Click here to download the pdf versions of the Digest of case laws Prohibition of Benami Property Transactions Act, 1988 , as amended by Benami Transactions (Prohibition) Amendment Act, 2016
S. 5 : Property held benami liable to confiscation – Provisions of section 5 of Prohibition of Benami Property Transactions Act, 1988 as amended by Benami Transactions (Prohibition) Amendment Act, 2016 have to be applied prospectively and not retrospectively . [ Art. 226 [
Dy. CIT (Benami Prohibition) v. MARG Ltd. (2024) 298 Taxman 655 (Mad.)(HC)Chartered Accountants Act, 1949.
S. 21A :Board of Discipline – Professional misconduct – Power of Central Government to make rules – Matter referred to Disciplinary Committee – Reference is held to be valid – Apppeal is dismissed . [S. 21A(4),29A(1) Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 , Rule 9(3)(b) ]
Naresh Chandra Agrawal v. Institute of Chartered Accountants of India (2024) 298 Taxman 91 (SC)Wealth -tax Act , 1957
S.35B: Failure to furnish returns of net wealth-Mechanical approval – High Court quashed the proceedings – Death of assessee – Criminal appeal abated Non-filing of return is not a continuing offence – Court held that since sole assessee had died and she had been discharged, criminal appeal stood abated and disposed of . [ Art. 136 ]
ACWT v. J. Jayalalitha (2024) 298 Taxman 5 /337 CTR 379(SC) Editorial: J.Jayalalitha v. ACWT (2011) 337 ITR 1/ (2012) 20 taxmann.com 736 (Mad)( HC)S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Delay in filing of return-After receiving the summons filed compounding application-Application rejected on grounds of exceeding time limit specified in guidelines issued by Central Board of Direct Taxes on 14-6-2019-On writ the Court held that order was to be quashed and compounding application of assessee was directed to be considered and disposed of on merits.[S. 139, Art. 226]
Photon Kathaas Production (P.) Ltd. v. DGIT (Inv) (2024) 297 Taxman 311/464 ITR 89 (Mad.)(HC)S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Principal Officer-An independent, non-executive, and nominee director-Prosecution is quashed and set aside. [S. 2(35)(b) 278B]
Anish Modi v. UOI (2024) 297 Taxman 490 (Bom.)(HC)S. 271(1)(c) : Penalty-Concealment-Capital gains-Order of Tribunal deleting the penalty is affirmed. [S.260A]
PCIT v. Ankita Deposits & Advances (P.) Ltd. (2024) 297 Taxman 46 /338 CTR 860 (HP)(HC)S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of Tribunal quashing the penalty is affirmed.[S.260A]
PCIT v. Blackroak Securities (P.) Ltd. (2024) 297 Taxman 69 (Delhi)(HC)S. 271(1)(c) : Penalty-Concealment-Depreciation-Appeal settled under Direct Tax Vivad se Vishwas Scheme-SLP became infructuous. [Art. 136]
PCIT v. Indusind Bank Ltd. (2024) 297 Taxman 139 (SC) Editorial: PCIT v. Indusind Bank Ltd(2019) 105 taxmann.com 391 (Bom)(HC)S. 270A : Penalty for under-reporting and misreporting of income-
Immunity from imposition of penalty-Specific finding recorded in assessment order that assessee had under-reported income by misrepresenting facts in return of its income, application under section 270AA seeking immunity from imposition of penalty is not maintainable.[S.270A(9), 270AA, Art. 226]
S. 270A:Penalty for under-reporting and misreporting of income-Application filed by assessee under section 270AA seeking immunity from imposition of penalty had not been decided by Assessing Officer within prescribed time, impugned penalty order as well as demand notice issued under section 156 were to be set aside. [S.155(18), 156,270AA,Art. 226]
G.R. Infraprojects Ltd. v. ACIT (2024) 297 Taxman 231/336 CTR 249 (Raj.)(HC)