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II. Direct Tax Case laws:
1. CIT Vs. Neera Bhandari, ITA No. 162/2013, Date of decision 22.03.2013, Delhi High Court
Whether the amount received as result of execution of a will of deceased relative be considered as short term capital gain?
Held: No
In
the instant case, the assessee received a sum of money on account of a
sale of land as specified in the will of her deceased father. A part of
money was received during her father’s lifetime and rest afterwards. The
Tribunal relying and examining the facts provided that even if the
amount is considered as income the assessee is entitled to the benefit
u/s 56(2)(v). The appeal made to the Hon’ble High Court was dismissed
stating the fact as no question of law arises for consideration.
(Please click here for judgment)
2. Bharat Petroleum Corporation Ltd. Vs. ITAT Mumbai, Writ Petition No.
2158 of 2012, Date of decision 10.04.2013, Bombay High Court
Whether ignorance of law would provide a chance to make an appeal against the order of an authority?
Held: No
In
the instant case, the petitioner assessee made an appeal after the
lapse of the time limit specified in the Income Tax Act, 1961 against
the order of the Appellate Tribunal as the order of remand was made
against only one of the issues specified by the assessee. The Hon’ble
High Court dismissed the appeal as the ignorance of law is not justified
and the same was dismissed.
(Please click here for judgment)
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