1.         M/s. SI Group India Ltd. Vs. The Asst. Commissioner of Income Tax Range 3(3) 

“Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in completely disregarding the contention of the Appellant that there was no remission or cessation of the sales tax liability on account of payment of the present value thereof being made to SICOM since the sales tax authorities had not given credit of the said payment against the sales tax liability;” The appeals filed by the assessee are allowed and the question of law as framed is answered in favour of the assessee and against the Revenue.

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2.         Indian Oil Corporation Ltd. Vs. The Deputy Commissioner of Income Tax and others 

The reopening of the assessment in the present case is beyond a period of four years of the expiry of the relevant Assessment Year. The validity of the invocation of the jurisdiction under Section 147 will therefore depend upon whether within the meaning of the proviso to the Section, there was a failure of the assessee “to disclose fully and truly all material facts necessary for the assessment for that assessment year”. Absent compliance with the jurisdictional condition the invocation of the power to reopen the assessment would be invalid.

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3.         The Commissioner of Income Tax-II Vs. Khushagra Real Estate P. Ltd. [Delhi High Court]

Reliance placed by the Tribunal on the said decision in the obtaining factual matrix is totally justified. In the case at hand, the identity of the creditors is known and hence the Assessing Officer can really proceed as has been held by their Lordships in Lovely Exports (P) Ltd. (supra) against such creditors in accordance with law.

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What's New 

a.  SC-Revision Of Undisclosed Income In Settlement Application Not Permissible  (Click for detail)

b.    Full disclosure of income must for case settlement  (CLick for detail)

c.    Black money trail: CBDT signs pact with fin intelligence unit  (Click for detail)

 

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"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
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CA. Sidharth Jain, Co-Moderator
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CA. Mukesh K Bansal, Co-Moderator-FEMA
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