1.  CIT Vs Shri K.K. Palanisamy- Madras High Court-Section 147- Section 54 of the Income Tax Act.

It has been held that once the benefit of section 54 has been given to the assessee in assessment proceedings of 143(3) of the Income Tax Act. The same can not be taken away from the assessee in the garb of 147 accordingly the action of the AO for reopening the concluded assessment on mere change of opinion to the same material can not be sustainable.  

(Click here for Judgment)

   

2.  CIT Vs M/s Rajini Investment Pvt. Ltd- Madras High Court- Section 36- Bad-Debt.

It has been held that condition regarding the continuation of business is applicable only for the purpose of setting off of all carry forward of loss.  In these circumstances, and not in the case of writing of bad and doubt full debts.

(Click here for Judgment)

   

3.  CIT Vs M/s Creative World Telefilms Ltd.–Bombay High Court-Section 68.

It has been held that once the assessee has given Pan No of the share holders then it is incumbent on the AO to search those persons and mere issuance of summons is not sufficient to hold that the share application money was bogus. It has been clarified that no blame can be attributed to an assessee who submits the PAN No of the subscribers and failed to produced them before the AO.

(Click here for Judgment)

   

4.  CIT Vs M/s Purshottam Transport- Bombay High Court- Section 15BFA(2) - Penalty.

In this case it has been held that if the additions, in block proceedings, have been made on estimated basis no penalty can be imposed on assessee since it is not possible to foresee the quantum of undisclosed income for the block period at the time of filing of return.

(Click here for Judgment)

   

  

If you have any query please e-mail at voiceofca@gmail.com.

   

"Give thanks for what you are now, and keep fighting for what you want to be tomorrow"

 

Thanks for your valuable time

"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