INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
C. B. D. T. Circulars/CISO Instructions :
Circular/CISO Instruction No. 1, dated 10th July, 2015--Information Security Guidelines . . . 300
ITR Volume 379 : Part 1 (Issue dated : 30-11-2015)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Accounting --Hybrid accounts--Law applicable--Prior to 1997 assessee could follow two systems of accounting--Income-tax Act, 1961, s. 145-- CIT v. Kerala Kaumudi P. Ltd. (Ker) . . . 132
Actual cost --Written down value--Computation--Provision for exclusion of portion of cost met by Government--Prospective--Subsidy--Construction of building and installation of machinery in 1993-94 and assets forming part of block of assets--Subsidy received in 2000-01--Provision requiring exclusion of subsidy from cost not in force at time of computation of actual cost--Subsidy received much after determination of actual cost--Reduction of subsidy from written down value not permissible--Income-tax Act, 1961, s. 43(1), Expln. 10 , (6)(c)--Banco Products (India) Ltd. v. Deputy CIT (Guj) . . . 1
Advance tax --Interest--Book profit--Inclusion of amounts in terms of Explanation 1(h) to section 115JB with retrospective effect from 1-4-2001--Liability to tax although credited retrospectively--Interest with retrospective effect could not be levied--Income-tax Act, 1961, s. 234B-- CIT v. JSW Energy Ltd. (Bom) . . . 36
Appeal to High Court --Powers of High Court--High Court can ignore circulars fixing monetary limits for appeal and consider question of law which raises important issue--Income-tax Act, 1961, s. 260A-- CIT v. South Travancore Distilleries and Allied Products(Ker) . . . 56
Assessment --Assessment under section 143(3)--Condition precedent--Issue of valid notice under section 143(2)--Difference between issue and service of notice--Deeming fiction--Section 292BB not applicable to non-issue of notice--Income-tax Act, 1961, ss. 143, 148, 292BB-- Asst. CIT v. Greater Noida Industrial Development Authority (All) . . . 14
Business expenditure --Commission--Commission paid to agent for selling Indian made foreign liquor to statutory corporation--Whether deductible--Matter remanded--Income-tax Act, 1961-- CIT v. South Travancore Distilleries and Allied Products (Ker) . . . 56
----Disallowance--Amounts liable to deduction of tax at source--Securities transaction tax--Broker collecting tax from its clients--Nature of transaction or relationship not in dispute--Section 40(a)(ib) not applicable--Income-tax Act, 1961, s. 40(a)(ib)-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
----Disallowance--Failure to deduct tax at source on payment--Transaction charges paid to stock exchange--Amount to fees for technical services--Tax not deductible at source--Income-tax Act, 1961, s. 40(a)(ia)-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
Business loss --Non-consideration of claim of error trade--Matter remanded to Assessing Officer for fresh examination--No question of law--Income-tax Act, 1961-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
Deduction of tax at source --Payment to sub-contractor--Sub-contractor filing Form 15-I--Assessee not liable to deduct tax at source on payment--Income-tax Act, 1961, ss. 40, 194C-- CIT v. Sri Marikamba Transport Company (Karn) . . . 129
Exemption --Educational institution--Condition precedent for claiming exemption--Application for exemption with copies of audited accounts and balance-sheets for the past three years--Accounts not submitted in spite of grant of opportunity --Undisclosed income of Rs. 4 crores disclosed to Settlement Commission--Rejection of application for exemption--Justified--Income-tax Rules, 1962, Form 66--Income-tax Act, 1961, s. 10(23C)(vi)-- Bhupesh Kumar Sikshan Evam Vikas Sansthan v. Director General of Income-tax (Investigation) (Patna) . . . 45
Export --Special deduction--Computation--Interest and miscellaneous income--Matter remanded to Assessing Officer to work out deduction in light of Supreme Court decision--Income-tax Act, 1961, s. 80HHC-- Banco Products (India) Ltd. v. Deputy CIT (Guj) . . . 1
Housing projects --Special deduction--Completion certificate--Conditions precedent--Housing projects approved by local authority before 1-4-2004 must be completed before 31-3-2008--Housing project approved on or after 1-4-2004 but before 31-3-2007 should be completed within four years from end of financial year in which housing project approved by local authority--Date of completion of construction of housing project shall be reckoned on basis of date on which completion certificate issued by local authority--Provision is in nature of limiting benefit of deduction to specified housing projects--Stipulation for obtaining completion certificate from local authority before cut-off date--Mandatory--Income-tax Act, 1961, s. 80-IB(10)(a)-- CIT v. Global Reality (MP) . . . 107
