In August/September 1999, the assessee-firm granted interest free advances to its sister concerns which were disallowed by the department on the ground that the said advances were not given from the assessee’s own fund, but from the interest bearing
The assessee, a public school, had been charging concessional fees from the children of the employees studying in the school at the rate of 50 per cent in respect of the standard/normal tuition fees, ancillary fees and computer fees and at the rate o
Penalty for concealment of income. Evidecne led by the assessee not malafide or false. Tribunal concurred with the finding of the lower authorities. on Appeal, order of the Tribunal upheld.
Whether assessee was liable to pay interest u/s 234B for non-payment of tax on exempted income which later on became taxable due to a supreme court judgement.
For delayed payment, the appellants had also already paid the interest. Therefore, under these circumstances, the enhancement of penalty equal to the amount of duty by the Commissioner (Appeals) cannot be justified
S. 133A - Additions can be made on basis of materials collected during course of illegal survey.
S. 263 - Revision - Exercise of power under S. 263 by CIT would not be justified only because Assessing Officer has taken a view in favour of assessee. -
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