S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bad Debts-Slump sale-Specific query was raised in the assessment proceedings-Not a case of no enquiry-Revision order is quashed. [S.2(42C), 28(i) 36(1)(vii),37, 50B, 143(3)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bad Debts-Slump sale-Specific query was raised in the assessment proceedings-Not a case of no enquiry-Revision order is quashed. [S.2(42C), 28(i) 36(1)(vii),37, 50B, 143(3)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Loans-Creditors-Opinion of internal audit machinery not binding on him-Revision is quashed. [S. 143(3)]
S. 251 : Appeal-Commissioner (Appeals)-Powers-Power to enhance income-Capital gains as business income-Failure to issue show cause before enhancement-Enhancement is not valid-Treatment of lease rent as business income is not sustainable. [S. 28(i), 45, 251 (2)]
S. 244A : Refunds-Interest on refunds-Offered to tax in year of receipt-Could not be taxed in year of accrual. [S. 5]
S. 153C : Assessment-Income of any other person-Search-Educational Institution-Unaccounted capitation fees-Statements of persons relied upon who are not holding any important post or having any authority in College or Trust Students denied making payment of capitation fees-Assessment has to be made based on evidence and not on suspicion and conjectures-Order of CIT(A) deleting the addition is affirmed.[S.69C, 132]
S. 153A : Assessment-Search-Cash credits-Return processed under section 143(1)-Share application money-Information available before the date of search-No incriminating material-Assessment is bad in law-Statement recorded by Investigation Agencies-Opportunity of cross examination. is not given-Assessments not sustainable-Share application moneys-Merger-Amalgamation-No inquiry could be made in hands of assessees Qua antecedents of merged companies-Additions are not sustainable. [S. 68, 143(1), 143(2)]
S. 153A : Assessment-Search-Original assessments completed prior to date of search-No incriminating material is found-Assessment is bad in law.[S.36(1)(iii), 143(3)]
S. 153A : Assessment-Search-Statements of key person and documents found during search-Not constituting incriminating material-Additions made on presumptions and conjectures-Deleted-Undisclosed source-Estimation of profit-Unrecorded sales-No infirmity in books of account-Addition on account of.
S. 145 : Method of accounting-Percentage completion method-Matter remanded.
S. 145 : Method of accounting-Mercantile system of accounting-Customs duty drawback-Refund-Income-Accrual-Accrues when assessee gets right to receive it-When it is sanctioned to assessee by Customs Authorities-Not in year when assessee makes claim. [S. 4, 5, 37(1).]