interest under section 234B cannot be levied by way of rectification--Relevant date for determining quantum of interest under section 234B--Income-tax Act, 1961, ss. 2(40), (45), 140A, 143, 154, 207, 209, 210, 215, 234A, 234B, 234C, 245A, 245C, 245D, 245E, 245F, 245-I-- Brij Lal v. CIT . . . 477
Accounting --Change of method of accounting from turnover base to capital investment base--Bona fides of assessee to adopt new method cannot be doubted merely because resulting in more benefits to assessee--Income-tax Act, 1961-- CIT v. Jindal Saw Pipes Ltd . (Delhi) . . . 338
Advance tax --Interest payable by assessee--Waiver of interest--Jurisdiction to grant waiver--Effect of circular-cum-notification dated 23-5-1996--Chief Commissioner and Director General of Income-tax (Exemptions) have jurisdiction only in cases covered by category 2(a) to (e) mentioned in circular--Income-tax Act, 1961, ss. 234B, 234C--Circular-cum-Notification dated 23-5-1996-- Director General of Income-tax (Exemptions) v. Jockeys Association of India (Karn) . . . 405
Appeal to Appellate Tribunal --Additional ground can be entertained--Income-tax Act, 1961, s. 250(5)-- CIT v. Jindal Saw Pipes Ltd. (Delhi) . . . 338
Appeal to High Court --Circular fixing monetary limit in case of appeal by Revenue --Whether monetary limit applicable to pending cases--To be decided by a larger Bench--Income-tax Act, 1961, ss. 260A, 268A-- CIT v. Varindra Construction Co. (P&H) . . . 446
Business expenditure --Deduction only on actual payment--Exclusion from disallowance--Law applicable--Amendment of section 43B with effect from 1-4-2004--Amendment retrospective--Payment of contribution to provident fund after due date but before filing of return--Payment deductible--Income-tax Act, 1961, s. 43B-- H. P. Tourism Development Corporation Ltd. v. CIT (HP) . . . 508
Cash credits --Share application money--Assessee proving identity of parties, genuineness of transaction and creditworthiness of share applicants--Tribunal deleting additions after appreciating evidence on record--Finding of fact--No substantial question of law--Income-tax Act, 1961, s. 68-- CIT v. Ujala Dyeing and Printing Mills P. Ltd. (Guj) . . . 437
Charitable purposes --Exemption--Educational institution--Assessee running schools--Entitled to exemption under section 11--Income-tax Act, 1961, s. 11-- CIT v. Manav Mangal Society (P&H) . . . 421
Deduction of tax at source --Interest--Chit fund--Chit agreement would not fall under "money lending"--No "debt incurred"--Bid amount disbursed is not interest payable on money borrowed--Payments disbursed not subject to deduction of tax at source--Income-tax Act, 1961, ss. 2(28A), 194A, 201-- CIT v. Sahib Chits (Delhi) (Pvt.) Ltd. (Delhi) . . . 342
Export --Special deduction--Computation--Meaning of "profits of business"--Law applicable--Effect of insertion of clause (iiid) in section 28 by Finance Act, 2005--Entire sale consideration on transfer of DEPB credit assessable on business profits--Income-tax Act, 1961, ss. 28(iiid), 80HHC-- CIT v. Kalpataru Colours and Chemicals (Bom) . . . 451
----Special deduction--Computation--Tribunal allowing deduction under section 80HHC on basis of book profits under section 115JA and not on basis of eligible profits under section 80HHC as per normal computation--Justified--Income-tax Act, 1961, ss. 80HHC, 115JA-- CIT v. Bhari Information Technology Systems P. Ltd. (Mad) . . . 380
Income --Association--Principle of mutuality--Interest on surplus funds invested in fixed deposits with banks--Not income received from members of assessee but from third parties--Investing funds of association in bank fixed deposits a prudent commercial decision--Principle of mutuality does not apply--Matter remanded--Income-tax Act, 1961-- CIT v. Common Effluent Treatment Plant, (Thane-Belapur) Association (Bom) . . . 362
----Association--Principle of mutuality--Surplus income over expenditure--Principle of mutuality applies--Not chargeable to tax--Income-tax Act, 1961-- CIT v. Common Effluent Treatment Plant, (Thane-Belapur) Association (Bom) . . . 362
