INCOME TAX REPORTS (ITR)
Volume 336 : Part 1 (Issue dated 8-8-2011)
Writ petition --Foundational facts required not capable of being established--Assessee relegated to proceedings pending before authorities--Constitution of India, art. 226-- Coca Cola India Inc. v. Addl. CIT . . . 1
Accounting --Rejection of book results--Additions on account of operational expenses and rebate and discount--Commissioner (Appeals) as well as Tribunal deleting additions on finding that book results genuine--Justified--No question of law arises--Income-tax Act, 1961, s. 145-- CIT v. Faridabad Entertainment P. Ltd. (P & H) . . . 129
Appeal to Appellate Tribunal --Duty of Tribunal--Duty to arrive at finding of fact--Question whether search was valid--Tribunal asking Revenue to produce records--Tribunal not recording finding but remitting matter--Not proper--Tribunal directed to rehear appeal--Income-tax Act, 1961-- Siksha "O" Anusandhan v. CIT (Orissa) . . . 112
Appeal to Commissioner (Appeals) --Powers of Commissioner (Appeals)--Direction by Commissioner (Appeals) to tax certain amounts in hands of a third party--Direction not valid--Income-tax Act, 1961-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 77
Appeal to High Court --Competency of appeal--Appeal only on a substantial question of law--Difference between question of law and substantial question of law--Rejection of accounts and estimation of profits--Estimation on basis of facts--No substantial question of law arises--Appeal not maintainable--Income-tax Act, 1961, s. 260A-- Utkal Road Lines v. Registrar, Income-tax Appellate Tribunal
(Orissa) . . . 149
----Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable--Income-tax Act, 1961, ss. 260A, 282, 288--Income-tax (Appellate Tribunal) Rules, 1963, r. 35--Code of Civil Procedure, 1908, O. 3, r 3-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
Assessment --Notice under section 143(2)--Service of notice--Service on chartered accountant in business premises of assessee--Whether proper service--Objection raised for first time before Commissioner (Appeals)--Tribunal not considering whether chartered accountant possessing requisite authority to receive notice--Matter remanded--Income-tax Act, 1961, ss. 143, 282-- Harsingar Gutkha P. Ltd. v. CIT
(All) . . . 90
Business expenditure --Labour charges--Commissioner (Appeals) as well as Tribunal holding that disallowance not justified without Assessing Officer making enquiries--Onus on assessee to identify parties along with evidence of payment--Matter remanded--Income-tax Act, 1961, s. 37-- CIT v. S. G. Exports (P&H) . . . 2
Capital gains --Short-term capital gains--Scope of section 50--Sale of entire undertaking--Apportionment to be made of consideration referable to tangible assets--Section 45 read with section 50 applicable--Income-tax Act, 1961, ss. 45, 50-- Kwality Ice Creams (India) Ltd. v. CIT (Cal) . . . 100
Capital or revenue expenditure --Cost of moulds--Frequent replacement of moulds needed in business--Expenditure is business expenditure--Income-tax Act, 1961, s. 37-- CIT v. Malerkotla Steels and Alloys P. Ltd. (P&H) . . . 49
----Expenditure incurred on repair and maintenance of furnace--Finding that expenditure on repairs of damaged furnace and not for replacement or restoration--Is revenue expenditure--Income-tax Act, 1961, s. 37-- CIT v. Malerkotla Steels and Alloys P. Ltd. (P&H) . . . 49
Cash credits --Co-operative bank--Unexplained amounts in accounts of account holders--Finding by Tribunal that no nexus between creditors and bank--Addition in hands of bank not proper--Income-tax Act, 1961, s. 68-- CIT v. Citizen Urban Co-op. Bank Ltd. (P&H) . . . 62
Charitable purpose --Exemption--Accumulation of income--Carry forward of 75 per cent. income on regular basis defeats purpose of trust--Matter remanded for fresh consideration with reference to subsequent assessments--Income-tax Act, 1961, s. 11(2)-- CIT v. Sree Seetharama Anjaneya Veda Kendra (Ker) . . . 65
Company --Book profit--Computation of income under section 115JA--Law applicable--Effect of insertion of clause (g) in Explanation to section 115JA(2) with retrospective effect from April 1, 1998--Provision for gratuity--Not to be added to book profits--Provision for doubtful debts and doubtful advances--Amount to be added to book profits--Income-tax Act, 1961, s. 115JA-- CIT v. ILPEA Paramount P. Ltd.
