October 2009

Sec. 271(1)(c )

Karnataka H.C : Rectification entries were passed subsequently and the goods were taxed during the asst. yr. 199798 in the hands of M/s Rajesh Industries which is contrary to the facts of the case; since the assessee and M/s Rajesh Industries did not file revised returns subsequent to rectification of account entries and consequently recorded a perverse finding

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High Court Of Karnataka CIT & Anr. vs. Pranam Metals Section 271(1)(c) Asst. Year 1997-98 V.G. Sabhahit & S.N. Satyanarayana,

Income Tax Case Laws

Karnataka H.C : There were no irregularities pointed out by the AO in order to reject the books of account and estimate the gross profit based on the previous years despite the fact that in the survey it was found that the assessee did not maintain stock books, no separate books indicating the raw materials and finished goods, discrepancies found in cash book, etc., and on oath the assessee had undisclosed income of Rs. 10,94,000 which he came forward to offer for tax and consequently recorded a perverse finding

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High Court Of Karnataka CIT & ANR. vs. Swastik India Asst. Year 2000-01 V.G. Sabhahit & S.N. Satyanarayana, JJ. IT

Section 13, Sec. 271(1)(c ), Section 271

Himachal Pradesh H.C : Whether, the absence of the proviso to section 13 of the Interest-tax Act, 1974 corresponding to Explanation 3 to section 271(1)(c) of the Income-tax Act, 1961, could render the case ineligible for penalty under section 13 of the Interest-tax Act even on the differential amount of tax sought to be evaded i.e., the difference of tax sought to be evaded on chargeable interest assessed by the Assessing Officer and chargeable interest returned by the assessee

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High Court Of Himachal Pradesh CIT vs. H.P. State Co-Operative Bank Assessment Year : 1992-93 Section : 13,271(1)(C) Deepak Gupta

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