----Principle of mutuality--Club--Surplus funds deposited with institutional members--Interest on such deposits--Does not satisfy principle of mutuality--Chargeable to tax--Income-tax Act, 1961, s. 4-- Madras Gymkhana Club v. Deputy CIT (Mad) . . . 348
----Time-barred unclaimed matured debentures transferred to general reserve account and utilised for business purposes--Amount assessable as trading receipt--Income-tax Act, 1961-- Hindustan Foods Ltd. v. Deputy CIT (Bom) . . . 392
Income from undisclosed sources --Additions to income on basis of statement given by assessee during survey--Assessee later contending that income was from agriculture--Assessee failing to produce books of account or any other authentic contemporaneous evidence of agricultural income--Some entries in a diary not sufficient and conclusive to hold that statement made earlier false--Addition proper--Income-tax Act, 1961, ss 132(4), 133A-- Bachittar Singh v. CIT (P&H) . . . 400
----Amount realised on sale of gold jewellery and diamonds--Claim that gold jewellery and diamonds declared under Voluntary Disclosure of Income Scheme--No specific finding regarding claim--Addition to income not justified--Matter remanded--Finance Act, 1997, s. 68-- Smt. Kailashi Devi G. Agarwal v. ITO (Karn) . . . 425
----Unaccounted sales--Unaccounted sales covered by income declared by assessee--No separate addition required--Income-tax Act, 1961-- CIT v. Sambhav Textiles Ltd. (P&H) . . . 444
Industrial undertaking --Deduction under section 80-IB--Sale of export incentive--Not income derived from industrial undertaking--Not entitled to deduction--Income-tax Act, 1961 s. 80-IB-- CIT v. Jaswand Sons (P&H) . . . 442
----Special deduction under section 80-IA--Computation of gross total income for purposes of section 80-IA--Deduction granted after setting off losses from all other sources--Proper--Income-tax Act, 1961, s. 80-IA-- CIT v. Tridoss Laboratories Ltd .(Bom) . . . 448
Loss --Set off of loss--Year in which loss occurred--Destruction of stock stored in State warehousing corporation by fire in 1978--Suit filed for reimbursement of loss dismissed in May 1982--Loss allowable in assessment year 1983-84--Income-tax Act, 1961, s. 71-- New Diwan Oil Mills v. CIT (P&H) . . . 432
Precedent --Effect of decision of Supreme Court in CIT v. Alom Extrusions Ltd. [2009] 319 ITR 306-- H. P. Tourism Development Corporation Ltd . v. CIT (HP) . . . 508
----Effect of decision of Supreme Court in CIT v. Anjum M. H. Ghaswala [2001] 252 ITR 1-- Director General of Income-tax (Exemptions) v. Jockeys Association of India (Karn) . . . 405
Principle of mutuality --Application of-- CIT v. Common Effluent Treatment Plant, (Thane-Belapur) Association (Bom) . . . 362
Reassessment --Limitation--No assessment made under section 143(3)--Time limit of four years not applicable--Income-tax Act, 1961, ss. 143(3), 147-- Madras Gymkhana Club v. Deputy CIT (Mad) . . . 348
Search and seizure --Undisclosed investment--Addition on basis of statement under section 132(4) by assessee recorded at midnight--Assessee later retracting and giving proper explanation for investment--Statement made at odd hours cannot be considered as voluntary statement--Addition not justified--Income-tax Act, 1961-- Kailashben Manharlal Chokshi v. CIT (Guj) . . . 411
Survey --Discrepancy in stock and cash--Addition on basis of statement made during survey--Assessee later contending that statement incorrect and that discrepancy reconciled as it was a mistake--Statement made under section 133A not conclusive proof--Assessee able to explain discrepancy in stock by production of relevant record--Addition to be deleted--Income-tax Act, 1961, s. 133A-- CIT v. Dhingra Metal Works (Delhi) . . . 384
Unexplained investments --Addition on basis of variation between stocks hypothecated with bank and stock shown in books of account--Tribunal finding addition based on bank statement and verification by Regional Officer that stock actually lying with assessee and assessee failed to give satisfactory explanation--Findings of fact--Income-tax Act, 1961 s. 69-- B. T. Steels Ltd. v. CIT (P&H) . . . 471
