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The assessee’s case was that whether he had filed a belated return of income, after the expiry of the due date or not, was immaterial and the point in time when the offence under Section 276CC is committed is the date immediately following the due date for furnishing the return of income as prescribed under Section 139(1) of the Act.
A quick legal roundup to cover important stories from all High Courts this week.
These ships will come under the ambit of guidelines issued by Ministry of Tourism & Ministry of Shipping.
“Though the Constitutional Courts are the sentinels of justice, however, this power of judicial review is required to be exercised with due care and caution and interference at the stage of investigation is made in rare and exceptional cases.”
A quick legal roundup to cover important stories from all High Courts this week.
“It merits notice that the phraseology used in Section 273B of the IT Act is such that no penalty can be imposed on an assessee under Section 271B for breach of the provisions, if he proves that there was ‘reasonable cause’ for the said failure.”
Criminal Procedure Code, 1973 — Ss. 235(1) and (2) — Reopening of judgment of conviction: As per S. 235, a judgment of conviction, held
The Court stated that TOLA will continue to apply to the Income Tax Act after 1-4-2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-3-2020 and 31-3-2021.
Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.
by Bharathi Krishnaprasad* and Krishna Laasya**
Arbitration and Conciliation Act, 1996 — S. 32(2)(c) and S. 25(c) — Power of Arbitral Tribunal under S. 32(c)
The Court observed that no new material has been found by the Revenue which would warrant reopening the assessment. A reading of the notices will crystallize the fact that it has been issued merely based on a change of opinion.
In cases where a search is conducted after 31-03-2021, the first proviso to Section 153C (1) would have to be construed and tested as regards the date when the Assessing Officer decides to initiate action against the non-searched entity.
The Court quashed the notice of reassessment issued on 31-3-2023 as it surpassed the ten-year block as prescribed u/S first provision to Section of 148(1) of the Income Tax Act, 1961.
The Court evaluated Art. 5 of India-USA Double Tax Avoidance Agreement to determine whether Progress Rail has Permanent Establishment in Noida and Varanasi and whether reassessment proceeding can be initiated upon them or not.
The twin conditions, i.e., firstly, the order being erroneous and secondly, the order being prejudicial to the interest of revenue, must exist before power under Section 263 of the Income Tax Act, 1961 is exercised.
It is wholly insufficient to proceed to make an addition on the basis that CBIC is an apex body and information provided by it cannot be doubted, without even analyzing such information.
by Somesh Jain*
