| |
| The Tax Publishers2019 TaxPub(DT) 8306 (SC) INCOME TAX ACT, 1961
Section 261 Section 5
Where the department preferred SLP to appeal against the judgment of Bombay High court in CIT v. Pancard Clubs Ltd. [ITA Nos. 2255 & 2290 of 2011, dt. 9-5-2014] : 2014 TaxPub(DT) 4056 (Bom-HC), whereby the High court held that the finding of fact that the schemes oblige the assessee to refund not only the advance but also the surrendered value, then, the further conclusion that the assessee incurs a liability and no income accrues to the assessee on receipt of this advance, Tribunal's order could not be said to be perverse or vitiated by any error of law apparent on the face of record. The Supreme Court granted four weeks time of applicant to life affidavit of valuation and deficit Court fee, failing which the appeal would stand dismissed for non-prosecution
|
Appeal (Supreme Court) - Special leave petition - Income - Accrual--Refund of advance to members in case of non-utilization of scheme
Department preferred SLP to appeal against the judgment of Bombay High court in CIT v. Pancard Clubs Ltd. [ITA Nos. 2255 & 2290 of 2011, dt. 9-5-2014] : 2014 TaxPub(DT) 4056 (Bom-HC), whereby the High court held that the finding of fact that the schemes oblige the assessee to refund not only the advance but also the surrendered value, then, the further conclusion that the assessee incurs a liability and no income accrues to the assessee on receipt of this advance, Tribunal's order could not be said to be perverse or vitiated by any error of law apparent on the face of record.Held: The Supreme Court granted four weeks time to applicant to file affidavit of valuation and deficit court fee, failing which the appeal would stand dismissed for non-prosecution.
 SUBSCRIBE FOR FULL CONTENT
|