January 2011

Sec. 271(1)(c )

Delhi H.C : the assessee company to the short terms capital asset as a long term capital asset is not a colorable device used by the assessee company to pay lower rate of tax on the gain accruing from the sale of immovable property under the garb of ‘Long Terms Capital Gain’ which was actually the short terms capital gain attracting normal rate of tax

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High Court Of Delhi CIT vs. Splender Construction Section 271(1)(c ) Asst. Year 2003-04 A. K. Sikri & Indermeet Kaur,

Section 147, Section 148, Section 149

Gujarat H.C : Whether section 149 merely prescribes maximum time-limit for issuance of notice under section 148, based upon amount involved; this section does not in any manner override proviso to section 147 which lays down that no action shall be taken under section 147, after expiry of four years from end of relevant assessment year unless conditions stipulated thereunder are satisfied

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High Court Of Gujarat Sayaji Hotels Ltd. vs. ITO-Ward 4(3) Assessment Year : 2003-04 Section : 147, 148, 149 Ms.

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