S. 194A TDS Circular Struck Down + Eminent Tax Lawyer Charged S. 271(1)(c) Penalty + Two Important Verdicts

S. 271(1)(c) Penalty Of Rs. 56.67 Cr Levied On Abhishek Manu Singhvi 

Eminent Senior Advocate Abhishek Manu Singhvi, who has appeared in several landmark income-tax cases such as Vodafone, has been assessed to undisclosed income of Rs. 91.95 crore by the Income Tax Settlement Commission. Penalty of Rs. 56.67 Cr u/s 271(1)(c) has also been levied. The addition has been made inter alia in respect of the […]

UCO Bank vs. UOI (Delhi High Court) 

Liability for TDS u/s 194A does not arise if the beneficiary is not ascertainable and the person in whose name the interest is credited is not person liable to pay tax. Circular No. 08/ 2011 dated 14.10.2011 set aside

(i) Essentially, the controversy in the present case involves the question whether the provisions of Chapter XVII of the Act would be applicable in respect of interest which is payable on the fixed deposits maintained by this Court with the petitioner bank, in the name of the Registrar General. Concededly, money deposited by litigants or […]

North Karnataka Expressway Ltd vs. CIT (Bombay High Court)

The person who constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government is not the "owner" of the road and cannot claim depreciation thereon

The High Court had to consider whether a person who is in the business of infrastructure development constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government, can it claim depreciation on the toll road. HELD by the High Court: (i) The functions that are to be discharged by […]

B. Kishore Kumar vs. DCIT (Madras High Court)

Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon

(i) With regard to the undisclosed income of Rs.52,73,920/- supported by printouts, in the sworn statement dated 29.8.2006, the assessee says that he had separate business income which was not included in his income tax returns. Therefore, admission of undisclosed income of Rs.52,73,920/- is categoric and undisputed. When there is a clear and categoric admission […]