Taxation Laws (Amendment) Act, 1975

The appellant, Vijay Krishnaswami, was searched in 2016 and Rs.4.93 crore of unaccounted cash was seized, leading the Revenue to initiate prosecution under s.276C(1) of the Income Tax Act for the assessment year 2017-18. The appellant filed a quashing petition and later applied to the Settlement Commission under s.245C…

Shiela Kaushish, a taxpayer, constructed a warehouse in Delhi and let it out to the American Embassy under several leases, eventually receiving a total rent of Rs.34,797 per month from April 1968. For the assessment years 1969-70 and 1970-71, the Income‑Tax Officer treated the actual rent received as the "annual value"…

The Revenue appealed against an order of the Income Tax Settlement Commission concerning Daman! Brothers' settlement application. The Supreme Court examined whether the Commission could waive or reduce interest under Section 220(2) while exercising powers under Section 245(4), whether assessment orders issued before th…

Bihari Lal Jaiswal obtained a retail liquor licence under the Madhya Pradesh Excise Rules and entered into a partnership with ten others to run the business. He applied for registration of the partnership under sections 184 and 185 of the Income Tax Act, but the Income Tax Officer rejected the application because the p…

The respondent owned an undivided one‑third share in a house occupied as his own residence along with his brother and other co‑owners. For assessment year 1962‑63 the Assessing Officer deducted the amount prescribed under Section 23(2) of the Income‑Tax Act from the total annual letting value of the house and then appo…

The case concerned penalty proceedings for the assessment year 1972-73 that had been referred to the Inspecting Assistant Commissioner (IAC) under Section 271(1)(c) and Section 274(2) of the Income Tax Act. The Taxation Laws (Amendment) Act, 1975 deleted sub‑section (2) of Section 274 with effect from 1 April 1976. The…

The petitioner, Chuharmal, filed an income‑tax return for AY 1974‑75 showing a total income of Rs 3,113. During a customs search in May 1973, 565 foreign watches valued at Rs 87,455 were seized from his bedroom. The Income‑Tax Officer issued notices under s.69A of the Income Tax Act to treat the value of the watches as…