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Showing 81 to 100 of 1187 Records
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2011 (3) TMI 1759 - MADRAS HIGH COURT
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... ... ..... pointed under the third agreement dated 12.07.1997 Ex.C3 is also covering the disputes in the earlier two agreements dated 01.08.1995 and 20.03.1996 Exs.C1 and C2 entered into between the parties as they are interconnected and arising out of the transactions mentioned in the third agreement dated 12.07.1997 Ex.C3 . 35. As pointed out earlier, the dispute as to the sale of stocks is said to be connected with the Consignment Stockist Agreement dated 12.07.1997. The Arbitration Clause contained in the Consignment Stockist Agreement dated 12.07.1997 is comprehensive for the Arbitrator to resolve the connected dispute and the learned single Judge rightly held that the Award cannot be assailed on the ground of "want of sufficient opportunities" and "lack of /excess of jurisdiction. We do not find any infirmity warranting interference with the order of learned single Judge and the appeal is liable to be dismissed. 36. In the result, the appeal is dismissed. No costs.
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2011 (3) TMI 1758 - ITAT MUMBAI
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... ... ..... is not justified. We have already upheld the addition on account of ₹ 7,79,375/- made by the AO. However issue of allowance of expenditure against the gross profit estimated has been restored to the AO and therefore in the fresh assessment if addition made is more than ₹ 3.50 lacs, the addition of ₹ 3.50 lacs on account of additional income declared will not be required. However, in case the final addition as undisclosed income is found to be less than ₹ 3.50 lacs the balance amount will be required to be added. The AO will act accordingly. 9. The last dispute is regarding levy of interest under section 234C, 234D and 234E. The Learned AR for the assessee admitted that levy of interest was only consequential. We therefore direct the AO to recompute the interest at the time of giving effect to this order. 10. In the result the appeals of the assessee are partly allowed in terms of the order above. 11. Order was pronounced in the open court 18.03.2011.
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2011 (3) TMI 1757 - SC ORDER
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... ... ..... of 2008 In view of the order passed in C.A. No. 905/2006, this appeal is rendered infructuous and is disposed of accordingly.
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2011 (3) TMI 1756 - ALLAHABAD HIGH COURT
Challenging the legality and validity of the initiation of reassessment proceedings - HELD THAT:- In the case on hand, the assessee has not included the CST paid on the closing stock while making its valuation. Similarly, the assessee has not included the 30% of the Excise Duty. The case of the Department is thus the assessee has claimed excess loss of income in its return which is contrary to section 145-A. At this stage, the Department has placed reliance upon Explanation 2(C) to section 147. Sub clause (iv) to clause(c) of Explanation 2 to section 147 supports the Department's point of view that it is a case of deemed escapement of assessment. It is not necessary for us to dwell upon this point any further. The sufficiency of the reason is beyond the scope of scrutiny at this stage. The sufficiency of the material cannot be gone into but relevancy certainly can be gone into. The reasons recorded by the concerned authority are relevant reasons to form a belief that the income of the petitioner has escaped assessment.
Therefore, We find no force in the argument of the petitioner that on the basis of the reasons recorded by the AO, the re-assessment proceedings could not have been initiated. There is relevant material to form a belief that the income of the petitioner has escaped income. At this stage, it can be said that there is relevant material on the record to form a reasonable belief that the taxable income of the assessee has escaped assessment, in view of section 145-A.
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2011 (3) TMI 1755 - MADRAS HIGH COURT
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... ... ..... y in conflict with what is stated in the affidavit of the applicant. Therefore, this report lacks credibility. In such circumstances, I have no credible material on record to reject the report of the Special Observers about the wholesale violation of the rules and regulations by the Padmanabapuram Bar. 73. In other words (i) in the light of the very admission made in the affidavit about several persons being permitted to vote without the production of photo Identity Cards (ii) in the light of the failure of the independent Poll Observer to send a report until 15.3.2011 and (iii) in the light of the very participation of the independent Poll Observer himself in identifying voters without photo Identity Cards and also filing a report (received on 16.3.2011) conflicting with the stand taken by the applicant, I have no alternative except to accept the report of the Special Observers and confirm the order earlier passed on 8.3.2011. Therefore, A.No.1628 of 2011 is also dismissed.