S. 68 --Income from undisclosed sources--Amount realised on sale of gold jewellery and diamonds--Claim that gold jewellery and diamonds declared under Voluntary Disclosure of Income Scheme--No specific finding regarding claim--Addition to income not justified--Matter remanded-- Smt. Kailashi Devi G. Agarwal v. ITO (Karn) . . . 425
S. 2(28A) --Deduction of tax at source--Interest--Chit fund--Chit agreement would not fall under "money lending"--No "debt incurred"--Bid amount disbursed is not interest payable on money borrowed--Payments disbursed not subject to deduction of tax at source-- CIT v. Sahib Chits (Delhi) (Pvt.) Ltd. (Delhi) . . . 342
S. 2(40) --Settlement of cases--Settlement Commission--Proceedings concluded--Thereafter interest under section 234B cannot be levied by way of rectification--Relevant date for determining quantum of interest under section 234B-- Brij Lal v. CIT (SC) . . . 477
S. 2(45) --Settlement of cases--Settlement Commission--Proceedings concluded--Thereafter interest under section 234B cannot be levied by way of rectification--Relevant date for determining quantum of interest under section 234B-- Brij Lal v. CIT
S. 4 --Income--Principle of mutuality--Club--Surplus funds deposited with institutional members--Interest on such deposits--Does not satisfy principle of mutuality--Chargeable to tax-- Madras Gymkhana Club v. Deputy CIT (Mad) . . . 348
S. 4(1) --Advance tax--Nature of--Does not affect charge of tax or modify liability to pay tax on assessment order-- Brij Lal v. CIT (SC) . . . 477
S. 11 --Charitable purposes--Exemption--Educational institution--Assessee running schools--Entitled to exemption under section 11-- CIT v. Manav Mangal Society (P&H) . . . 421
S. 28(iiid) --Export--Special deduction--Computation--Meaning of "profits of business"--Law applicable--Effect of insertion of clause (iiid) in section 28 by Finance Act, 2005--Entire sale consideration on transfer of DEPB credit assessable on business profits-- CIT v. Kalpataru Colours and Chemicals (Bom) . . . 451
S. 43B --Business expenditure--Deduction only on actual payment--Exclusion from disallowance--Law applicable--Amendment of section 43B with effect from 1-4-2004--Amendment retrospective--Payment of contribution to provident fund after due date but before filing of return--Payment deductible-- H. P. Tourism Development Corporation Ltd. v. CIT (HP) . . . 508
S. 68 --Cash credits--Share application money--Assessee proving identity of parties, genuineness of transaction and creditworthiness of share applicants--Tribunal deleting additions after appreciating evidence on record--Finding of fact--No substantial question of law-- CIT v. Ujala Dyeing and Printing Mills P. Ltd. (Guj) . . . 437
S. 69 --Unexplained investments--Addition on basis of variation between stocks hypothecated with bank and stock shown in books of account--Tribunal finding addition based on bank statement and verification by Regional Officer that stock actually lying with assessee and assessee failed to give satisfactory explanation--Findings of fact-- B. T. Steels Ltd. v. CIT (P&H) . . . 471
S. 71 --Loss--Set off of loss--Year in which loss occurred--Destruction of stock stored in State warehousing corporation by fire in 1978--Suit filed for reimbursement of loss dismissed in May 1982--Loss allowable in assessment year 1983-84-- New Diwan Oil Mills v. CIT (P&H) . . . 432
S. 80HHC --Export--Special deduction--Computation--Meaning of "profits of business"--Law applicable--Effect of insertion of clause (iiid) in section 28 by Finance Act, 2005--Entire sale consideration on transfer of DEPB credit assessable on business profits-- CIT v. Kalpataru Colours and Chemicals (Bom) . . . 451
----Export--Special deduction--Computation--Tribunal allowing deduction under section 80HHC on basis of book profits under section 115JA and not on basis of eligible profits under section 80HHC as per normal computation--Justified-- CIT v. Bhari Information Technology Systems P. Ltd. (Mad) . . . 380
S. 80-IA --Industrial undertaking--Special deduction under section 80-IA--Computation of gross total income for purposes of section 80-IA--Deduction granted after setting off losses from all other sources--Proper-- CIT v. Tridoss Laboratories Ltd . (Bom) . . . 448