(Delhi) . . . 54
Current repairs --Business expenditure--Expenditure on coronary bypass surgery of lawyer--Substantial increase in earnings after surgery--Not relevant--Heart not a plant--Expenditure not deductible as repairs of plant--Expenditure not incurred wholly and exclusively for purposes of business or profession--Expenditure not deductible as business expenditure--Income-tax Act, 1961, ss. 31, 37-- Shanti Bhushan v. CIT
(Delhi) . . . 26
Depreciation --Computation of depreciation--Block of assets --Flat part of block of assets--Sale of flat--Apparent consideration and not its fair market value to be reduced--Income-tax Act, 1961, s. 43(6)(c)(i)(B)-- CIT v. Cable Corporation of India Ltd. (Bom) . . . 56
Income --Business--Computation of income--Firm engaged in developing property--Land brought in as capital by one of partners--Clause in partnership deed stating that valuation of land would be as per wealth-tax assessment--Value of land entered in books at lesser value at inception of partnership--Not relevant--Revised value of land as per wealth-tax assessment to be taken into account in computing profits of firm--Income-tax Act, 1961-- Hansallaya Properties v. CIT (Delhi) . . . 83
----Principle of mutuality--Commissioner (Appeals) directing 50 per cent. of income to be treated as exempt on principle of mutuality--Tribunal remanding to Assessing Officer to pass a fresh order of assessment following its earlier order in assessee's case--Tribunal's order attained finality as fresh assessment made by Assessing Officer--No reason to interfere with order passed by Tribunal--Income-tax Act, 1961-- CIT v. Ludhiana Aggarwal Co-op. Housing Building Society Ltd. (P&H) . . . 47
Penalty --Concealment of income--Finding that there was no concealment of income or furnishing of inaccurate particulars--Penalty could not be imposed--Income-tax Act, 1961, s. 271(1)(c)-- CIT v. M. S. Bindra and Sons P. Ltd. (Delhi) . . . 125
----Concealment of income--Surrender of income on basis of search on another person--To avoid protracted litigation and to buy peace--Determination of undisclosed income only based on surrender--Not in terms of section 158BC--Penalty not justified--Income-tax Act, 1961, ss. 158BC, 158BD, 158BFA(2)-- CIT v. Harkaran Das Ved Pal (Delhi) . . . 8
----Furnishing inaccurate particulars--Foreign consultancy income--Entitlement to deduction under section 80-O--Jurisdictional High Court deciding issue--Reference to larger Bench--Decision binding--Issue not debatable at time when assessee filed return--Wrong claim to deduction and failure to furnish particulars regarding claim--Amounts to furnishing inaccurate particulars of income--Recording of prima facie satisfaction discernible--Levy of penalty justified--Income-tax Act, 1961, ss. 80-O, 271(1)(c)-- CIT v. ECS Ltd. (Delhi) . . . 162
Precedent --Effect of decision of Supreme Court in Sir Chunilal V. Mehta v. Century Spg. and Mfg. Co. Ltd., AIR 1962 SC 1314-- Utkal Road Lines v. Registrar, Income-tax Appellate Tribunal (Orissa) . . . 149
Reassessment --Items of income said to have escaped assessment on which reassessment proposed not added but other deductions reduced--Not permissible--Income-tax Act, 1961, ss. 147, 148-- Ranbaxy Laboratories Ltd. v. CIT (Delhi) . . . 136
----Reassessment proceedings on the basis that a particular item of income had escaped assessment--Finding that the particular item had not escaped assessment--Other income found to have escaped assessment--Continuation of proceedings to assess such other income--Not valid--Income-tax Act, 1961, s. 147-- CIT v. Dr. Devendra Gupta (Raj) . . . 59
Search and seizure --Assessment in search cases--Condition precedent--Initiation of valid search under section 153A on the same person--Income-tax Act, 1961, ss. 132, 153A-- Siksha "O" Anusandhan v. CIT (Orissa) . . . 112
----Block assessment--Limitation--To be reckoned from date of drawing of last panchnama at conclusion of search at premises of assessee--Not from date material seized subsequently opened and inventory prepared by Department--Income-tax Act, 1961, s. 158BC-- CIT v. Rajhans Aromatics (Delhi) . . . 68