----Special deduction--Completion certificate--Stipulation for obtaining completion certificate from local authority before cut-off date--Not unreasonable, harsh, absurd or incapable of compliance--Issuance of completion certificate, after cut-off date by local authority but, mentioning date of completion of project before cut-off date--Not entitled to exemption--Income-tax Act, 1961, s. 80-IB(10)(a)-- CIT v. Global Reality (MP) . . . 107
Income --Accrual of income--Co-operative banks governed by Reserve Bank of India--Prudential norms issued by Reserve Bank of India equally applicable to co-operative banks--Interest on sticky advances--Not taxable--Income-tax Act, 1961, s. 43D-- CIT v. Deogiri Nagari Sahakari Bank Ltd. (Bom) . . . 24
----Computation of income--Disallowance of expenditure incurred in earning income not forming part of total income--Dividend--Tribunal remanding issue to Assessing Officer for adjudication de novo on basis of decision of jurisdictional High Court--No substantial question of law--Income-tax Act, 1961, s. 14A-- CIT v. JSW Energy Ltd. (Bom) . . . 36
----Computation of income--Disallowance of expenditure incurred in earning income not forming part of total income--Tribunal directing Assessing Officer to disallow expenses relating to earning of exempt income--No question of law--Income-tax Act, 1961, s. 14A--CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
Income-tax --General principles--Principle of consistency--Methods of accounting accepted for several years--No new facts--Methods could not be rejected in a particular year-- CIT v.Kerala Kaumudi P. Ltd. (Ker) . . . 132
Interpretation of taxing statutes --Time frame within which housing project expected to be completed--Provision not directory but mandatory-- CIT v. Global Reality (MP) . . . 107
Penalty --Acceptance of loan or deposit otherwise than by account payee cheque or account payee bank draft--Limitation for imposing penalty--Competent authority to impose penalty is Joint Commissioner--Limitation to be computed from date of initiation of proceedings by Joint Commissioner--Income-tax Act, 1961, ss. 271D, 271E, 275(1)(c)-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
----Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed--Income-tax Act, 1961, ss. 269SS, 269T, 271D, 271E, 273B, 275-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
----Concealment of income or furnishing inaccurate particulars thereof--Meaning of--Allowability of deduction pending consideration by High Court on appeal--Admission of appeal makes it clear that additions debatable--No concealment of income or furnishing inaccurate particulars thereof--Penalty could not be imposed--Income-tax Act, 1961, s. 271(1)(c)-- CIT v. Ankita Electronics Pvt. Ltd. (Karn) . . . 50
Precedent --Effect of decision of Supreme Court in CIT v. Reliance Petroproducts (P.) Ltd.[2010] 322 ITR 158-- CIT v. Ankita Electronics Pvt. Ltd. (Karn) . . . 50
---- Sahakari Khand Udyog Mandal Ltd. v. Asst. CIT [2015] 370 ITR 107 (Guj) explained--Pushpak Bullion Pvt. Ltd. v. Deputy CIT (Guj) . . . 81
Reassessment --Notice--Objections to notice--Rejection of objections solely on ground that return in response to notice under section 148 not filed within thirty days--Order of rejection not valid--Income-tax Act, 1961, s. 148-- Pushpak Bullion Pvt. Ltd. v. Deputy CIT (Guj) . . . 81
----Notice--Validity--Notice based solely on audit objection--Not valid--Income-tax Act, 1961, s. 148-- P. C. Patel and Co. v. Deputy CIT (Guj) . . . 151
----Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Exemption under section 10A granted from assessment years 2001-02 onwards--Agreement on basis of which claim made submitted in accounting year relevant to assessment year 2003-04--Notice after four years to withdraw exemption for assessment years 2004-05, 2005-06 and 2006-07--No failure to disclose material facts necessary for assessment--Notice not valid--Income-tax Act, 1961, ss. 10A, 147, 148-- IBS Software Services P. Ltd. v. Union of India (Ker) . . . 66
Return --Delay in filing--Return of income not uploaded in electronic form on to server of Income-tax Department before due date but hard copy filed on last date--Return uploaded on next day, i. e., one day later than due date--Delay of one day in filing return--To be condoned--Income-tax Act, 1961, ss. 119(2)(b), 139(4), 239(1)-- Cosme Matias Menezes P. Ltd. v. CIT (Bom) . . . 31
Search and seizure --Block assessment--Undisclosed income--Assessee admitting receipt of on money with regard to sale of textile machinery--No evidence to prove that expenditure claimed as deduction in fact incurred by assessee--Primary requirement of satisfaction of section 37(1) not met by assessee--No evidence of suppliers of scrap and their addresses--Additions sustainable--Income-tax Act, 1961, ss. 158B(b), 158BC-- Harish Textile Engineers Ltd. v. Deputy CIT (Bom) . . . 160
