Judgement Phrase "Prejudicial to the interest of the Revenue" is of wide import and is not confined to loss of taxes only (Sarvottam Caps Pvt. Ltd., Kolkata vs. Principal Commissioner of Income Tax)(Income Tax Appellate Tribunal) (11.03.2024)In facts of present case, the assessment was completed under Section 143(3) of the Income Tax Act, 1961 (IT Act). The assessee debited the provision f.... MANU/IK/0105/2024Direct TaxationFor claiming deduction under Section 80P of IT Act, return of income has to be filed within due date specified under Section 139(1) of Act (Shri Gangaparameshwari Uraban Co-operative Credit Society Ltd. Vs. Income-Tax Officer)(Income Tax Appellate Tribunal) (15.03.2024)The assessee is a co-operative credit society, registered under the Karnataka Co-operative Societies Act, 1959. For the assessment year 2018-2019, the.... MANU/IL/0061/2024Direct TaxationInherent power under Section 151 of CPC, can be invoked in appropriate cases to re-open the evidence or to recall witness for further examination (Pushpa Devi and Ors. Vs. Pawan Sehrawat and Ors. (Neutral Citation:2024:DHC:1950))(High Court of Delhi) (11.03.2024)The present petition has been filed by the Petitioners under Article 227 of the Constitution of India, 1950 for setting aside the impugned order passe.... MANU/DE/1855/2024CivilAssessing Officer is not vested with an authority to travel beyond the net profit shown in the profit and loss account (Principal Commissioner of Income Tax (CENTRAL) - 1 Vs. Moon Star Securities Trading & Finance Co. Pvt. Ltd. (Neutral Citation: 2024:DHC:2007-DB))(High Court of Delhi) (11.03.2024)The present appeal under Section 260A of the Income Tax Act, 1961 [ IT Act], at the instance of the Revenue, impugns the order passed by the Income Ta.... MANU/DE/1857/2024Direct TaxationMere breach of contract, by one of the parties, would not attract prosecution for criminal offence in every case (Naresh Kumar and Ors. Vs. The State of Karnataka and Ors. (Neutral Citation: 2024 INSC 196))(Supreme Court) (12.03.2024)The Appellants before present Court have challenged the order of the High Court by which their petition under Section 482 of Code of Criminal Procedur.... MANU/SC/0193/2024CriminalDirector of Company can be liable for dishonour of cheque, if he was in charge of day-to-day affairs of the company or a signatory to the cheque (Susela Padmavathy Amma vs. Bharti Airtel Limited (Neutral Citation: 2024 INSC 206))(Supreme Court) (15.03.2024)The present appeals challenge the common judgment and order passed by the High Court, whereby the High Court rejected the prayer for quashing of compl.... MANU/SC/0202/2024Banking