1.   SMT. KUSUM LATA Thakral (HC OF PUNJAB & HARYANA AT CHANDIGARH ) [Related to section 260A]

For the purpose of verifying the genuineness of gift the only thing which is relevant is that the natural love and affection and if the same is lacking then gifts are not gifts rather cash credits.

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2.    HARYANA COOP SUGAR MILLS LTD. ((HC OF PUNJAB & HARYANA AT CHANDIGARH )      

It has been held that the valuation of stock had to be taken as per the books of accounts and by applying the average sale rate of the whole year. And hence the method adopted by the assessee is permissible and of the AO is arbitrary.         

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3.    M/s DIPLAST PLASTIC LIMITED ((HC OF PUNJAB & HARYANA AT CHANDIGARH ) [Related to section 133A]

It has been held that loose sheets found during survey has no evidently value unless and until proved by some cogent material and the books of account of the assessee,which are audited, are of grate evidentiary value.

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4.   Smt.Shakuntala Devi Prop.M/s Satish Oil and General Mills. Sirsa ((HC OF PUNJAB & HARYANA AT CHANDIGARH ) [Related to section 147]

In this case it has been held that the provisions of section 147 may be invoked to an unprocessed return.

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"Voice of CA"

  

    

CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, Mob: 9810418700, sidhjasso@yahoo.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com

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