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2011 (3) TMI 1754 - ITAT BANGALORE
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... ... ..... e above proposition, we are of the firm view that the assessing officer had rightly allowed the appropriate deduction for exemption. 22. Lastly, the assessee had come up with an additional ground for both the AYs under dispute wherein, it has been, inter alia, pleaded that the amount withdrawn from depreciation reserve was not to be included in the gross income of the assessee for the purpose of s.11 of the Act. Since this issue has a bearing on the utilization of depreciation reserve which has been deliberated upon in the fore-going paragraphs and remitted back on the file of the Ld. A.O for fresh consideration, we of the considered view that this issue should also be remitted back to the AO for examination and to take appropriate action in accordance with the law. It is ordered accordingly. 23. In the result, the appeals of the assessee for the AYs 2005-06 and 2006-07 are partly allowed for statistical purposes. Pronounced in the open court on this 16th day of March, 2011.
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2011 (3) TMI 1753 - BOMBAY HIGH COURT
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... ... ..... anks at Delhi where they were dishonored. However, the contract between the parties had taken place at Mumbai. Therefore, the complainant could issue notice for payment from Mumbai and as per the notice, the accused was required to make payment to the complainant at Mumbai. Due to failure of the accused to make payment within the period of 15 days, the complaint was filed at Mumbai. Thus, out of the 5 components as described by the Supreme Court in K. Bhaskaran, two last components had taken place at Mumbai. Not only that, the basic transaction and contract between the parties had also taken place at Mumbai. In these circumstances, it cannot be said that the learned Magistrate at Mumbai has no jurisdiction. 12. For the aforesaid reasons, the Application stands rejected. 13. However, it is made clear that the trial Court shall not be influenced about the observations pertaining the execution of the agreement dated 26.9.2005 as its only photocopy is produced before this Court.
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2011 (3) TMI 1752 - DELHI HIGH COURT
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... ... ..... racies lest they drive away the huge foreign investment our country is attracting. The Court should not give premium to dishonesty and unfair practices by those who have no compunctions in blatantly using the trademark of others for making unearned profits. 29. In the facts and circumstances of the case, in CS(OS) No. 264/2008, punitive damages amounting to ₹ 2 Lacs are awarded to the Plaintiff company against Defendant Manoj Dodia. Since, Durga Scale Company is not a legal entity and is only a trade name adopted by Manoj Dodia, the name of Durga Scale Company is struck off the array of Defendants. Since it is Manoj Dodia, who was carrying business under the name and style of Durga Scale Company as its proprietor and there is no evidence indicating any connection between Manish Dodia, who has been impleaded as Defendant No. 2, and Durga Scale Company, the name of Defendant No. 2 Manish Dodia is also struck off the array of Defendants. Decree sheet be drawn accordingly.
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2011 (3) TMI 1751 - CESTAT AHMEDABAD
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... ... ..... oming on record repeatedly when the same is being adjourned either on the request of appellants or otherwise in the interest of justice. 2. In view of the above, we find no reason to keep the appeal on board and the same is accordingly, dismissed for non-prosecution. (Dictated and pronounced in the Court)
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2011 (3) TMI 1750 - SUPREME COURT
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... ... ..... in the instant case. Consequently, the Appellant would be entitled to employment on compassionate ground as the said Circular contemplates compassionate employment for the wards of those employees who have been medically de-categorized, and have retired, without being offered an alternative suitable job. We are unable to accept the plea of the Respondents that on being de-categorized, Appellant's father had opted for voluntary retirement. 24. In light of the foregoing discussion, the appeal is allowed; the impugned judgment is set aside and it is directed that the Appellant shall be granted employment on compassionate ground within three months of the receipt of copy of this judgment, subject to his complying with other eligibility conditions, as applicable on 1st September, 1999. However, for all intents and purposes, he shall be deemed to be in service from the date of actual joining. 25. In the facts and circumstances of the case, there shall be no order as to costs.
