Shankar Narayan and Ors. v. State of Karnataka and Anr.

Kesarwani & C0., Allahabad vs. Jt.CIT., Allahabad

In the result the appeal of the assessee is partly allowed

…on his powers and he was not restricted to the consideration of only incriminating material or undisclosed valuables. He also quoted from the decision of Hon’ble Karnataka High Court in the case of Shankar Narayan and Ors vs. State of Karnataka and Anr (2004) 276 ITR 56(Kar), to hold that the introduction of provisions of section 153A was to avoid litigation proliferating on the issue of, “undisclosed income” and if the same controversy was raised under the new provisions, the avowed purpose of bringing the new provisions would be forfeited. Thus, relying on the said judgment, he held that the ld. AO had to compu…

Kesarwani & C0, Allahabad vs. Jt CIT, Allahabad

In the result the appeal of the assessee is partly allowed

…on his powers and he was not restricted to the consideration of only incriminating material or undisclosed valuables. He also quoted from the decision of Hon’ble Karnataka High Court in the case of Shankar Narayan and Ors vs. State of Karnataka and Anr (2004) 276 ITR 56(Kar), to hold that the introduction of provisions of section 153A was to avoid litigation proliferating on the issue of, “undisclosed income” and if the same controversy was raised under the new provisions, the avowed purpose of bringing the new provisions would be forfeited. Thus, relying on the said judgment, he held that the ld. AO had to compu…

Kesarwani & Co., Allahabad vs. Jt.CIT, Allahabad

In the result the appeal of the assessee is partly allowed

…on his powers and he was not restricted to the consideration of only incriminating material or undisclosed valuables. He also quoted from the decision of Hon’ble Karnataka High Court in the case of Shankar Narayan and Ors vs. State of Karnataka and Anr (2004) 276 ITR 56(Kar), to hold that the introduction of provisions of section 153A was to avoid litigation proliferating on the issue of, “undisclosed income” and if the same controversy was raised under the new provisions, the avowed purpose of bringing the new provisions would be forfeited. Thus, relying on the said judgment, he held that the ld. AO had to compu…

Ace Manufacturing Systems Limited vs. The Addl. Commissioner of Income-Tax

Appeal stands dismissed

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

…of Income-Tax v. Nestor Pharmaceuticals Limited - (2010) 322 ITR 631 (v) Metropolitan Springs Pvt. Ltd. v. Commissioner of Income-Tax, (Central) Bombay – (1981) 132 ITR 893 (vi) Commissioner of Income-Tax v. Himalyan Magnesite Ltd. – (2005) 276 ITR 56 16 to contend that the year of commercial production is relevant and not the year wherein the products were manufactured on trial basis. There cannot be any dispute with regard to said proposition of law. A provision in a statue must be interpreted with regard being had to the object for which the section was enacted nam…