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2012 (11) TMI 1333
... ... ... ... ..... r interference. 41. It was contended that possession of the land is not taken and no developmental activity has been done. In these circumstances, it is open to this Court to set-aside the acquisition and restore the land to the petitioners. That question would have arisen if, the petitioners had not alienated the property, or they were cultivating the lands as rightful owners or they were living there with their family members. If they have executed a sale deed and received the consideration under the sale deed and have p....... + More
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2012 (11) TMI 1332
... ... ... ... ..... affidavit in lieu of chief examination, this right given to the complainant cannot be extended to an accused. Therefore, without expressing any opinion on merits of the case, I think that the Trial Court committed an error in accepting the affidavit filed by the respondents in lieu of chief examination and as there is an inherent defect in procedure adopted, the impugned orders will have to be set aside. In the result, the appeals are allowed. The judgment and order acquitting the respondents for the charge under Section 1....... + More
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2012 (11) TMI 1331
... ... ... ... ..... Order granting anticipatory bail to them, therefore, deserves to be confirmed. We feel that if the conditions imposed by learned Sessions Judge are confirmed, it would be possible for the investigating agency to interrogate the accused effectively. 10. In the circumstances, we quash and set aside the impugned orders. Anticipatory bail granted to the Appellants-accused 6 and 7 by learned Additional Sessions Judge by order dated 23/01/2012 is hereby confirmed. The Appellants-accused 6 and 7 shall cooperate with the investiga....... + More
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2012 (11) TMI 1330
... ... ... ... ..... on the nature of the allegation made against the petitioner having any nexus with official duty. Sanction will be required where offence alleged has connection with his official duty and the same can be considered when evidence of witnesses would be recorded during the trial. The same view has been reiterated in subsequent judgments of the Hon ble Supreme Court as well as by this Court. So far the issue, no case is made out against the petitioner, this Court does not find any error in the order passed by the Chief Judicial....... + More
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2012 (11) TMI 1329
... ... ... ... ..... tion nos. 1 and 2 are answered in the light of the decision given in Tax Appeal No. 14/1999R dated 13th June, 2012. 4. So far as question no. 3 is concerned, it is with respect to deletion of disallowances in respect of expenditure incurred on community development for the assessment year 1993 94/1994 95 under the head of expenditure for sports, recreation and Game expenses. 5. In view of the reasons given in two judgments of the Delhi High Court in the cases of Commissioner of Income Tax Vs. Delhi Cloth General Mills Co. ....... + More
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2012 (11) TMI 1328
... ... ... ... ..... erent opinions on the question by different Judges. That is why the matter was referred to a Larger Bench and the Larger Bench rendered the decision in Aneetha Hada's case (supra). In the above circumstances, I am of opinion that the petitioner should be given another opportunity to continue the prosecution before the Magistrate, after arraigning the company also as an accused in the three cases. Accordingly, the matter is remanded to the Judicial First Class Magistrate's Court-I, Ernakulam for fresh disposal of C........ + More
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2012 (11) TMI 1327
... ... ... ... ..... aking a claim u/s 37(1) as expenditure or u/s 36(2) as a bad debt. This expenditure cannot be allowable under this provision where this expenditure is not an expenditure incurred for the purpose of assessee's own business and also this is loss of capital and cannot be allowed as a bad debt as discussed in earlier paras. Accordingly, these grounds of the appeal are dismissed. 29. Since the issue is materially identical to the one decided by the coordinate bench in the case of VST Industries Ltd. (supra), respectfully fo....... + More
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2012 (11) TMI 1326
... ... ... ... ..... machinery. Therefore, we find that there is no infirmity in the order of the Commissioner of Income-tax(Appeals) and this ground is also liable to be rejected. 4. Now, coming to the appeal filed by the Revenue, the ground is that the Commissioner of Income-tax(Appeals) has erred in allowing the depreciation claim of the assessee on project assets at the rate of 10% applicable to buildings. It is the case of the Revenue that the assessee is not entitled for any amount of depreciation, as the assessee is not the owner of the....... + More
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2012 (11) TMI 1325
... ... ... ... ..... relied on the orders of the CIT(A) and A.O. 13. We have perused the rival contentions and submission and heard the arguments from both the sides. It is fact that the assessee had not charged any interest in case of Pranjee Properties P. Ltd. on Rs.30 lacs and Impact Impex on Rs. 11 lacs, which were advanced during the year. Remainings were advanced in earlier years. The appellant had various interest free funds available in form of share capital, reserve surplus, share application money substantially. Further, the unsecure....... + More
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2012 (11) TMI 1324
... ... ... ... ..... er). 35. A reading of the Order clearly displays that submissions of both parties were considered, relevant material was placed on record, and a decision reached consequent thereto. The fact that no specific violations of a particular Section of the Companies Act or the DIP Guidelines are mentioned does not vitiate the order; as the first stage of investigation is only preliminary and based on reasoning provided by the SEBI, it was advised to appoint an Investigating Authority to further determine the veracity of these cla....... + More
