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Important Judicial Pronouncements

Important Judicial Pronouncements

Some Important Judicial Pronouncements

Some Important Judicial Pronouncements

1. RECTIFICATION

In favour of: Revenue Important Judicial Pronouncements
Power u/s 154 can be invoked only to correct an error and not to disturb a concluded finding.
High Court Of Kerala
K.K.J. FOUNDATIONS VS ASSISTANT DIRECTOR OF INCOME TAX : (2015) 94 CCH 0005 KerHC
Decided On: Sep 08, 2015

2. SEARCH AND SEIZURE

In favour of: Assessees (partially)  Important Judicial Pronouncements
When it is proved that the assesee had been carrying on agricultural operations since 1989 which certainly gave him regular earning and after meeting household expenses some savings cannot be ignored, for which the assessee has not been able to furnish proper details, which is a normal case as agriculturist rarely maintain the details of their income as their income is exempt from tax, therefore the reduction of addition justified.
Ahmedabad Tribunal
JAYENDRABHAI M. DESAI VS ASSISTANT COMMISSIONER OF INCOME TAX : (2015) 45 CCH 0039 AhdTrib
Decided On: Sep 09, 2015

3. INCOME

In favour of: Assessee  Important Judicial Pronouncements
Mere Annexure cannot be regarded as a material or evidence to prima facie show or establish nexus or link which discloses escapement of income for warranting addition u/s 68.
Delhi Tribunal
SHREE BHAGWAN VS INCOME TAX OFFICER : (2015) 45 CCH 0040 DelTrib
Decided On: Sep 10, 2015

4. INCOME FROM HOUSE PROPERTY

In favour of: Assessee Important Judicial Pronouncements
Where the object in the Memorandum permitted the assessee to carry on business in letting out properties and as 85 percent of the income of the assessee was by way of deriving rent and lease rentals, it was rightly viewed that the income from rent constituted the business income of the assessee and was an admissible revenue deduction.
High Court Of Calcutta
SHYAM BURLAP COMPANY LTD VS COMMISSIONER OF INCOME TAX : (2015) 94 CCH 0006 KolHC
Decided On: Sep 04, 2015

Important Judicial Pronouncements

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