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II. Direct Tax Case laws:
1.
CHIRONJILAL SHARMA HUF Versus UNION OF INDIA AND OTHERS, CIVIL APPEAL
NO. 10601 OF 2013, Date of Order : 26.11.2013, Supreme Court of India.
Whether
S. 132B(4)(b)/ 240/ 244A entitles assessee to receive interest on cash
appropriated during search even if refund is directed in appeal
proceedings.
Held Yes
S.
132B(4)(b) of the Act clearly shows that where the aggregate of the
amounts retained under Section 132 of the Act exceeds the amounts
required to meet the liability under Section 132B(1)(i), the department
is liable to pay simple interest at the rate of fifteen percent on
expiry of six months from the date of the order under Section 132(5) of
the Act to the date of the regular assessment or re-assessment or the
last of such assessments or reassessments, as the case may be.
In the instant matter the department denied the payment of interest
to the assessee under Section 132B(4)(b), on the ground that the refund
of excess amount is governed by Section 240 of the Act and Section
132B(4)(b) of the Act has no application. But, in our view, Section
132B(4)(b) deals with pre-assessment period and there is no conflict
between this provision and Section 240 or for that matter 244(A). The
former deals with reassessment period in the matters of search and
seizure The view of the department is not right on the plain reading of
Section 132B(4)(b) of the Act as indicated above.
(Please click here to view the Judgment)
2. Commissioner of Income-tax, Delhi –V v. New Delhi Television
Ltd., ITA NO. . 1404 OF 2009 & 1691 OF 2010, Date of Order :
10.09.2013, Delhi High Court.
Where
Assessing Officer, during course of original assessment proceedings,
delved deep into question of deduction under section 80HHF and was
satisfied that deduction made were as per law, Commissioner could not
revise amount without recording contrary finding
(Please click here to view the Judgment)
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