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2012 (11) TMI 1323
... ... ... ... ..... case has conducted an enquiry prior to issuance of summons as envisaged by Section 202 Cr. P.C. 10. This Court is also of the view that the Supreme Court in the case of K.T. Joseph (supra) upheld the order of the learned Single Judge setting aside the summoning order as in that case, the Magistrate had specifically stated that he was not considering the sworn statements of the witnesses at the pre-cognizance stage. 11. Consequently, this Court sees no merit in the present petitions. 12. However, as this Court has been info....... + More
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2012 (11) TMI 1322
... ... ... ... ..... ssessee so as to invoke Explanation 1 to section 41(1). In our opinion, it is just a case of capitalizing the interest expenditure to comply with the monetary requirements of AS-10 by passing the necessary entries in the books of account which has not resulted in any advantage or benefit to the assessee either by way of remission or cessation of any liability or in any other manner. The addition made by the AO and confirmed by the learned CIT(Appeals) on this issue thus is not sustainable and deleting the same, we allow gr....... + More
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2012 (11) TMI 1321
... ... ... ... ..... e benefit of deduction under sec.80IA treating the windmill as a separate and independent business unit. 6. Once the above stand is upheld, the next question is whether the income from carbon credit is to be assessed under other sources or under the head business. There is no basis to treat such income as income from other sources. It is not an income from other source. On the other hand, it is the income coming from the business of running the windmill. The income from sale of carbon credits is earned by the assessee in t....... + More
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2012 (11) TMI 1320
... ... ... ... ..... eedings are initiated before two separate courts, it may result in conflicting of decisions, duplication of evidence, waste of time etc. There is no legal bar for the Special Court (Economic Offence) to try for the offences punishable under IPC which are interlinked with the offences under the provisions of the Companies Act. On the other hand the proceedings before the Special Court cannot be transferred to the regular Magistrate. In the circumstances, it is necessary in the interest of both the parties to transfer the pr....... + More
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2012 (11) TMI 1319
... ... ... ... ..... izens. Appellant No. 1 who happens to be the father-in-law of the complainant-wife has been a Major General, by all means, a respectable position in the Army. But the nature of the allegations made against the couple and those against the husband, appear to be much too specific to be ignored at least at the stage of framing of charges. The Courts below, therefore, did not commit any mistake in refusing a discharge. 18. In the result, this appeal fails and is hereby dismissed. Keeping, however, in view the facts and circums....... + More
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2012 (11) TMI 1318
... ... ... ... ..... m computed as per para 56(i). 57. The respondent would be entitled to proportionate costs in the suit and as regards the appeal the parties shall bear their own costs. Noting that the appellant was required to deposit the decretal amount as a condition of stay of the decree and that the appellant has deposited the same out of which the respondent has received 50% of the decretal amount by furnishing an indemnity bond that the amount would be refunded with interest @ 9% should the decree be reversed, since the sum decreed b....... + More
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2012 (11) TMI 1317
Writ petitions Challenging the liability of Nalco (Project) on non-compliance with the provisions of Employees' State Insurance Act, 1948 (ESI Act), 1948 and Regulations framed therein until the ESI Dispensary functions effectively and starts parallel service to such Contract Labourers - The petitioner (NALCO) manages some of its work in the Project establishment through Contractors by way of tender works and at present its project establishment has contract labourers. Such works are generally conducted through tender process to different ....... + More
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2012 (11) TMI 1316
... ... ... ... ..... de to treat the same as deemed concealment of income. It is a settled law that every addition of income by the A.O. will not automatically attract levy of penalty. From the reading of explanation 1(B) to sec. 271(1)(c) it is clear that while computing the total income of an assessee, if the assessee fails to prove that the explanation is bonafide then there will be a deemed concealment by the assessee. Seen in the background of the provisions of Sec. 271(1)(c) and the aforesaid decisions of the High Court, in the present c....... + More
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2012 (11) TMI 1315
... ... ... ... ..... ettled legal position, we consider it fair and appropriate to vacate the findings of the ld. CIT(A) as also set aside the reassessment order and remit the matter to the file of the AO with the directions to follow the procedure laid down by the Hon ble Apex Court reiterated by the Hon ble jurisdictional High Court. The AO shall dispose of the preliminary objections by passing a speaking order and only thereafter proceed with the reassessment in accordance with law. With these observations, ground nos.1 2 in the appeal are ....... + More
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2012 (11) TMI 1314
... ... ... ... ..... nafide and inadvertent error, the assessee while submitting its return, failed to add the provision for gratuity to its total income. This can only be described as a human error which one is prone to make. Absence of due care does not mean that the assessee is guilty of either furnishing of inaccurate particulars or attempting to conceal its income. 11. Considering the totality of facts and circumstances in the present case and seen in the light of the decision of the Apex Court in the case of Price Waterhouse Coopers (sup....... + More
