Wednesday, September 8, 2010 |
1. M/s V.K. Timber Pvt. Ltd. Vs. Commissioner Income Tax (Appeals) & another. [HIGH COURT OF PUNJAB AND HARYANA] The question raised inter se is “Whether in facts and circumstances of the case, the action of the authorities below in ignoring the documents produced on record to show the fall in the Gross profit is legally sustainable in the eyes of law?”Held No substantial question of law arises.
2. M/s The Hind Samachar Limited Vs. Assistant Commissioner of Income Tax Range III, Jalandhar and another. [HIGH COURT OF PUNJAB AND HARYANA] Grievance in the petition is that speaking order was not passed under Section 142(2A) of the Act. Such order could not be passed in absence of accounts being complex. The impugned order does not indicate how opinion as to desirability of special audit was formed. Litigation between Group ‘A’ and Group ‘B’ and maintaining of separate accounts did not by itself create any complexity. In the return filed by the assessee, tax audit report, balance sheet and other documents have been duly filed.
3. Commissioner of Income Tax (Central) Ludhiana Vs. Sh.Girdhari Lal Bassi [HIGH COURT OF PUNJAB AND HARYANA] The substantial question inter se raised in the present appeal by the revenue is” Whether on the facts and in the circumstances of the case, the ITAT was correct in law to decide the issue of unexplained cash of Rs.45 lacs in a block assessment order, by following the order of CIT(A) dated 18.3.1999, which was on the issue of allowability of interest in a regular assessment order? The question is answered in favour of the revenue and against the assessee.
What's New a. No special sops for large SEZs: MoF (Click for detail) b. Direct tax mop-up growth slips a tad in Aug, but target in sight (Click for detail) c. Where source, identity and capacity of donor has been established and confirmed, question of application of section 68 of the Income-tax Act does not arise (Click for detail)d. Per diem allowances paid to pilots and payments made to hotels for their stay would be liable to Fringe Benefit Tax (FBT) (Click for detail) "Only those who will risk going too far can possibly find out how far one can go" Thanks for your valuable time "Voice of CA"
CA. Sanjay Kumar Agarwal, Founder - Voice of CA |
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