1.    M/S Kamdhenu Sweets Vs ACIT Central Circle-Sec.158BD,132

In this case it has been held that action under section 158BD is rightly invoked by the department in the case of assessee since only survey was conducted at the premises of the assessee and search was conducted at the premises of the partners.

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2.    N MEENAKSHI Vs THE ASSTT COMMISSIONER OF INCOME TAX- MADRAS HIGH COURT

Income Tax – Property sold to IOCL for Rs. 99 Lakhs – Registration value Rs. 3.92 Crores – AO passes order before getting Valuation Officer's Report - the right of an assessee conferred under Section 50C of the Act is a valuable statutory right: Alternative remedy cannot be a bar for writ where fundamental right is breached or there is violation of the statutory provisions- The proceedings were set-aside and restored to the file of the AO for fresh consideration.

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3.     CIT Vs Entee Builders- Security received from tenant- Non interest bearing- ITAT

It has been held that amount of refundable security received      from tenant will not be included in the income of the assessee unless and until it will acquire the colour of rent.

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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