Issue Learned CIT (Appeal) has erred in not considering the fact that the rights, title and interest in the property was itself acquired and held from the date of Allotment letter dated 11-04-2005 by the Appellant and as such the Period of Holding and indexation cost were not properly considered.” Held Holding period should be… Read More »
Held Main objective of the assessee firm as manifest from the partnership deed was to carry on business in construction of different types of buildings such as godowns, residential or commercial buildings, flats, shops etc., and lease them out as a part of its business activity but not as exploitation of the property as an… Read More »
Held when it is found that the entire issue was gone into by the Assessing Officer while framing the scrutiny assessment under Section 143(3) of the Act and thereafter reopening of the assessment on the very issue can be said to be change of opinion, which is not permissible, HIGH COURT OF GUJARAT Manan Exports… Read More »
Impounding of passport Held Even the Court cannot impound a passport. Though, no doubt, Section 104 Cr.P.C. states that the Court may, if it thinks fit, impound any document or thing produced before it, in our opinion, this provision will only enable the Court to impoundany document or thing other than a passport. This is… Read More »
HIGH COURT OF DELHI Council of The Instt. of Chartered Accountants of India v. Kailash Chander Agarwal PRADEEP NANDRAJOG AND YOGESH KHANNA, JJ. CHAT. A. REF. NO. 3 OF 2011 FEBRUARY 7, 2017 akesh Aggarwal, (CA) Adv. and Pulkit Aggarwal, Adv. for the Petitioner. ORDER Pradeep Nandrajog, J. – A company by the name of… Read More »
HIGH COURT OF DELHI Rajesh Kumar Aggarwal v. Commissioner of Income-tax, Delhi-VIII S. RAVINDRA BHAT AND NAJMI WAZIRI, JJ. W.P. (C) NO. 4111 OF 2014 C.M. APPEAL NO. 8240 OF 2014 JANUARY 3, 2017 Dr. Rakesh Gupta, Somil Agarwal, Rohit Kumar Gupta and Ms. Monika Ghai, Advs. for the Petitioner. Rahul Chaudhary, Sr. Standing Counsel… Read More »
Issue Whether additional depreciation claim of Rs. 2,18,50,976/= @ 20% under Section 32 [1](iia) of the Income-tax Act 1961 , allowed on the machinery purchased before 31st March 2005, but installed after 31st March 2005 ?” Revenue Contention In the present case the twin conditions of installation and use in the year under consideration has… Read More »
Held Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entries was highlighted… Read More »
Held When the tax deductor cannot ascertain the payee who is the beneficiary of a credit of tax deduction at source, the mechanism of Chapter XVII-B cannot be put into service. In view of the above, we, respectfully agreeing with the views of ITAT Chennai Bench in the case of Dishnet Wireless Ltd. (supra), set… Read More »
HIGH COURT OF GUJARAT Shah Rajendrabhai Jayantilal v. D. Pranjivandas & Sons J.B. PARDIWALA, J. SPECIAL CRIMINAL APPLICATION (QUASHING) NO. 1970 OF 2015 JANUARY 31, 2017 Amit R. Joshi, Advocate for the Applicant. B.S. Soparkar, Advocate for the Respondent. JUDGMENT 1. By this writ application under Article 226 of the Constitution of India, the writ… Read More »