1.         M/S M KANTILAL EXPORTS Vs ACIT-GUJARAT HIGH COURT- Stay of Demand from the High Court- Order 41 rule 6 of Code Of Civil Procedure, section 69C, Section 44AB of the Income-Tax Act 1961

In this case an amount of Rs.17,50,00,000/- was added by the AO under section 69C of the Income-tax Act. Before the CIT (A) assessee contended that the figure of stock was wrongly mentioned in the audited balance sheet other wise there would be no lacuna in the books of the assessee the CIT(A) accepted the explanation and deleted the addition. However the ITAT reversed the order of the ITAT accordingly the AO raised the demand of Rs 9.85 crore from the assessee. The High Court, granted the stay till the pendency of appeal before the High Court on an condition that the assessee would monthly pay an installment of Rs 10 lakhs to the AO with some other conditions.

(Click here for judgment) 

    

2.         CIT Vs WEST INN LIMITED –Gujarat High Court- Section 271(1)(c)

Assessee claimed depreciation @20% on Hotel Building instead of 10% the AO levied the penalty, CIT(A) confirmed the order of AO. ITAT deleted the penalty on the ground that the Act is a complicated Act and if any mistake is committed by the professional advising company the company can not suffer the High Court affirmed the view of the ITAT.

(Click here for judgment)    

  

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