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2011 (3) TMI 1749 - SUPREME COURT
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... ... ..... ace, at the back of the house, which did not even belong to the appellant, could be of little assistance to the prosecution. Even otherwise it needs to be remembered that the trial court had in fact, acquitted the appellant for the offences under Section 3 read with Section 5 of the Arms Act. This acquittal was never challenged by the prosecution in appeal. Therefore, it was wholly inappropriate by the High Court to reverse the findings of the trial court in the absence of an appeal by the State. 43. In view of the above, we are of the considered opinion that the appellant was entitled to the benefit of doubt as the prosecution has failed to prove its case beyond reasonable doubt. Consequently, the appeal is allowed. The appellant is acquitted of all the charges levelled against him. The conviction and sentence imposed by the trial court and confirmed by the High Court are quashed and set aside. The appellant shall be set at liberty forthwith unless wanted in any other case.
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2011 (3) TMI 1748 - SUPREME COURT
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... ... ..... ld that the High Court has a solemn duty to consider and appreciate the service of a judicial officer before confirming him in service and for this not only judicial performance but also probity as to how one has conducted himself is relevant and important. It was also held in the same decision that upright and honest judicial officers are needed in the district judiciary, which is the bedrock of our judicial system. 12. The order of termination passed in the present case is a fall out of his unsatisfactory service adjudged on the basis of his overall performance and the manner in which he conducted himself. Such decision cannot be said to be stigmatic or punitive. This is a case of termination of service simpliciter and not a case of stigmatic termination and therefore there is no infirmity in the impugned judgment and order passed by the High Court. 13. We do not find any merit in this appeal, therefore, we dismiss the same, but leaving the parties to bear their own costs.
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2011 (3) TMI 1747 - DELHI HIGH COURT
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... ... ..... s represent only a portion of the mankind. D. The intention of providing the benefit to portion of the public as individual should be clearly spelled out. 6. The question whether promotion of sports and games can be considered as being charitable has been examined. The Board is advised that the advancement of any object beneficial to the public or a section of the public as distinguished from an individual or group of individuals would be an object of general public utility. In view thereof, promotion of sports and games is considered to be a charitable activity within the meaning of Section 2 (15) of the I.T. Act, 1961. Therefore, an association or institution engaged in the promotion of sports and games can claim exemption under section 10 (23) of the Act relating to exemption from tax of sports associations and institutions having their object the promotion control regulation and encouragement of specified sports and games.” 15. This appeal is accordingly dismissed.
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2011 (3) TMI 1746 - ITAT MUMBAI
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... ... ..... date of filing return of income i.e. on 31.10.2005 that the expenses could be allowed from year to year basis. The Learned AR has also submitted that the assessee had no other income even till today and therefore there was no advantage to the assessee in claiming expenses and declare losses from year to year as the losses could be carried forward only for a limited number of years. In such a situation claiming the expenses in the year of completion would have been advantages to the assessee as in that case all the expenses could have been allowed. Considering the entirety of facts and circumstances, in our view, explanation of the assessee that the claim had been made under bonafide belief has to be accepted and it will not be appropriate to levy penalty under section 271(1)(c) in this case. Accordingly we set aside the order of CIT(A) and delete the penalty levied. 7. In the result the appeal of the assessee is allowed. 8. Order was pronounced in the open court 18.03.2011.
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2011 (3) TMI 1745 - CALCUTTA HIGH COURT
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... ... ..... their reply. Their reply is to be filed within two weeks from date. 37. Moreover, I pass this order assuming that the reasons given subsequent to releasing the operative part of the order dated May 17, 2010, are reasons in support of the order. In this case, there is no point sending back the matter to the Company Law Board, as I had done in the earlier case because the reasons supplied later are also not adequate. Therefore, for mere absence of reasons there is no point in sending the matter back. 38. But the matter has to be sent back to the Tribunal, for the said reasons, for appreciating the prima facie case of the parties upon giving them a fresh hearing and to consider passing an order for disclosure of documents in the light of the observations made above. 39. These appeals are disposed of accordingly by setting aside the order dated May 17, 2010. Urgent certified photocopy of this judgment and order, if applied for, to be provided upon complying with all formalities.