Settlement of cases --Abatement of proceedings--Law applicable--Effect of section 245HA--Application for settlement of case before 1-6-2007--Order passed without affording opportunity to Revenue to be heard--Order set aside and matter remitted to Settlement Commission--Proceedings would not abate--Income-tax Act, 1961, s. 245HA-- CIT v. Hari Kishan Vijayvergia (Raj) . . . 174
----Order passed without giving Revenue opportunity to be heard--Writ petition--Single judge setting aside order and remitting case to Settlement Commission--Settlement Commission could consider application afresh--Matter would relate back to time when proceedings were initiated--Single judge stating that if refund were ordered it would bear interest at 15 per cent. per annum--Order specifying rate of interest--Not valid--Income-tax Act, 1961, s. 245D-- CIT v. Hari Kishan Vijayvergia (Raj) . . . 174
Unexplained investment --Unaccounted sales--Claim not substantiated--Entire investment to be added, not merely sales commission--Income-tax Act, 1961, s. 69-- CIT v. Sanjay Chhabra, Proprietor of Sanjay Chhabra Traders (P&H) . . . 71
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Code of Civil Procedure, 1908 :
O. 3, r. 3 --Appeal to High Court--Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
Art. 226 --Writ petition--Foundational facts required not capable of being established--Assessee relegated to proceedings pending before authorities-- Coca Cola India Inc. v. Addl. CIT (SC) . . . 1
Income-tax (Appellate Tribunal) Rules, 1963 :
r. 35 --Appeal to High Court--Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
S. 11(2) --Charitable purpose--Exemption--Accumulation of income--Carry forward of 75 per cent. income on regular basis defeats purpose of trust--Matter remanded for fresh consideration with reference to subsequent assessments-- CIT v. Sree Seetharama Anjaneya Veda Kendra (Ker) . . . 65
S. 31 --Current repairs--Business expenditure--Expenditure on coronary bypass surgery of lawyer--Substantial increase in earnings after surgery--Not relevant--Heart not a plant--Expenditure not deductible as repairs of plant--Expenditure not incurred wholly and exclusively for purposes of business or profession--Expenditure not deductible as business expenditure-- Shanti Bhushan v. CIT (Delhi) . . . 26
S. 37 --Business expenditure--Labour charges--Commissioner (Appeals) as well as Tribunal holding that disallowance not justified without Assessing Officer making enquiries--Onus on assessee to identify parties along with evidence of payment--Matter remanded-- CIT v. S. G. Exports (P&H) . . . 2
----Capital or revenue expenditure--Cost of moulds--Frequent replacement of moulds needed in business--Expenditure is business expenditure-- CIT v. Malerkotla Steels and Alloys P. Ltd. (P&H) . . . 49
----Capital or revenue expenditure--Expenditure incurred on repair and maintenance of furnace--Finding that expenditure on repairs of damaged furnace and not for replacement or restoration--Is revenue expenditure-- CIT v. Malerkotla Steels and Alloys P. Ltd. (P&H) . . . 49
----Current repairs--Business expenditure--Expenditure on coronary bypass surgery of lawyer--Substantial increase in earnings after surgery--Not relevant--Heart not a plant--Expenditure not deductible as repairs of plant--Expenditure not incurred wholly and exclusively for purposes of business or profession--Expenditure not deductible as business expenditure-- Shanti Bhushan v. CIT (Delhi) . . . 26
S. 43(6)(c)(i)(B) --Depreciation--Computation of depreciation--Block of assets--Flat part of block of assets--Sale of flat--Apparent consideration and not its fair market value to be reduced-- CIT v. Cable Corporation of India Ltd. (Bom) . . . 56
S. 45 --Capital gains--Short-term capital gains--Scope of section 50--Sale of entire undertaking--Apportionment to be made of consideration referable to tangible assets--Section 45 read with section 50 applicable-- Kwality Ice Creams (India) Ltd. v. CIT
(Cal) . . . 100
