The following important judgements are available for download at itatonline.org.
CIT vs. Fortune Hotels and Estates Pvt. Ltd (Bombay High Court)
S. 271(1)(c): Non-offering of stamp duty/DVO value as consideration for capital gains does not attract penalty if facts are on record
The Tribunal finding that the case was not one of furnishing inaccurate particulars of income or of concealment inasmuch as there was a registered sale deed and the consideration was mentioned therein cannot be faulted. Also, the DVO determined the value at a figure from that of the stamp value. The larger question posed for consideration as to whether s. 271(1)(c) penalty can apply to deemed income is left open for consideration in an appropriate case.
CIT vs. Indian Oil Corporation Ltd (Bombay High Court)
S. 244A(1)(b): Refund of Self-Assessment tax is also entitled to interest
In view of the judgement of the Madras High Court in Cholamandalam Investment and Finance Ltd 294 ITR 438 (Special Leave Petition dismissed by the Supreme Court) and Sutlaj Industries Ltd 325 ITR 331 (Del) and the fact that there is nothing contrary, the Appeal of the department is dismissed.
Regards,
Editor,
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