Advance tax --Interest--Liability--Estimated income nil under law at time of deposit of advance tax--Assessee not liable to pay advance tax--Assessee becoming liable to tax owing to subsequent change of law--Interest not chargeable--Income-tax Act, 1961, ss. 208, 209, 234B, 234C-- Hindson International v. ITO (Chandigarh) . . . 123
Appeal to Appellate Tribunal --Competency of appeal--CBDT Instruction No. 5, dated May 15, 2008 prescribing monetary limits of tax effect for filing appeals--Tax effect less than Rs. 2 lakhs--Appeal not maintainable--Income-tax Act, 1961-- Asst. CIT v. Pioneer Fabricators P. Ltd. (Delhi) . . . 121
Assessment --Notice--Notice served on assessee's wife in his absence--Valid--Income-tax Act, 1961, ss. 148, 282(1)--Code of Civil Procedure, 1908, O. 5, r. 15 (amended by Code of Civil Procedure (Amendment) Act, 1976 w.e.f. 1-2-1977)-- ITO v. Gurbax Singh Gill (Amritsar) . . . 129
Business expenditure --Deduction only on actual payment--Contribution made to employees' provident fund and employees' State insurance--Amount deposited within grace period--Entitled to deduction--Amount paid after grace period--To be disallowed --Income-tax Act, 1961, s. 43B-- BASF India Ltd. v. Addl. CIT (Mumbai) . . . 156
Capital gains --Long-term capital gains--Computation--Full value of consideration --No provision for taking fair market value assessed by Valuation Officer as full value of consideration--Only full value of consideration to be taken into account--Income-tax Act, 1961, s. 48-- ITO v. Mohinder Nath Sehgal and Sons (Chandigarh) . . . 138
----Long-term capital gains--Exemption--Sale of plot of land and investment of consideration in residential house--Cost of new asset exceeding full value of consideration of land--Registration of new asset before filing of return not required--Assessee entitled to deduction--Income-tax Act, 1961, s. 54F-- Gyan Chand Batra v. ITO (Jaipur) . . . 147
Capital or revenue receipt --Amount received on account of transfer or assignment of marketing rights--Amount received in exchange of source of income--Capital receipt --Income-tax Act, 1961, s. 54EC-- BASF India Ltd. v. Addl. CIT (Mumbai) . . . 156
----Capital gains--Non-compete fees--Is capital receipt--Capital gains not taxable where cost of acquisition not determined--Income-tax Act, 1961-- BASF India Ltd. v. Addl. CIT (Mumbai) . . . 156
Donation to charitable institution --Special deduction--Approval of institution in perpetuity till specific withdrawal in accordance with law--Direction to Director of Income-tax (Exemption) to modify order accordingly--Income-tax Act, 1961, s. 80G(5)(vi)-- Splash for Children v. Director of Income-tax (Exemption) (Kolkata) . . . 199
Donations to charitable trust --Special deduction--Renewal of exemption--Approvals expiring on or after October 1, 2009 deemed to be extended in perpetuity till specific withdrawal under Board's circular--Circular binding on Department--Direction to Director of Income-tax (Exemption) to grant exemption till withdrawal in accordance with law--Income-tax Act, 1961, s. 80G(5)(vi)--Circular No. 5, dated 3-6-2010-- D. J. Shah Foundation v. Director of Income-tax (Exemption) (Kolkata) . . . 196
Firm --Takeover by company--Valuation of closing stock--Can be at cost price or market price whichever is lower--Firm not in existence on date of survey and stock found at time of survey not belonging to firm--Deletion of addition--Justified--Income-tax Act, 1961-- ITO v. Vishal Jewellers (Delhi) . . . 143
Interpretation of statutes --Deeming provisions--Deeming provisions of section 50C not applicable to section 54F with regard to meaning of full value of consideration-- Gyan Chand Batra v. ITO (Jaipur) . . . 147
----Legal fiction--Scope of fiction to be confined to purpose of fiction-- ITO v. Harley Street Pharmaceuticals Ltd. (Ahmedabad) . . . 182
----Two views possible--View favourable to assessee to be taken-- Deputy CIT v. Avinash Ch. Gupta (Kolkata) . . . 173
Search and seizure --Assessment in search cases--Penalty--Concealment of income --Admission of undisclosed income under section 132(4) by assessee--Return filed under section 153A including undisclosed income--No concealment of income--Penalty cancelled--Income-tax Act, 1961, ss. 132, 153A, 271(1)(c), Expln. 5(2)-- Deputy CIT v. Avinash Ch. Gupta (Kolkata) . . . 173