S. 50 --Capital gains--Short-term capital gains--Scope of section 50--Sale of entire undertaking--Apportionment to be made of consideration referable to tangible assets--Section 45 read with section 50 applicable-- Kwality Ice Creams (India) Ltd. v. CIT (Cal) . . . 100
S. 68 --Cash credits--Co-operative bank--Unexplained amounts in accounts of account holders--Finding by Tribunal that no nexus between creditors and bank--Addition in hands of bank not proper-- CIT v. Citizen Urban Co-op. Bank Ltd. (P&H) . . . 62
S. 69 --Unexplained investment--Unaccounted sales--Claim not substantiated--Entire investment to be added, not merely sales commission-- CIT v. Sanjay Chhabra, Proprietor of Sanjay Chhabra Traders (P&H) . . . 71
S. 80-O --Penalty--Furnishing inaccurate particulars--Foreign consultancy income--Entitlement to deduction under section 80-O--Jurisdictional High Court deciding issue--Reference to larger Bench--Decision binding--Issue not debatable at time when assessee filed return--Wrong claim to deduction and failure to furnish particulars regarding claim--Amounts to furnishing inaccurate particulars of income--Recording of prima facie satisfaction discernible--Levy of penalty justified-- CIT v. ECS Ltd. (Delhi) . . . 162
S. 115JA --Company--Book profit--Computation of income under section 115JA--Law applicable--Effect of insertion of clause (g) in Explanation to section 115JA(2) with retrospective effect from April 1, 1998--Provision for gratuity--Not to be added to book profits--Provision for doubtful debts and doubtful advances--Amount to be added to book profits-- CIT v. ILPEA Paramount P. Ltd. (Delhi) . . . 54
S. 132 --Search and seizure--Assessment in search cases--Condition precedent--Initiation of valid search under section 153A on the same person-- Siksha "O" Anusandhan v. CIT (Orissa) . . . 112
S. 143 --Assessment--Notice under section 143(2)--Service of notice--Service on chartered accountant in business premises of assessee--Whether proper service--Objection raised for first time before Commissioner (Appeals)--Tribunal not considering whether chartered accountant possessing requisite authority to receive notice--Matter remanded-- Harsingar Gutkha P. Ltd. v. CIT (All) . . . 90
S. 145 --Accounting--Rejection of book results--Additions on account of operational expenses and rebate and discount--Commissioner (Appeals) as well as Tribunal deleting additions on finding that book results genuine--Justified--No question of law arises-- CIT v. Faridabad Entertainment P. Ltd. (P & H) . . . 129
S. 147 --Reassessment--Items of income said to have escaped assessment on which reassessment proposed not added but other deductions reduced--Not permissible-- Ranbaxy Laboratories Ltd. v. CIT (Delhi) . . . 136
----Reassessment--Reassessment proceedings on the basis that a particular item of income had escaped assessment--Finding that the particular item had not escaped assessment--Other income found to have escaped assessment--Continuation of proceedings to assess such other income--Not valid-- CIT v. Dr. Devendra Gupta (Raj) . . . 59
S. 148 --Reassessment--Items of income said to have escaped assessment on which reassessment proposed not added but other deductions reduced--Not permissible-- Ranbaxy Laboratories Ltd. v. CIT (Delhi) . . . 136
S. 153A --Search and seizure--Assessment in search cases--Condition precedent--Initiation of valid search under section 153A on the same person-- Siksha "O" Anusandhan v. CIT (Orissa) . . . 112
S. 158BC --Penalty--Concealment of income--Surrender of income on basis of search on another person--To avoid protracted litigation and to buy peace--Determination of undisclosed income only based on surrender--Not in terms of section 158BC--Penalty not justified-- CIT v. Harkaran Das Ved Pal (Delhi) . . . 8
----Search and seizure--Block assessment--Limitation--To be reckoned from date of drawing of last panchnama at conclusion of search at premises of assessee--Not from date material seized subsequently opened and inventory prepared by Department-- CIT v. Rajhans Aromatics (Delhi) . . . 68
