1.     ACIT, Range Faridabad –I, Vs.M/s Nuchem Limited [ITAT DELHI] 

The revenue is in appeal against the order dated 13.2.2007 passed  by the learned CIT(A) in the matter of penalty levied by the AO u/s 271(1)(c ) of the Income-tax Act, 1961 (the Act) pertaining to the  Asstt. Year 1995-96. The revenue has taken a ground that CIT(A) has erred in deleting the penalty of Rs.93,70,000/- imposed by the AO u/s 271(1)(c) of the Act. 

(Click here for judgment) 

  

2.    COMMISSIONER OF INCOME TAX-IV Vs. DHAWAN JEWELLERS PVT. LTD [HIGH COURT OF DELHI]  

The learned counsel for the revenue contends that the ITAT had erred in law in  deleting the addition of Rupees Sixteen Lacs  made by the Assessing Officer  under Section 68 of Act, 1961. He contended that the assessee had failed to  discharge the burden as envisaged under Section 68 of Act, 1961 in respect of  genuineness of the transactions relating to unexplained share capital. Held ITAT’s  decision is justified. 

(Click here for judgment) 

  

3.   Vijay Kumar Sharma Vs. Commissioner of Income Tax [HIGH COURT OF PUNJAB] 

Whether on the facts and circumstances,evidences on record and established  principles of law the ITAT was justified in confirming the orders of the   authorities below in treating the agricultural income to the extent of Rs.2,50,000/-  as income from unknown  sources by allowing partial relief despite of the  confirmatory statements as  recorded by the AO of the genuine cultivators of the  agricultural land  of the appellant so that the order of the ITAT is perverse and  thus unsustainable in the eyes of law in view of the various judicial pronouncements?” 

(Click here for judgment) 

      

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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
Mob:9910272806, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
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