Saturday, July 30, 2011

ITR (TRIB): Volume 10 : Part 5 Issue dt.01-08-2011

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))

Volume 10 : Part 5 (Issue dated : 01-08-2011)














----Concealment of income--Notice--Assessee responding to notice--Typographical error in notice would not render it invalid--Income-tax Act, 1961, s. 271(1)(c)-- SVC Projects P. Ltd. v. Joint CIT (Visakhapatnam) . . . 552

----Concealment of income--Effect of Explanation 2 to section 271(1)(c)--Addition to income or deduction of loss should be computed for earlier assessment year--Discrepancy in accounts found during income-tax survey--Revised return filed to cover discrepancy--Assessment accepting return--Explanation 2 to section 271(1)(c) not applicable--Penalty not leviable--Income-tax Act, 1961, s. 271(1)(c)-- SVC Projects P. Ltd. v. Joint CIT (Visakhapatnam) . . . 552

Wealth-tax --Valuation of property--Assessing Officer adopting value according to Departmental Valuation Officer's report--Sale price best indicator for valuing property--Value declared in Form No. 37-I approved by competent authorities--Proper--Wealth-tax Act, 1957-- Asst. CWT v. Gujarat Lease Financing Ltd. (Ahmedabad) . . . 575

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Income-tax Act, 1961 :

















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