S. 158BD --Penalty--Concealment of income--Surrender of income on basis of search on another person--To avoid protracted litigation and to buy peace--Determination of undisclosed income only based on surrender--Not in terms of section 158BC--Penalty not justified-- CIT v. Harkaran Das Ved Pal (Delhi) . . . 8
S. 158BFA(2) --Penalty--Concealment of income--Surrender of income on basis of search on another person--To avoid protracted litigation and to buy peace--Determination of undisclosed income only based on surrender--Not in terms of section 158BC--Penalty not justified-- CIT v. Harkaran Das Ved Pal (Delhi) . . . 8
S. 245D --Settlement of cases--Order passed without giving Revenue opportunity to be heard--Writ petition--Single judge setting aside order and remitting case to Settlement Commission--Settlement Commission could consider application afresh--Matter would relate back to time when proceedings were initiated--Single judge stating that if refund were ordered it would bear interest at 15 per cent. per annum--Order specifying rate of interest--Not valid-- CIT v. Hari Kishan Vijayvergia (Raj) . . . 174
S. 245HA --Settlement of cases--Abatement of proceedings--Law applicable--Effect of section 245HA--Application for settlement of case before 1-6-2007--Order passed without affording opportunity to Revenue to be heard--Order set aside and matter remitted to Settlement Commission--Proceedings would not abate-- CIT v. Hari Kishan Vijayvergia (Raj) . . . 174
S. 260A --Appeal to High Court--Competency of appeal--Appeal only on a substantial question of law--Difference between question of law and substantial question of law--Rejection of accounts and estimation of profits--Estimation on basis of facts--No substantial question of law arises--Appeal not maintainable-- Utkal Road Lines v. Registrar, Income-tax Appellate Tribunal (Orissa) . . . 149
----Appeal to High Court--Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
S. 271(1)(c) --Penalty--Concealment of income--Finding that there was no concealment of income or furnishing of inaccurate particulars--Penalty could not be imposed-- CIT v. M. S. Bindra and Sons P. Ltd. (Delhi) . . . 125
----Penalty--Furnishing inaccurate particulars--Foreign consultancy income--Entitlement to deduction under section 80-O--Jurisdictional High Court deciding issue--Reference to larger Bench--Decision binding--Issue not debatable at time when assessee filed return--Wrong claim to deduction and failure to furnish particulars regarding claim--Amounts to furnishing inaccurate particulars of income--Recording of prima facie satisfaction discernible--Levy of penalty justified-- CIT v. ECS Ltd. (Delhi) . . . 162
S. 282 --Appeal to High Court--Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
----Assessment--Notice under section 143(2)--Service of notice--Service on chartered accountant in business premises of assessee--Whether proper service--Objection raised for first time before Commissioner (Appeals)--Tribunal not considering whether chartered accountant possessing requisite authority to receive notice--Matter remanded-- Harsingar Gutkha P. Ltd. v. CIT (All) . . . 90
S. 288 --Appeal to High Court--Limitation--Service of copy of order of Tribunal--"Received by assessee" means received by assessee himself or through his authorised representative--Service on counsel authorised to receive all documents--Valid service--Appeal preferred beyond period of limitation--Not maintainable-- Sultanpur Kshetriya Gramin Bank v. Joint CIT (All) . . . 156
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 10 : Part 6 (Issue dated : 08-08-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Powers of Tribunal--Power to restore appeal--Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)--Income-tax Act, 1961, s. 254--Income-tax (Appellate Tribunal) Rules, 1963, r. 24-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659
Cash credits --Genuineness of gifts--Addition to income on ground that credits cannot be explained--Assessee failing to show creditworthiness and genuineness of donors and gifts--Additions justified--Income-tax Act, 1961, s. 68-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581
