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) ]
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws 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)S. 279 : Offences and prosecutions – Sanction – Chief Commissioner – Late deposit of tax deducted at source – If sanctioning was held to be not as requirement of law summons issued by the Court can be challenged .[ S.276A, 276B 278AA, 278AB,278B, Code of Criminal Procedure Code , S 397, 401, 482 ]
Indo Arya Central Transport Limited v. CIT( TDS) ( 2018) 404 ITR 667 /165 DTR 345/ 255 Taxman 50/ 304 CTR 236 ( Delhi)(HC) , www.itatonline.org. Editorial : SLP dismissed Indo Arya Central Transport Ltd .CIT (2022)443 ITR 239/ 211 DTR 441 / 325 CTR 553 / 285 Taman 2 (SC)S. 276C : Offences and prosecutions – Wilful attempt to evade tax Order of penalty was set aside on ground there was no concealment of income — Prosecution was liable to be quashed. [ S. 271(1) (c ) ]
Malti Mishra (Smt.) v. State Of Uttar Pradesh. (2018) 401 ITR 327 (All) (HC)S. 275 : Penalty – Bar of limitation – Concealment-Time to Be reckoned from date of service of order of Commissioner (Appeals) on Assessee — Penalty proceedings was barred by limitation [ S. 271(1) (c )]
Salora International Ltd. v. CIT (2018) 402 ITR 211 / 163 DTR 341/ 303 CTR 616 (Delhi) (HC)S. 271AAB:Peanlty -Failure to maintain books of account -Undisclosed income – Levy of penalty is automatic in nature [ S.44AA]
DCIT v. Amit Agarwal. (2018) 168 ITD 370 (Kol) (Trib.)