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2011 (3) TMI 1744 - GUJARAT HIGH COURT
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... ... ..... Accounting standard-14, my attention is drawn to the series of judgments of several high courts including Gujarat High Court in the matter of Gallops Realty P. Ltd. 150 Company cases 596, confirming that the said standard is applicable only to scheme of amalgamation. Since the present petition envisages a scheme of de-merger, the same is not required to be complied with. 8 I have heard Smt. Swati Soparkar, Advocate appearing for the petitioner De-merged Company and Resulting Company. Prayers in terms of paragraph 20 (a) of the Co. Petition No. 146 of 2010 for the Resulting Company and prayers made in paragraph 15 (a) of the Co. Petition No. 147 of 2010 for the De-merged Company are hereby granted. 9 The petitions are disposed of accordingly. So far as the costs to be paid to the Central Govt. Standing Counsel is concerned, I quantify the same at ₹ 3,500/- per petition. The same may be paid to Shri P.S.Champaneri, Asst. Solicitor General, appearing for the Central Govt.
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2011 (3) TMI 1743 - BOMBAY HIGH COURT
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... ... ..... nce grants permission to clear the goods for DTA sale and the goods are accordingly sold in the DTA, the Development Commissioner cannot review his own order, because in the absence of power to review is specifically granted, the Development Commissioner cannot review his own order. In these circumstances in our opinion the issues raised in this writ petition are squarely covered by the aforesaid judgment of this Court as in the present case also the Development Commissioner has sought to rectify/review his own order, that too after the original order was fully implemented. Moreover, it is not the case of the Revenue, that the original order was passed on account of fraud or misrepresentation on the part of the Petitioner. 8. In these circumstances the impugned order-in-original dated 8th June, 2009 as also the order of the Appellate Committee dated 8th September, 2010 are quashed and set aside. 9. Rule is made absolute in the above terms with no order as to costs.
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2011 (3) TMI 1742 - ITAT KOLKATA
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... ... ..... be made out and given by the AO. No assessment under first proviso to section 145(1) or 145(2) can be made by the Assessing Officer without rejecting the books of account. There is no finding in the assessment order in respect to the fact that the assessee’s method of accounting is not a regularly employed method or whether his income, profits or gains cannot be deduced or accounts are incomplete or incorrect in the present case. In the absence of this finding and in the absence of rejection of books of account, we are unable to accept that the Assessing Officer has rightly estimated the gross profit. Accordingly, we are of the view that the lower authorities have erred in applying gross profit rate on the basis of earlier years, without rejecting books of account. We allow the claim of the assessee and this issue of assessee’s appeal is allowed. 5. In the result, the appeal of the assessee is allowed. 6. Order pronounced in open court on 11th day of March, 2011.
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2011 (3) TMI 1741 - SECURITIES APPELLATE TRIBUNAL, MUMBAI
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... ... ..... We fail to understand how the facts stated in para 6 lead to the conclusion that the third Appellant colluded with Jatin Shah who is the first Appellant before us. We have already dealt with the case of the first Appellant in the earlier part of our order and had found that the show cause notice issued to him did not make out any case against him. If no case had been made against him, we fail to understand how the third Appellant could have colluded with the first Appellant. For all these reasons, we are of the view that the charge levelled against the third Appellant must also fail on the ground that it is vague and that the allegations made in paragraph 6 do not lead us to conclude that regulation 4 had been violated. 4. The observations made by the Supreme Court in Canara Bank's case (supra) apply with full force to the case of both the Appellants herein. In the result, the appeal is allowed and the impugned order set aside leaving the parties to bear their own costs.
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2011 (3) TMI 1740 - ITAT COCHIN
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... ... ..... omputer print. It bears no signature and as such there is no evidentiary value. It has not been seized from the custody of the assessee. Similar issue was considered by the Tribunal in the case of M/s. Kamahenu Milk Products, Kochi in IT(S&S)A No.152/Coch/2004 dated 15- 5-2009 and in ITA No.351/Coch/2009 for the assessment year 2005-06 in the case of Smt. Meenakshi Sukumaran vs. Dy.CIT dated 09-03-2011 and decided in favour of the assessee and against the revenue. Thus, considering the facts and circumstances of this case and that of the decision relied on by the ld. counsel and the earlier decisions of the Tribunal in its entirety, we hold that the Assessing Officer is not at all justified in making addition of ₹ 54,74,200 u/s.69C and the ld. CIT(Appeals) is wrong in confirming the findings of the Assessing Officer. Hence, we set aside the orders of the authorities below and al low the claim of the assessee. 6. In the result, the appeal of the assessee is allowed.
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