Transfer of case --Writ--Order of transfer of case--Order of assessment passed by Assessing Officer having jurisdiction in place to which case was transferred--Delay in filing writ petition against order of transfer--Writ petition redundant--Order passed in interests of equity remanding matter to Assessing Officer--Income-tax Act, 1961, s. 127-- ITO v.Madeeha Enterprises (Karn) . . . 93
Writ --Jurisdiction of High Court--Facts cannot be considered--Constitution of India, art. 226--Bhupesh Kumar Sikshan Evam Vikas Sansthan v. Director General of Income-tax (Investigation) (Patna) . . . 45
----Reassessment--Proceedings found to be invalid--Notice could be quashed in writ proceedings--Income-tax Act, 1961, s. 148--Constitution of India, art. 226-- P. C. Patel and Co. v. Deputy CIT (Guj) . . . 151
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Art. 226 --Writ--Jurisdiction of High Court--Facts cannot be considered-- Bhupesh Kumar Sikshan Evam Vikas Sansthan v. Director General of Income-tax (Investigation) (Patna) . . . 45
----Writ--Reassessment--Proceedings found to be invalid--Notice could be quashed in writ proceedings-- P. C. Patel and Co. v. Deputy CIT (Guj) . . . 151
S. 10(23C)(vi) --Exemption--Educational institution--Condition precedent for claiming exemption--Application for exemption with copies of audited accounts and balance-sheets for the past three years--Accounts not submitted in spite of grant of opportunity --Undisclosed income of Rs. 4 crores disclosed to Settlement Commission--Rejection of application for exemption--Justified-- Bhupesh Kumar Sikshan Evam Vikas Sansthan v.Director General of Income-tax (Investigation) (Patna) . . . 45
S. 10A --Reassessment--Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Exemption under section 10A granted from assessment years 2001-02 onwards--Agreement on basis of which claim made submitted in accounting year relevant to assessment year 2003-04--Notice after four years to withdraw exemption for assessment years 2004-05, 2005-06 and 2006-07--No failure to disclose material facts necessary for assessment--Notice not valid-- IBS Software Services P. Ltd. v.Union of India (Ker) . . . 66
S. 14A --Income--Computation of income--Disallowance of expenditure incurred in earning income not forming part of total income--Dividend--Tribunal remanding issue to Assessing Officer for adjudication de novo on basis of decision of jurisdictional High Court--No substantial question of law-- CIT v. JSW Energy Ltd. (Bom) . . . 36
----Income--Computation of income--Disallowance of expenditure incurred in earning income not forming part of total income--Tribunal directing Assessing Officer to disallow expenses relating to earning of exempt income--No question of law-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
S. 40 --Deduction of tax at source--Payment to sub-contractor--Sub-contractor filing Form 15-I--Assessee not liable to deduct tax at source on payment-- CIT v. Sri Marikamba Transport Company (Karn) . . . 129
S. 40(a)(ia) --Business expenditure--Disallowance--Failure to deduct tax at source on payment--Transaction charges paid to stock exchange--Amount to fees for technical services--Tax not deductible at source-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
S. 40(a)(ib) --Business expenditure--Disallowance--Amounts liable to deduction of tax at source--Securities transaction tax--Broker collecting tax from its clients--Nature of transaction or relationship not in dispute--Section 40(a)(ib) not applicable-- CIT v. HSBC Securities and Capital Markets (India) P. Ltd. (Bom) . . . 146
S. 43(1), Expln. 10 --Actual cost--Written down value--Computation--Provision for exclusion of portion of cost met by Government--Prospective--Subsidy--Construction of building and installation of machinery in 1993-94 and assets forming part of block of assets--Subsidy received in 2000-01--Provision requiring exclusion of subsidy from cost not in force at time of computation of actual cost--Subsidy received much after determination of actual cost--Reduction of subsidy from written down value not permissible-- Banco Products (India) Ltd.v. Deputy CIT (Guj) . . . 1
S. 43(6)(c) --Actual cost--Written down value--Computation--Provision for exclusion of portion of cost met by Government--Prospective--Subsidy--Construction of building and installation of machinery in 1993-94 and assets forming part of block of assets--Subsidy received in 2000-01--Provision requiring exclusion of subsidy from cost not in force at time of computation of actual cost--Subsidy received much after determination of actual cost--Reduction of subsidy from written down value not permissible-- Banco Products (India) Ltd.v. Deputy CIT (Guj) . . . 1
S. 43D --Income--Accrual of income--Co-operative banks governed by Reserve Bank of India--Prudential norms issued by Reserve Bank of India equally applicable to co-operative banks--Interest on sticky advances--Not taxable-- CIT v. Deogiri Nagari Sahakari Bank Ltd.(Bom) . . . 24
