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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2000-01 to 2004-05 and 2006-07
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A factual decision is perverse if the authority has acted without any evidence or on view of facts, which cannot be reasonably entertained. A perverse finding is one, if it is arrived at without any material or if it is arrived at or inference is made on material, which would not have been accepted or relied upon by a reasonable person conversant with the law.

This Court while exercising appellate jurisdiction under Section 260A of the Act is not an appellate Court for facts reprise. Factual findings can be challenged only on the ground that the factual findings recorded are perverse or relevant evidence has …

CIT vs. Rama Krishna Jewellers (Delhi High Court) Read More »

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DATE: September 29, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2006-200
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The formal reasons given in support of reopening the case cannot be added to or subtracted from or improved in the affidavit-in-opposition

In Hindustan Lever Ltd. Vs. R.B. Wadkar, Assistant Commissioner of Income-Tax And Others (No.1) reported in 268 ITR 322 (Bombay) and Aroni Commercials Ltd. Vs. Deputy Commissioner of Income-Tax And Another reported in (2014) 362 ITR 403(Bom) both Division Bench …

Asiatic Oxygen Limited vs. DCIT (Calcutta High Court) Read More »

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DATE: September 29, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2009-10
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“Escapement of income” in s. 147 should be given a strict construction

In my opinion “escapement of income” should be given a strict construction. Not only should it not be used to justify a change of view it should not be used to reopen an assessment on facts, information, documents which were …

Debashis Moulik vs. ACIT (Calcutta High Court) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2010-11
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CITATION:
Entire law on s. 263 revision explained

It is trite that an order can be revised only and only if twin conditions of ‘error in the order’ and ‘prejudice caused to the Revenue’ co-exist. The subject of ‘revision under section 263’ has been vastly examined and analyzed …

M/s Meditech vs. JCIT (ITAT Jodhpur) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09, 2005-06, 2006-07, 2007-08
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Non-issue of s. 143(2) notice renders s. 147 assessment void. S. 292BB does not apply. If there is a conflict of judicial opinion, the view in favour of the assessee must be taken. Respondent can raise an additional ground in a Cross-Objection

(i) Now, the moot question for consideration is: Whether the non-issuance of a notice u/s 143(2) of the Act as alleged by the assessee-firm had vitiated the conclusion of the assessments u/s 147 read with s. 143(3) of the Act? …

DCIT vs. M/s Silver Line (ITAT Delhi) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: block period
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There is a perceptional difference in the operative force of section 271(1)(c) vis-à-vis section 158BFA(2). The charge against the assessee u/s 158BFA(2) could be, why they failed to compute true disclosed income out of the seized material.

On a comparative study of the scheme of assessment of undisclosed income for the purpose of block period, penalty impossible u/s 271(1)(i)(c) and penalty impossible on the undisclosed income in the block period, we find that income for the block …

Mohd. Khasim vs. ACIT (ITAT Bangalore) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2006-07
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CITATION:
AO can assess on consideration of material available on record, surrounding circumstances, human conduct, preponderance of probabilities and nature of incriminating information / evidence available on record

We have already seen that the tax authorities have applied the test of human probabilities explained by the Hon’ble Supreme Court in the cases of Sumati Dayal and Durga Prasad More (supra) to disbelieve the claim of Long term Capital …

Usha Chandresh Shah vs. ITO (ITAT Mumbai) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1989-90
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Income Tax Act does not provide for any paramountcy of dues by way of income tax. Government dues only have priority over unsecured debts

The first thing to be noticed is that the Income Tax Act does not provide for any paramountcy of dues by way of income tax. This is why the Court in Dena Bank’s case (supra) held that Government dues only …

The Stock Exchange, Bombay vs. V.S. Kandalgaonkar (Supreme Court) Read More »

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DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2003-04
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Creation of a reserve was sufficient to entitle the assessee to claim the benefit u/s 36(1)(viii) and the assessee was not obliged to maintain the said reserve

This court held in the matter of Grasim Industries Ltd. (supra) that the condition precedent to the exercise of jurisdiction under section 263 was that the order sought to be revised must be erroneous insofar as it was prejudicial to …

CIT vs. LIC Housing Finance Ltd (Bombay High Court) Read More »

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DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1998-99
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The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution

The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution. This we find, was provided for in the dissolution deed itself which records in clause (3) …

Arvind Shamji Chheda vs. CIT (Bombay High Court) Read More »