CIT v. Sahara Financial Corporation Ltd.

456 ITR 788Supreme Court of India2023#25044 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2023 to 2024.

Issues it is cited on

section 269tsection 269sssection 273bsection 271dsection 269levy of penaltysection 26reasonable causepersonindiainterest

Judgments citing CIT v. Sahara Financial Corporation Ltd.

Palghat Fine Arts Society, Palakkad vs. JCIT Palakkad Range, Palakkad

In the result, the appeals are allowed

ITA 109/COCH/2023[2012-13]Status: DisposedITAT Cochin10 May 2024AY 2012-13

Bench: Shri Sanjay Arora, Am & Ms.Kavitha Rajagopal, Jm

For Appellant: Ms.Rajalakshmy M, CAFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR
Section 269SSection 269TSection 271DSection 271E

…as rightly observed by the ld. CIT(A), is the existence or otherwise of a reasonable cause/s, proving which precludes penalty in terms of s.273B of the Act. Reasonable cause is principally a matter of fact (viz. CIT v. Sahara Financial Corporation Ltd. [2023] 456 ITR 788 (SC)). The primary facts are not disputed, with in fact the transactions being admitted and confirmed by both the President and the Secretary. Reasonable cause has not been defined under the Act, and we would therefore be required to fall on the common understanding of these words, as indeed the manner in which the expression has been read and un…

The Kalpetta Service Co-Operative Bank Ltd, Kalpetta vs. The ITO, Ward 1, Kalpetta

ITA 852/COCH/2022[2015-2016]Status: DisposedITAT Cochin27 Feb 2023AY 2015-2016

Bench: Shri Sanjay Arora, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Sri.Anil D.Nair, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 269SSection 271DSection 273B

…v. Sahara India Financial Corporation (in ITA Nos.637-38, 640 & 646/2011, dated 20.09.2012 / copy on record), upholding the deletion of penalty by the Tribunal, and which had since found approval by the Hon'ble Apex Court per it’s judgment reported at [2023] 456 ITR 788 (SC). As explained therein, ‘reasonable cause’ being essentially a matter of fact, the same, unless perverse, does not lead to a substantial question of law. 4. We have heard the parties, and perused the material on record. 4.1 The assessee returned nil income, claiming deduction u/s.80P(1) r/w s. 80P(2)(a)(i) of the Act on the entirety of it’s…

The Kalpetta Service Co-Operative Bank Ltd, Kalpetta vs. The ITO, Ward 1, Kalpetta

ITA 851/COCH/2022[2015-2016]Status: DisposedITAT Cochin27 Feb 2023AY 2015-2016

Bench: Shri Sanjay Arora, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Sri.Anil D.Nair, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 269SSection 271DSection 273B

…v. Sahara India Financial Corporation (in ITA Nos.637-38, 640 & 646/2011, dated 20.09.2012 / copy on record), upholding the deletion of penalty by the Tribunal, and which had since found approval by the Hon'ble Apex Court per it’s judgment reported at [2023] 456 ITR 788 (SC). As explained therein, ‘reasonable cause’ being essentially a matter of fact, the same, unless perverse, does not lead to a substantial question of law. 4. We have heard the parties, and perused the material on record. 4.1 The assessee returned nil income, claiming deduction u/s.80P(1) r/w s. 80P(2)(a)(i) of the Act on the entirety of it’s…