Judgements and Orders, Supreme Court and High courts of India

Proceedings in search cases cannot be used as an opportunity to either reopen concluded assessment or to reassess returned income:ITAT

Held by the Hon`ble Bench that as per section 55(2) clause (aa) in case assessee becomes entitled to an additional financial asset by virtue of original holding of shares the cost of acquisition of the original shares cannot be spread over for calcul

proportionate lease rent paid by the mining lessee for acquiring leasehold right for extracting minerals from mineral bearing land would be a capital expenditure.

The companies having accumulated profits and the companies in which substantial voting power lies in the hands of the person other than the public (controlled companies) are required to distribute accumulated profits as dividends to the shareholders.

A co-operative bank, carrying on business of banking, statutorily required to place a part of its fund in approved securities, income arising from such investment is deductible under section 80P .

petitioners have assailed the validity of certain other provisions of the Act as well. We would, however, examine the matters after such amendments as the Government may think appropriate are made and the matters are mentioned.

Held by the Hon`ble Court that, loose papers themselves not indicating receipt of undisclosed income and in the absence of opportunity of cross examination, additions on the basis of entries on loose papers found during search not justified in law.

From the statutory provisions, it is clear that to hold a person responsible under the Act, it must be shown that he/she is a ‘principal officer’ under section 2(35) of the Act or is ‘in charge of’ and ‘responsible for’ the business of the company or

The conditions precedent for invoking the provisions of section 158BD thus, are required to be satisfied before the provisions of the Chapter XIV-B are applied in relation to any person, other than the person whose premises had been searched under se

The scope and ambit of a proceeding for rectification of an order under section 154 and a proceeding for revision under section 263 are distinct and different. Order of rectification can be passed on certain contingencies. It does not confer a power