Shipping business --Deduction of amount credited to reserve account--Condition precedent--Amount carried to reserve not to exceed twice aggregate of paid-up capital and general reserve--Paid-up capital includes preference share capital--Assessing Officer to examine whether capital redemption reserve balance includes redemption of preference share capital--Transfer of sum from reserve to general reserve after purchase of ships permissible--Direction to recompute deduction--Income-tax Act, 1961, s. 33AC -- United Shippers Ltd. v. Asst. CIT (Mumbai) . . . 202
----Deduction of amount credited to reserve--Disqualification where ships sold within specified period--Change of law w.e.f. April 1, 2004 reducing prohibition period from eight years to three years--Law in force in assessment period applicable--Sale of ships after three years--Assessee entitled to deduction--Income-tax Act, 1961, s. 33AC(3)(c)-- United Shippers Ltd. v. Asst. CIT (Mumbai) . . . 202
Transactions in securities --Sale of units beyond three months from date of purchase--Deletion of disallowance--Proper--Income-tax Act, 1961, s. 94(7)-- ITO v. Ashish Navnitlal Shah (Ahmedabad) . . . 170
Unexplained investment --Assessee purchasing land--Assessing Officer making addition on basis of additional stamp duty paid by assessee invoking section 50C--Section 50C not applicable to purchaser--No record that assessee paid over and above recorded as purchase consideration of land in sale deed--Addition to be deleted--Income-tax Act, 1961, ss. 50C, 69B-- ITO v. Harley Street Pharmaceuticals Ltd. (Ahmedabad) . . . 182
----Valuation of property--Property situated in mofussil area--PWD rates applicable --15 per cent. deduction to be given on net value--Income-tax Act, 1961-- Deputy CIT v. Smt. C. K. Sumathy (Chennai) . . . 193
O. 5, r. 15 (amended by Code of Civil Procedure (Amendment) Act, 1976 w.e.f. 1-2-1977) --Assessment--Notice--Notice served on assessee's wife in his absence--Valid-- ITO v. Gurbax Singh Gill (Amritsar) . . . 129
S. 33AC --Shipping business--Deduction of amount credited to reserve account--Condition precedent--Amount carried to reserve not to exceed twice aggregate of paid-up capital and general reserve--Paid-up capital includes preference share capital--Assessing Officer to examine whether capital redemption reserve balance includes redemption of preference share capital--Transfer of sum from reserve to general reserve after purchase of ships permissible--Direction to recompute deduction-- United Shippers Ltd. v. Asst. CIT (Mumbai) . . . 202
S. 33AC(3)(c) --Shipping business--Deduction of amount credited to reserve--Disqualification where ships sold within specified period--Change of law w.e.f. April 1, 2004 reducing prohibition period from eight years to three years--Law in force in assessment period applicable--Sale of ships after three years--Assessee entitled to deduction-- United Shippers Ltd. v. Asst. CIT (Mumbai) . . . 202
S. 43B --Business expenditure--Deduction only on actual payment--Contribution made to employees' provident fund and employees' State insurance--Amount deposited within grace period--Entitled to deduction--Amount paid after grace period--To be disallowed -- BASF India Ltd. v. Addl. CIT (Mumbai) . . . 156
S. 48 --Capital gains--Long-term capital gains--Computation--Full value of consideration--No provision for taking fair market value assessed by Valuation Officer as full value of consideration--Only full value of consideration to be taken into account-- ITO v. Mohinder Nath Sehgal and Sons (Chandigarh) . . . 138
S. 50C --Unexplained investment--Assessee purchasing land--Assessing Officer making addition on basis of additional stamp duty paid by assessee invoking section 50C--Section 50C not applicable to purchaser--No record that assessee paid over and above recorded as purchase consideration of land in sale deed--Addition to be deleted-- ITO v. Harley Street Pharmaceuticals Ltd. (Ahmedabad) . . . 182
S. 54EC --Capital or revenue receipt--Amount received on account of transfer or assignment of marketing rights--Amount received in exchange of source of income--Capital receipt -- BASF India Ltd. v. Addl. CIT (Mumbai) . . . 156