S. 80HHC --Export--Special deduction--Computation--Interest and miscellaneous income--Matter remanded to Assessing Officer to work out deduction in light of Supreme Court decision-- Banco Products (India) Ltd. v. Deputy CIT (Guj) . . . 1
S. 80-IB(10)(a) --Housing projects--Special deduction--Completion certificate--Conditions precedent--Housing projects approved by local authority before 1-4-2004 must be completed before 31-3-2008--Housing project approved on or after 1-4-2004 but before 31-3-2007 should be completed within four years from end of financial year in which housing project approved by local authority--Date of completion of construction of housing project shall be reckoned on basis of date on which completion certificate issued by local authority--Provision is in nature of limiting benefit of deduction to specified housing projects--Stipulation for obtaining completion certificate from local authority before cut-off date--Mandatory-- CITv. Global Reality (MP) . . . 107
----Housing projects--Special deduction--Completion certificate--Stipulation for obtaining completion certificate from local authority before cut-off date--Not unreasonable, harsh, absurd or incapable of compliance--Issuance of completion certificate, after cut-off date by local authority but, mentioning date of completion of project before cut-off date--Not entitled to exemption-- CIT v. Global Reality (MP) . . . 107
S. 119(2)(b) --Return--Delay in filing--Return of income not uploaded in electronic form on to server of Income-tax Department before due date but hard copy filed on last date--Return uploaded on next day, i. e., one day later than due date--Delay of one day in filing return--To be condoned-- Cosme Matias Menezes P. Ltd. v. CIT (Bom) . . . 31
S. 127 --Transfer of case--Writ--Order of transfer of case--Order of assessment passed by Assessing Officer having jurisdiction in place to which case was transferred--Delay in filing writ petition against order of transfer--Writ petition redundant--Order passed in interests of equity remanding matter to Assessing Officer-- ITO v. Madeeha Enterprises (Karn) . . . 93
S. 139(4) --Return--Delay in filing--Return of income not uploaded in electronic form on to server of Income-tax Department before due date but hard copy filed on last date--Return uploaded on next day, i. e., one day later than due date--Delay of one day in filing return--To be condoned-- Cosme Matias Menezes P. Ltd. v. CIT (Bom) . . . 31
S. 143 --Assessment--Assessment under section 143(3)--Condition precedent--Issue of valid notice under section 143(2)--Difference between issue and service of notice--Deeming fiction--Section 292BB not applicable to non-issue of notice-- Asst. CIT v. Greater Noida Industrial Development Authority (All) . . . 14
S. 145 --Accounting--Hybrid accounts--Law applicable--Prior to 1997 assessee could follow two systems of accounting-- CIT v. Kerala Kaumudi P. Ltd. (Ker) . . . 132
S. 147 --Reassessment--Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Exemption under section 10A granted from assessment years 2001-02 onwards--Agreement on basis of which claim made submitted in accounting year relevant to assessment year 2003-04--Notice after four years to withdraw exemption for assessment years 2004-05, 2005-06 and 2006-07--No failure to disclose material facts necessary for assessment--Notice not valid-- IBS Software Services P. Ltd. v.Union of India (Ker) . . . 66
S. 148 --Assessment--Assessment under section 143(3)--Condition precedent--Issue of valid notice under section 143(2)--Difference between issue and service of notice--Deeming fiction--Section 292BB not applicable to non-issue of notice-- Asst. CIT v. Greater Noida Industrial Development Authority (All) . . . 14
----Reassessment--Notice--Objections to notice--Rejection of objections solely on ground that return in response to notice under section 148 not filed within thirty days--Order of rejection not valid-- Pushpak Bullion Pvt. Ltd. v. Deputy CIT (Guj) . . . 81
----Reassessment--Notice--Validity--Notice based solely on audit objection--Not valid-- P. C. Patel and Co. v. Deputy CIT (Guj) . . . 151
----Reassessment--Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Exemption under section 10A granted from assessment years 2001-02 onwards--Agreement on basis of which claim made submitted in accounting year relevant to assessment year 2003-04--Notice after four years to withdraw exemption for assessment years 2004-05, 2005-06 and 2006-07--No failure to disclose material facts necessary for assessment--Notice not valid-- IBS Software Services P. Ltd. v. Union of India(Ker) . . . 66
----Writ--Reassessment--Proceedings found to be invalid--Notice could be quashed in writ proceedings-- P. C. Patel and Co. v. Deputy CIT (Guj) . . . 151
