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2012 (10) TMI 1273
... ... ... ... ..... ay, as there is a direction for fresh investigation, it should be inapposite to enlarge the Appellant on bail. We may add that in case the order for reinvestigation is annulled by this Court, it would be open for the Appellant to file a fresh application for bail before the competent Court. If the order of the High Court withstands scrutiny, after the C.B.I. submits its report, liberty is granted to the Appellant to move the appropriate court for grant of bail. We may clarify that though we have narrated the facts, adverte....... + More
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2012 (10) TMI 1272
... ... ... ... ..... assessee has further not claimed any expenditure under any head against the said income from business. The learned D.R. for the Revenue has fairly conceded that the assessee is entitled to the expenditure relatable to the earning of the business income. The total dividend income received by the assessee during the year was Rs.65,283/- on account of its investment in PMS portfolio. The said dividend income had been claimed as exempt in the hands of the assessee. In order to comply with the provisions of section 14A read wit....... + More
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2012 (10) TMI 1271
... ... ... ... ..... . Being so, the CIT(A) directed the Assessing Officer to disallow 2/3 of expenditure. Before us also nothing has been furnished. However, the AR made as plea that the assessee could furnish details of foreign travel as relating to business trips as well as pleasure trips. Considering the request of the assessee's counsel, we remit the entire issue to the file of the Assessing Officer with a direction to get bifurcation of expenditure as attributable to business trips and pleasure trips. On obtaining the information, th....... + More
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2012 (10) TMI 1270
... ... ... ... ..... rcised only where the enforcement is contrary to the public policy of India. 29. There is nothing in the present case to suggest that the enforcement of the impugned Award, which is essentially a money decree, would compel Aargus to do something which is prohibited or contrary to law as prevailing in India. In other words, the enforcement of the impugned Award which is in the form of a money decree cannot be held to be opposed to the public policy of India. 30. The objections of Aargus to the enforcement of the impugned fo....... + More
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2012 (10) TMI 1269
... ... ... ... ..... ted with them follow the guidelines laid down by Vishaka. To achieve this, necessary instructions/circulars shall be issued by all the statutory bodies such as Bar Council of India, Medical Council of India, Council of Architecture, Institute of Company Secretaries within two months from today. On receipt of any complaint of sexual harassment at any of the places referred to above the same shall be dealt with by the statutory bodies in accordance with the Vishaka guidelines and the guidelines in the present order. 17. We a....... + More
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2012 (10) TMI 1268
... ... ... ... ..... on was involved, therefore, while following the said judgment, this revision petition may be dismissed. After hearing learned counsel for the parties, I have perused both the orders. In my opinion, the Dy. Commissioner (Appeals), Commercial Taxes, Jodhpur remanded the case to the assessing authority for deciding the case afresh and appeal filed by the revenue against the order of Dy. Commissioner (Appeals), Jodhpur has been dismissed by the Raj. Tax Board, therefore, now all the questions can be raised by the revenue befor....... + More
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2012 (10) TMI 1267
... ... ... ... ..... r estimates exceed Rs. 3000 crores. (Emphasis in the original) 3. Mr. Prasaran stated that the CBI is making investigation without wasting any time and he assured the Court that the investigation will be completed as early as possible and on completion of the investigation the CBI shall submit one final charge-sheet. 4. On hearing counsel for the parties and on going through the report submitted by the CBI, we are not inclined to interfere in the matter at this stage. 5. The special leave petition is, accordingly, dismisse....... + More
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2012 (10) TMI 1265
... ... ... ... ..... to the name of Defendant No. 2 and later to outsiders upon essentially the sale of the property of the father of the Plaintiff and Defendant No. 1 in item No. 1 of the schedule Exhibit-C to the plaint was brought to his knowledge in January 2012. 42. Mr. Madon himself contends that oral evidence upon the issue of limitation would have to be led. 43. The Plaintiff shall file his affidavit of evidence as also affidavit of documents. 44. The suit is adjourned to 10th December 2012 for considering the admissibility of the docu....... + More
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2012 (10) TMI 1264
... ... ... ... ..... he return of income, as is apparent from the details incorporated in the assessment order. 6. The only issue arising in the present appeal is whether such belated payment of employees contribution to ESIC and PF, which had been made before the due date of filing the return of income are to be allowed as a deduction. We find that the issue raised is squarely covered by the ratio laid down by the Jurisdictional High Court in CIT Vs. M/s Lakhani India Ltd.(supra). Following the above said ratio laid down by the Hon'ble Pu....... + More
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2012 (10) TMI 1263
... ... ... ... ..... s required to be made by adopting some reasonable basis as held by the Hon ble Bombay High Court, we are of the view that reliance cannot be placed on the basis given in Rule 8D which has been held to be not applicable to the year under consideration by the Hon ble Bombay High Court. As rightly contended by the learned counsel for the assessee, such disallowance can be reasonably worked out as some percentage of the dividend income received by the assessee on estimated basis and having regard to all the facts and circumsta....... + More