S. 54F --Capital gains--Long-term capital gains--Exemption--Sale of plot of land and investment of consideration in residential house--Cost of new asset exceeding full value of consideration of land--Registration of new asset before filing of return not required--Assessee entitled to deduction-- Gyan Chand Batra v. ITO (Jaipur) . . . 147
S. 69B --Unexplained investment--Assessee purchasing land--Assessing Officer making addition on basis of additional stamp duty paid by assessee invoking section 50C--Section 50C not applicable to purchaser--No record that assessee paid over and above recorded as purchase consideration of land in sale deed--Addition to be deleted-- ITO v. Harley Street Pharmaceuticals Ltd. (Ahmedabad) . . . 182
S. 80G(5)(vi) --Donation to charitable institution--Special deduction--Approval of institution in perpetuity till specific withdrawal in accordance with law--Direction to Director of Income-tax (Exemption) to modify order accordingly-- Splash for Children v. Director of Income-tax (Exemption) (Kolkata) . . . 199
----Donations to charitable trust--Special deduction--Renewal of exemption--Approvals expiring on or after October 1, 2009 deemed to be extended in perpetuity till specific withdrawal under Board's circular--Circular binding on Department--Direction to Director of Income-tax (Exemption) to grant exemption till withdrawal in accordance with law--Circular No. 5, dated 3-6-2010-- D. J. Shah Foundation v. Director of Income-tax (Exemption) (Kolkata) . . . 196
S. 94(7) --Transactions in securities--Sale of units beyond three months from date of purchase--Deletion of disallowance--Proper-- ITO v. Ashish Navnitlal Shah (Ahmedabad) . . . 170
S. 132 --Search and seizure--Assessment in search cases--Penalty--Concealment of income --Admission of undisclosed income under section 132(4) by assessee--Return filed under section 153A including undisclosed income--No concealment of income --Penalty cancelled-- Deputy CIT v. Avinash Ch. Gupta (Kolkata) . . . 173
S. 148 --Assessment--Notice--Notice served on assessee's wife in his absence--Valid-- ITO v. Gurbax Singh Gill (Amritsar) . . . 129
S. 153A --Search and seizure--Assessment in search cases--Penalty--Concealment of income--Admission of undisclosed income under section 132(4) by assessee--Return filed under section 153A including undisclosed income--No concealment of income --Penalty cancelled-- Deputy CIT v. Avinash Ch. Gupta (Kolkata) . . . 173
S. 208 --Advance tax--Interest--Liability--Estimated income nil under law at time of deposit of advance tax--Assessee not liable to pay advance tax--Assessee becoming liable to tax owing to subsequent change of law--Interest not chargeable-- Hindson International v. ITO (Chandigarh) . . . 123
S. 209 --Advance tax--Interest--Liability--Estimated income nil under law at time of deposit of advance tax--Assessee not liable to pay advance tax--Assessee becoming liable to tax owing to subsequent change of law--Interest not chargeable-- Hindson International v. ITO (Chandigarh) . . . 123
S. 234B --Advance tax--Interest--Liability--Estimated income nil under law at time of deposit of advance tax--Assessee not liable to pay advance tax--Assessee becoming liable to tax owing to subsequent change of law--Interest not chargeable-- Hindson International v. ITO (Chandigarh) . . . 123
S. 234C --Advance tax--Interest--Liability--Estimated income nil under law at time of deposit of advance tax--Assessee not liable to pay advance tax--Assessee becoming liable to tax owing to subsequent change of law--Interest not chargeable-- Hindson International v. ITO (Chandigarh) . . . 123
S. 271(1)(c), Expln. 5(2) --Search and seizure--Assessment in search cases--Penalty--Concealment of income--Admission of undisclosed income under section 132(4) by assessee--Return filed under section 153A including undisclosed income--No concealment of income --Penalty cancelled-- Deputy CIT v. Avinash Ch. Gupta (Kolkata) . . . 173
S. 282(1) --Assessment--Notice--Notice served on assessee's wife in his absence--Valid-- ITO v. Gurbax Singh Gill (Amritsar) . . . 129
No comments:
Post a Comment