Interpretation – Binding precedent -. Interpretations given by High Courts and Tribunals cannot be ignored by the Assessing Officers
Bajaj Auto Finance Ltd. v. CIT( 2018) 404 ITR 564/166 DTR 379 (Bom)(HC) , www.itatonline.orgInterpretation – Binding precedent -. Interpretations given by High Courts and Tribunals cannot be ignored by the Assessing Officers
Bajaj Auto Finance Ltd. v. CIT( 2018) 404 ITR 564/166 DTR 379 (Bom)(HC) , www.itatonline.orgWealth –tax Act, 1957 –Finance Act 1983
S. 40(3) :Levy of wealth tax on land and building which is not used for the purpose of business was held to be valid – Parliament has legislative competence to tax land and buildings which are in List-II of the 7th Schedule and whether the classification of “companies in which the public are not substantially interested” is neither arbitrary nor violative of Article 14 of the Constitution of India . [ Art 14 ]
Wealth-tax Act, 1957
S. 7:Net Wealth — Vehicle funded by and maintained on behalf of Principal foreign company was held to be not included in net Wealth of Assessee -Principle of consistency was followed .[S.2(m) ]
Wealth-tax Act, 1957
S. 2(ea): Valuation of asset – Immoveable property – Lessee sub-leasing property for higher rent and receiving deposit- Value Of Property declared by assessee was correct fair market value as on the relevant valuation date — Amount paid by lessee was not assessable as income of assesse. [ S. 5, 7 , Wealth-tax Rules, 1957 ]
DIT Wealth-Tax v. Hersh W. Chadha (2018) 401 ITR 502/165 DTR 52/ 302 CTR 245 (Delhi) (HC)Wealth-tax Act, 1957
S.2(ea):Assets- Remand to Assessing Officer by Tribunal on question of valuation, issue stating that the lands not includible in net wealth cannot be raised , matter remanded . [ S.24(5) ]
Interest-Tax Act, 1974
S. 2(5B)( vi): Financial Company — Finance Charges such as interest received from hire purchase transactions and other Interest was held to chargeable to tax .[ S.8(2) ]
CIT v. Kerala State Financial Enterprises Ltd. (2018) 402 ITR 25 (Ker) (HC)Income Declaration Scheme, 2016 (IDS)
S. 183: Payment of tax – Failure to pay third instalment – Rejection of application was held to be justified- Old age and ill health or forgetfulness to make payment and the assesse was 70 years age cannot be the ground to extension of time for payment of third instalment . [ S. 119(2) ]
Siddharth Rastogi v. CBDT (2018) 402 ITR 17/ 301 CTR 545 / 163 DTR 449 (Delhi) (HC) Dal Chandra Rastogi v. CBDT (2018) 402 ITR 17/ 301 CTR 545 / 163 DTR 449 (Delhi) (HC) Meena Rastogi v CBDT ( 2018) 404 ITR 97/301 CTR 548 / 163 DTR 452( Delhi) (HC) Editoraial: Supreme Court permitted the Asseseee to dposit tax under Income Dclartion Schme belatedly subject to interest @ 12 % .Gift Tax Act, 1958
S. 16: Reassessment-Deemed Gift —No conclusive finding rendered by Appellate Tribunal on question of notional or deemed gift — Order was set aside [ S. 4(1)(a) ]
S. 279 : Offences and prosecutions – Compounding of offences – Guidelines on compounding of offenses dated 23.12.2014 prescribing eligibility conditions and the formula for calculating the compounding fee are valid or unreasonable [ S. 276 ,277, 278 ]
Vikram Singh v. UOI( 2018) 401 ITR 307 / 163 DTR 55 (Delhi)(HC)S. 279 : Offences and prosecutions – Compounding Of Offences — Guidelines fixing compounding fees was held to be valid Application For Compounding twenty years after assessment order and after framing of criminal charges — Determination of compounding fees was held to be valid . Assessee was directed to pay cost of Rs 50000 /.
Vikram Singh v. UOI (2018) 401 ITR 307 /163 DTR 55/ 301 CTR 439 / 253 Taxman 356 (Delhi) (HC)