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Sunday, November 2, 2014

Important Verdict On S. 132B + 5 Judgements On Controversial Topics

 

Dear Subscriber,

 

The following important judgements are available for download at itatonline.org.


DCIT vs. Spaze Tower Pvt. Ltd (ITAT Delhi)

Expl 2 to S. 132B, though inserted w.e.f. 1.6.2013, is retrospective and seized cash cannot be adjusted against advance-tax liability


(i) As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any "existing liability". The Explanation 2 to section 132B of the Act inserted by the Finance Act, 2013 w.e.f. 1.6.2013 clarifies that for removal of doubts it is hereby […]


Shanti Enterprise vs. ACIT (Gujarat High Court)

S. 275(1A): Assessee's claim for refund of penalty with interest cannot be defeated by inaction of revenue


(i) What is provided by Section 275(1A) is that the order imposing or enhancing or reducing or cancelling the penalty may be passed on the basis of the assessment as revised by giving effect to the order in appeal. The concerned authority was thus required to make specific order for cancelling the penalty by giving […]


Padinjarekara Agencies Pvt. Ltd vs. ACIT (ITAT Cochin)

S. 115JB: AO entitled to tinker with P&L A/c if assessee's claim not permitted by accounting principles


The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.in order to enable anybody to understand the implication of such deviation, it was made mandatory for the companies to disclose the […]


ITO vs. Rakam Money Matters P. Ltd (ITAT Delhi)

S. 68: Law regarding addition of share application money as unexplained credit explained


The only issue here is the addition of Rs.60 lacs made by the Assessing Officer as unexplained credit on account of the share application money. On going through the facts of the case, we notice that assessee has filed the relevant details which it could have filed in support of its contention of having received […]


The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune)

Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature


The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government deemed it fit to provide financial assistance to the assessee-bank to enable it to regularize its functioning. Pertinently, the functioning of the […]


Munshi Mini Rice Mill vs. ITO (ITAT Kolkata)

Failure to record detailed reasons in assessment order does justifying s. 147 action. There is a statutory presumption that AO has applied his mind while passing assessment order


Section 147 of the Act, as substituted w.e.f. 01.04.1989 does not postulates conferment of power upon the AO to initiate reassessment proceeding upon his mere change of opinion. Further, if 'reason to believe' of the AO is founded on an information which might have been received by the AO after the completion of assessment, it […]


Regards,

 

Editor,

 

itatonline.org

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