1. Commissioner of Income Tax Vs. Ashish R.Kacholia [ Bombay High Court] - The only question of law which will arise in this appeal, and which has not been  formulated in the Memo, relates to the validity of the order of the Tribunal confirming the  deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. Held, the appeal will not give rise to any substantial question of law.

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2. The Commissioner of Income Tax Vs. M/s. Tarun R.Tahiliani [ Bombay High Court] - The appeals by the Revenue under Section 260A are admitted on the following substantial question of law: “ Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that a dress designer is an artist entitled to a deduction under Section 80RR.” The question of law is answered in the affirmative, in favour of the assessee and against the Revenue.

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3.  M/s. Hindustan Petroleum Corporation Limited, Mumbai  Vs. The Deputy Commissioner Income Tax [ Bombay High Court] - An assessment for Assessment Year 2002-03 has been sought to be  reopened under Section 147 of the Income Tax Act, 1961 beyond the  period of four years of the end of the Assessment Year, by the  issuance of a notice of 23 March 2009. The issue which falls for  determination in these proceedings is as to whether there was, within  the meaning of the proviso to Section 147, a failure on the part of the  assessee to “disclose fully and truly all material facts necessary for  his assessment, for that assessment year”.

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What's New 

a. Tax code bill to retain most draft proposals (Click here for detail)

b. Establishment of Branch Offices (BO)/Liaison Offices (LO) in India by Foreign Entities - Delegation of Powers (Click here for detail)

c. Just because creditors/share applicants could not be found at address given, it would not give Revenue the right to invoke section 68 (Click here for detail)

 

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Thanks for your valuable time 

"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342, agarwal.s.ca@gmail.com 
   
   
CA. Kapil Goel, Moderator-Direct Taxes
Mob:9910272806, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com