S. 158B(b) --Search and seizure--Block assessment--Undisclosed income--Assessee admitting receipt of on money with regard to sale of textile machinery--No evidence to prove that expenditure claimed as deduction in fact incurred by assessee--Primary requirement of satisfaction of section 37(1) not met by assessee--No evidence of suppliers of scrap and their addresses--Additions sustainable-- Harish Textile Engineers Ltd. v. Deputy CIT (Bom) . . . 160
S. 158BC --Search and seizure--Block assessment--Undisclosed income--Assessee admitting receipt of on money with regard to sale of textile machinery--No evidence to prove that expenditure claimed as deduction in fact incurred by assessee--Primary requirement of satisfaction of section 37(1) not met by assessee--No evidence of suppliers of scrap and their addresses--Additions sustainable-- Harish Textile Engineers Ltd. v. Deputy CIT (Bom) . . . 160
S. 194C --Deduction of tax at source--Payment to sub-contractor--Sub-contractor filing Form 15-I--Assessee not liable to deduct tax at source on payment-- CIT v. Sri Marikamba Transport Company (Karn) . . . 129
S. 234B --Advance tax--Interest--Book profit--Inclusion of amounts in terms of Explanation 1(h) to section 115JB with retrospective effect from 1-4-2001--Liability to tax although credited retrospectively--Interest with retrospective effect could not be levied-- CIT v. JSW Energy Ltd. (Bom) . . . 36
S. 239(1) --Return--Delay in filing--Return of income not uploaded in electronic form on to server of Income-tax Department before due date but hard copy filed on last date--Return uploaded on next day, i. e., one day later than due date--Delay of one day in filing return--To be condoned-- Cosme Matias Menezes P. Ltd. v. CIT (Bom) . . . 31
S. 260A --Appeal to High Court--Powers of High Court--High Court can ignore circulars fixing monetary limits for appeal and consider question of law which raises important issue-- CIT v.South Travancore Distilleries and Allied Products (Ker) . . . 56
S. 269SS --Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed--Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 269T --Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed--Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 271(1)(c) --Penalty--Concealment of income or furnishing inaccurate particulars thereof--Meaning of--Allowability of deduction pending consideration by High Court on appeal--Admission of appeal makes it clear that additions debatable--No concealment of income or furnishing inaccurate particulars thereof--Penalty could not be imposed-- CIT v. Ankita Electronics Pvt. Ltd. (Karn) . . . 50
S. 271D --Penalty--Acceptance of loan or deposit otherwise than by account payee cheque or account payee bank draft--Limitation for imposing penalty--Competent authority to impose penalty is Joint Commissioner--Limitation to be computed from date of initiation of proceedings by Joint Commissioner-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
----Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 271E --Penalty--Acceptance of loan or deposit otherwise than by account payee cheque or account payee bank draft--Limitation for imposing penalty--Competent authority to impose penalty is Joint Commissioner--Limitation to be computed from date of initiation of proceedings by Joint Commissioner-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
----Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 273B --Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed--Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 275 --Penalty--Acceptance or repayment of loan or deposit exceeding prescribed limit except by account payee cheque or account payee bank draft--Penalty not imposable if there is a reasonable explanation for transgression of the provision--Finding by all three income-tax authorities that explanation was not reasonable--Penalty had to be imposed--Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 275(1)(c) --Penalty--Acceptance of loan or deposit otherwise than by account payee cheque or account payee bank draft--Limitation for imposing penalty--Competent authority to impose penalty is Joint Commissioner--Limitation to be computed from date of initiation of proceedings by Joint Commissioner-- Grihalakshmi Vision v. Addl. CIT (Ker) . . . 100
S. 292BB --Assessment--Assessment under section 143(3)--Condition precedent--Issue of valid notice under section 143(2)--Difference between issue and service of notice--Deeming fiction--Section 292BB not applicable to non-issue of notice-- Asst. CIT v. Greater Noida Industrial Development Authority (All) . . . 14
Form 66 --Exemption--Educational institution--Condition precedent for claiming exemption--Application for exemption with copies of audited accounts and balance-sheets for the past three years--Accounts not submitted in spite of grant of opportunity --Undisclosed income of Rs. 4 crores disclosed to Settlement Commission--Rejection of application for exemption--Justified-- Bhupesh Kumar Sikshan Evam Vikas Sansthan v. Director General of Income-tax (Investigation) (Patna) . . . 45
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