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Month: October 2014

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 3, 2014 (Date of publication)
AY: 2005-06
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S. 271(1)(c) penalty for s. 40(a)(ia) disallowance is permissible

The law, in our humble view, would hold even where the disallowance leading to the variation between the assessed and returned incomes is u/s. 40(a)(ia), being independent of the provision where -under the same (disallowance) is effected. That is, the …

Mulla Associates vs. ACIT (ITAT Mumbai) Read More »

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DATE: (Date of pronouncement)
DATE: October 1, 2014 (Date of publication)
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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.

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 1, 2014 (Date of publication)
AY:
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CITATION:


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.

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