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2012 (10) TMI 1262
... ... ... ... ..... benefit of pendency of the proceeding before BIFR as Directors of the Company. Now having gone out of management of the Company they have taken completely reverse stance to challenge the order of BIFR now. Their shifting stand is sheer abuse of the process of the Court, and is absolutely mala fide so much so that their version has now become thoroughly unbelievable to this Court. We make it clear that we have decided these appeals only on the point quoted above not on merit. 31. There will be no order as to costs. Later 32....... + More
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2012 (10) TMI 1261
... ... ... ... ..... s) had enlarged the scope of appeals by giving a direction to split the unexplained investment on cost of construction to the period of construction. 17. In the result, we are not agreeing with the argument of learned D.R. that CIT(Appeals) had no such power to direct spreading of the unexplained portion of investment, if any, to the period of construction. 18. Nevertheless, in view of the factual situation of the case, we are setting aside the orders of authorities below and remitting the issue back to the file of the A.O....... + More
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2012 (10) TMI 1260
... ... ... ... ..... is pending, permits the claimant to withdraw against security or otherwise the enhanced compensation (which is in dispute), the same is liable to be taxed under Section 45(5) of the 1961 Act. This is the scheme of Section 45(5) and Section 155(16) of the 1961 Act. We may clarify that even before the insertion of Section 45(5)( c) and Section 155(16) w.e.f. 1.4.2004, the receipt of enhanced compensation under Section 45(5)(b) was taxable in the year of receipt which is only reinforced by insertion of clause (c) because the ....... + More
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2012 (10) TMI 1259
... ... ... ... ..... ng of the order on January 25, 2012. By the said order the Board has permitted the appellants to pay the total amount within 45 days from the date of the order. It was not an amount which was due or payable to the Government or to the Board. It is only after the Board concluded that the appellants have illegally enriched themselves and the amount of illegal gains got crystalized and disgorgement order is passed, it can be said that the amount has become payable. The Board granted 45 days time to the appellants to pay this ....... + More
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2012 (10) TMI 1258
... ... ... ... ..... issuance of cheque by the accused of the amount, as claimed by the complainant, advanced by him as loan, has been proved, the accused cannot shirk his liability with a technical plea that he did not receive the notice after the cheque was dishonoured. 10. In view of the discussion, made above, I have no hesitation to come to the conclusion that the finding of learned Magistrate acquitting the accused from the charge is not proper and therefore, the judgment is liable to be interfered and set aside and I did so. Accordingly....... + More
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2012 (10) TMI 1257
... ... ... ... ..... that neither the provisions of section 41(1) can be applied nor provisions of section 68 can be applied if the credits are of earlier years. However, this aspect that the loans were received in earlier years/liabilities arose in earlier year has not been examined by either of the authorities. Therefore, for limited verification, we restore the issue to the file of AO to examine whether the credits are of this year and if so consider the issue afresh after giving due opportunity to assessee. In case the credit or liability ....... + More
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2012 (10) TMI 1256
... ... ... ... ..... Kavita Jha,Adv.-on-Record ORDER Delay condoned in SLP(C) No. 26151/2011. In view of order dated 22nd August, 2012 passed in CA No. 5961 of 2012, no ground is made out for our interference with the view taken by the High Court. The special leave petitions are dismissed accordingly.
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2012 (10) TMI 1255
... ... ... ... ..... ccordance with law. 7. In view of the above order of the Tribunal, we are inclined to remit the issue back to the file of the Assessing Officer with a direction to examine the issue afresh and to see whether the assessee carried on the development of infrastructure facilities cumulatively with the activities of design, development, operation, maintenance, financial involvement, defect correction of the contract executed by the assessee itself. In the event, the assessee itself carried on the development of infrastructure f....... + More
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2012 (10) TMI 1254
Unexplained Cash Credits u/s 68 - Genuineness of sales along with the identity of the buyers was argued to be in dispute. Onus to prove was casted upon the assessee to explain the credits in the books which was duly discharged by him by presenting all details along with regular books of accounts, sale invoices, vouchers, receipt books etc. Still addition was made by AO u/s 68 on the ground that books of purchasers didn't contain any entry regarding such transactions. HELD THAT:- CIT(A) has rightly come to the conclusion that the addition m....... + More
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2012 (10) TMI 1253
... ... ... ... ..... petitioner, in OS No. 60 of 2003. He is very much alive, and available to be examined and cross-examined. Therefore, the conditions incorporated in Section 33 of the Act, themselves bar the marking of the deposition of the petitioner recorded in another suit. Added to that the 1st respondent failed to establish any of the conditions stipulated in the provision, which are independent of each other. 5. The trial Court relied upon the judgment of the Calcutta Court in Dukhiram Dey v. Mrityunjoy Prasad Daw, AIR 1982 Cal. 294. ....... + More
