Excerpt: if an explanation given by the assessee with regard to the mistake committed by him has been treated to be bona fide and it has been found as of fact that he had acted on the basis of wrong legal advice, the question of his failure to discharge his burden in terms of explanation … Continue reading ‘Concealment of income’ and ‘furnishing of inaccurate particulars’ carry different connotations. Concealment refers to deliberate act on the part of the assessee. A mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi.
Income-tax Act (11 of 1922)-Hindu undivided family–Defaults in payment of tax-Whether Karta can be detained.
Excerpt: The Legislature having treated a Hindu undivided family as a taxable entity distinct from the individual members constituting it, and proceedings for assessment and recovery of tax having been taken against the Hindu undivided family, it was not open to the Tax Recovery Officer to initiate proceedings against the manager of the Hindu undivided … Continue reading Income-tax Act (11 of 1922)-Hindu undivided family–Defaults in payment of tax-Whether Karta can be detained.
Gajanan Agro Farms,, Kolhapur vs Department Of Income Tax
under section 2(1A) of the Income-tax Act only agricultural income is defined and is required to be a source of income. It is not necessary that in order to come within the ambit of the Income-tax Act, the person has to be an agriculturist. It is sufficient if revenue is derived from agricultural activities conducted on a land situated in India which is used for agricultural purposes. Therefore, the CIT(A) was justified in holding that the firm can be an agriculturist which derives revenue from agricultural activity. 11. In this regard the CIT(A) rightly referred to the explanatory notes to the Finance Act 19