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Rajeev -- Portfolio

Rajeev Kumar

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On proving his innocence, accused was acquitted of offences under FERA & FEMA...
Nov. 05, 2015
In search & seizure, enforcement officer seized Rs 4 lacks. Show cause notice & summons were issued to accused. Trial Court acquitted him on basis of oral & testamentary evidence. On appeal HC upheld Trial court decision stating that accused has proved his innocence by way of marking documents. His confession was obtained by coercion. Therefore acquitted for offence u/s 9(1)(b) & 9(1)(d) & Sec 56(1)(i) of FERA Act & sub-Se...
Def. of rent u/s 194-I do not provide any item for vehicle hire charges, ITAT.
Nov. 03, 2015
Assessee developed areas. It hired cars on fixed rent & deducted tax at rate of 2% treating same as contract. AO raised demand for short-deduction of tax u/s 201 & interest u/s 201(1A). CIT upheld it. On appeal ITAT held, definition of rent u/s 194-I does not provide any item for vehicle hire charges. Therefore, provisions of Sec.194-I had been wrongly applied by AO. Thus, demand & interest thereon for short fall noted by AO were deleted.-010563
Contingent liability w/r/o unexpired risk, not "accruing liability" u/r 2. SC
Oct. 30, 2015
Assessee-Co. ran different insurance business. On question whether amounts shown by insurance company as reserves for unexpired risks on pending policies were liable to be deducted u/r 2, HC held against assessee. On appeal SC held, reserve liability can't have contributed to running of business. Can't be held to be "accruing liability" within rule 2. Hence, contingent liability in respect of unexpired risk is not "accruing liability" u/r 2.-010425
Gains made on sale of investments by a share trader are capital gains and sho...
Nov. 26, 2015
Assessee invested in shares & securities. In return of assessee disclosed certain short-term capital gains on account of sale of shares. AO held, sale & purchase was not in nature of investm't & held it as business income & levied penalty. On appeal CIT(A) deleted penalty, as capital gains particulars were duly disclosed in return as well as in balance sheet as stock-in-trade for business. On appeal, ITAT & HC upheld CIT(A) decision.
Applicant held not liable to tax in India in view of DTAA between India & USA.
Nov. 02, 2015
Discounted margin described as income by way of interest within meaning of Sec. 2(28A) & Sec. 9(1)(v) by AO. On appeal AAR held, discounting of bill of exchange or promissory note being a purchase of instrument as it were & especially when it is discounted without recourse, it has to be held that applicant is not liable to tax in India in view of DTAA between India & USA. Applicant will not be subject to withholding of tax u/s 195 of I.T.Act.-010557
Singular act of oppression is enough to grant appropriate reliefs held CLB.
Nov. 04, 2015
Petition alleging oppression & mismanagement committed by 2nd & 3rd Respondent in affairs of first Respondent company. Held, shares were gifted by petitioner has not been proved by respondents. Therefore, depriving petitioner from his shares with mala fide motive & for no valid reason, amounts to grave act of oppression. It is continuous wrong & is still persisting. Thus, this singular act of oppression is enough to grant appropri...
Strict parameter laid, to be followed for registration as charitable society, HC
Nov. 02, 2015
Assessee-society was charitable institution u/s 2(15). It ran school. AO denied Rs.5 lacks given by 'S' to school as given for charitable purpose. CIT & Tribuanl dismissed appeal against it. On appeal HC held, organization will have to measure up to strict parameters laid down to continue to enjoy benefit of exemption from payment of Income-tax, failing which it may be deprived of its registration as charitable institution & benefit of exemption....
Collector has power to release defaulter if amount due is paid.
Oct. 30, 2015
Assessee was arrested on ground of will fully with holding payment of arrears of tax & for tax evasion. On appeal HC set him free. On appeal SC held against HC decision stating that, Collector has power to release defaulter if amount due is paid. One of conditions precedent to action u/s 48 is existence of arrears of revenue. On payment of arrears, that condition no longer exists & debtor must clearly be entitled to release & freedom from arrest....
Assessee was under bona fide belief of not liable for tax audit, penalty deleted
Jan. 13, 2016
Assessee was Govt. appointed licensed vendor for sale of stamps. AO held, total value of stamps was assessee's turnover & he was liable for audit u/s 44AB. On non-compliance AO levied penalty u/s 271B. On appeal, CIT(A) held AO justified in levying penalty. On appeal ITAT held, Govt. retained over all control over stamps, assessee was under bona fide belief of being not liable for audit of a/c u/s 44AB, thus, penalty imposed u/s 271B was deleted.

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