Company --Book profits--Computation--Power of Assessing Officer to examine--Amount claimed as deduction in first year of assessment as net prior period charges/credits--Assessee not able to substantiate claim--Amount not deductible--Provision for terminal benefits of employees calculated on basis of actuarial valuation--Deductible--Income-tax Act, 1961, s. 115JB-- Eastern Power Distribution Company of A. P. Ltd. v. Asst. CIT (Visakhapatnam) . . . 594
Income --Diversion by overriding title--Retirement benefits payable to retiring partner for a period of five years in terms of partnership deed--Charge on profits of firm--Amounts diverted before receipt by firm--Cannot be included in total income of assessee--Income-tax Act, 1961-- RSM and Co. v. Addl. CIT (Mumbai) . . . 614
Interest on borrowed capital --Advancing to company as interest free loan where assessee is director--No proof that given for commercial expediency of his business--Not allowable--Income-tax Act, 1961, s. 36(1)(iii)-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581
Penalty --Concealment of income--Claim for deduction of bad debt--Claim based on device to mislead Assessing Officer--Full facts regarding claim not furnished in return--Penalty leviable--Income-tax Act, 1961, s. 271(1)(c)-- Asst. CIT v. Kanchenjunga Advertising P. Ltd. (Delhi) . . . 649
Reassessment --Notice--Notice after four years on mere change of opinion--No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible--Income-tax Act, 1961, ss. 147, 148-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631
Revision --Powers of Commissioner--Limitation--Issues considered by Assessing Officer--No evidence of error--Commissioner cannot revise order--Issues not subject-matter of reassessment--Order of revision to be reckoned from date of original assessment order--Barred by limitation--Income-tax Act, 1961, s. 263-- D. Arunachalam v. ITO (Chennai) . . . 625
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 36(1)(iii) -- Interest on borrowed capital--Advancing to company as interest free loan where assessee is director--No proof that given for commercial expediency of his business--Not allowable-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581
S. 68 --Cash credits--Genuineness of gifts--Addition to income on ground that credits cannot be explained--Assessee failing to show creditworthiness and genuineness of donors and gifts--Additions justified-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581
S. 115JB -- Company--Book profits--Computation--Power of Assessing Officer to examine--Amount claimed as deduction in first year of assessment as net prior period charges/credits--Assessee not able to substantiate claim--Amount not deductible--Provision for terminal benefits of employees calculated on basis of actuarial valuation--Deductible-- Eastern Power Distribution Company of A. P. Ltd. v. Asst. CIT (Visakhapatnam) . . . 594
S. 147 -- Reassessment--Notice--Notice after four years on mere change of opinion --No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631
S. 148 -- Reassessment--Notice--Notice after four years on mere change of opinion --No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631
S. 254 -- Appeal to Appellate Tribunal--Powers of Tribunal--Power to restore appeal --Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659
S. 263 -- Revision--Powers of Commissioner--Limitation--Issues considered by Assessing Officer--No evidence of error--Commissioner cannot revise order--Issues not subject-matter of reassessment--Order of revision to be reckoned from date of original assessment order--Barred by limitation-- D. Arunachalam v. ITO (Chennai) . . . 625
S. 271(1)(c) -- Penalty--Concealment of income--Claim for deduction of bad debt--Claim based on device to mislead Assessing Officer--Full facts regarding claim not furnished in return--Penalty leviable-- Asst. CIT v. Kanchenjunga Advertising P. Ltd. (Delhi) . . . 649
Income-tax (Appellate Tribunal) Rules, 1963 :
R. 24 --Appeal to Appellate Tribunal--Powers of Tribunal--Power to restore appeal --Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659
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