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DATE: December 3, 2014 (Date of pronouncement)
DATE: April 25, 2015 (Date of publication)
AY: 2002-03
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CITATION:
S. 271(1)(c): Immunity against penalty under Expl 5 is available even in return is not filed provided a statement is made during the search, explaining the manner of deriving the income and due tax & interest thereon is paid

In order to get the benefit of immunity under clause(2) of explanation5 to Section 271(1)(c) of the Income Tax Act, it is not necessary to file the return before the due date provided that the assessee had made a statement, during the search and explained the manner in which the surrendered amount was derived, and paid tax as well as interest on the surrendered amount

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DATE: December 17, 2014 (Date of pronouncement)
DATE: January 10, 2015 (Date of publication)
AY: 1996-97
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S. 80-IA/ 80HHC: Despite the introduction of 'block of assets' depreciation cannot be thrust on the assessee while computing quantum of eligible deduction

Depreciation is optional to the assessee and once he chooses not to claim it, the Assessing Officer cannot allow it while computing the income. Further, once depreciation is optional, it will be optional for block of assets also. It is not necessary that the depreciation is allowable or not allowable as a whole. The assessee can claim it partly also in respect of certain block of assets and not claim in respect of other block of assets. Accordingly, for purposes of sections 80HHC and 80-IA, depreciation not claimed for by the assessee cannot be allowed as a deduction despite the introduction of the concept of block of assets

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DATE: November 18, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1999-00
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S. 263: Failure to conduct inquiry & hear assessee before issue of notice renders proceedings invalid. Order of CIT(A) results in merger of AO's order and bars s. 263 revision

It is clear that the assessee and the revenue both had preferred the appeals raising all the grounds, over and above the ground of deduction under Section 80HHC and 80IA of the Act, the order of the AO stood merged …

Bilag Industries Pvt. Ltd vs. CIT (Gujarat High Court) Read More »

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DATE: November 11, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1986-87
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S. 271(1)(c) & 273(2)(a): Penalty cannot be mechanically levied. Cogent reasons have to be given

Sections 271(1)(c) and 273(2)(a) empower the AO to impose penalty on an assessee in a case, where, (1) there is concealment of income or (2) conscious attempt to provide the particulars of income which is untrue. Meaning thereby, the AO …

Amrut Tubewell Company vs. ACIT (Gujarat High Court) Read More »

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DATE: October 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 1991-92
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S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is "derived" from the undertaking

Income earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a …

Empire Pumps Pvt. Ltd vs. ACIT (Gujarat High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1992-93
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S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied

it is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence …

Mitsu Industries Ltd vs. DCIT (Gujarat High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1999-2000
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S. 28/ 37(1): Even if the business is illegal, a loss which is incidental to such business has to be allowed u/s 28 and the Explanation to s. 37(1) has no bearing

The assessee claimed a deduction of Rs.40,34,898 on account of gold seized by the Custom Authorities. The Tribunal rejected the claim by relying on the Explanation to s. 37(1) of the Act. The assessee claimed before the High Court that …

Bipinchandra K. Bhatia vs. DCIT (Gujarat High Court) Read More »

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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 15, 2014 (Date of publication)
AY: 2009-2010
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S. 147: If AO contests the audit objection but still reopens to comply with the audit objection, it means he has not applied his mind independently and the reopening is void

To satisfy ourselves, whether the reassessment proceedings have been initiated at the instance of the audit party and solely on the ground of audit objections ….. On a perusal of the files, the noting made therein and the relevant documents, …

Raajratna Metal Industries Ltd vs. ACIT (Gujarat High Court) Read More »