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OERLIKON BALZERS COATING INDIA PRIVATE LIMITED VS. UNION OF INDIA & ANR (BOMBAY HIGH COURT)
BOMBAY HIGH COURT: DTVSV-A is a beneficial statute FAQ 61 of the circular 21/2020 dated 4th December 2020 issued by the CBDT to the extent that it restricts appeals to the ones ‘dismissed in limine’ are not only adverse to the interest of the assessee but also contrary to the object and reasons of DTVSV-A. Read More ...
UCB India Pvt. Ltd. vs. ACIT (ITAT Mumbai)
Income-tax Appellate Tribunal, Mumbai : The Judgment of Supreme Court in CIT vs. Apex Laboratories (442 ITR 1) does not ipso facto mean that expenses are disallowable under section 37(1) of the Act, the same requires investigation into facts. Therefore, the Assessing Officer cannot rectify the assessment under section 154 of the Act. Read More ...
Late Sh.Ashok Kumar Goel through legal heir Sh.Sahil Goel vs. NFAC, Ministry of Finance, Delhi (ITAT Amritsar)
ITAT Amritsar Bench, Amritsar: Concession of extending another opportunity to the assessee in proceedings ex-parte both before the AO and CIT(Appeals) by the Hon'ble ITAT Bench. 1.Whether concession of extending another opportunity to the assessee is warranted when the matter was heard ex-parte both in adjudication and appellate proceedings before the AO and Commissioner (Appeals) ? 2.Whether assessee is… Read More ...
The Nakodar Primary Cooperative Agriculture Development Bank Ltd vs. Income Tax Officer, Nakodar (ITAT Amritsar)
ITAT Amritsar Bench, Amritsar: Issues before the Hon'ble ITAT Amritsar Bench, Amritsar. 1.Whether revenue has power to make disallowance under section 40A(7) on a due perusal of tax audit report submitted by the auditor for the respective year under reference ? 2.Whether assessee must be given an opportunity of being heard before the revenue proceeds to sustain disallowance under… Read More ...
Mr. Rajesh Prabhudas Parekh vs. CIT(A), ITO National Faceless Appeals Centre, Delhi. (ITAT Mumbai)
MUMBAI ITAT: In such a scenario, it would be unsafe to rely only on the statement of Shri Vivek Mohanani, which has been recorded behind the back to the assessee to saddle the addition without some corroborative material which has been found during search showing that the assessee and his wife had paid cash of Rs.7,72,000/- over… Read More ...
ACIT Vs Om Shree Agrotech Pvt Ltd (ITAT Pune)
Income Tax Tribunal, Pune : This latest decision is about invalidity of action of AO in rejecting the books. The ITAT held that; The rejection of books as envisaged u/s 145(3) invariably talks about defects in accounts of the assessee. Thus defects in the accounts of third party with whom the assessee had any transaction would to empower the assessing… Read More ...
Shakti Singh Gulia vs ITO (ITAT Delhi)
Delhi ITAT: terms of Section 40A(3) r.w.s. 40A(3A) are not absolute. Consideration of business expediency and other relevant factors are not excluded from the ambit of these provisions. Genuine and bona fide transactions are not taken out of the sweep of such provisions. In the light of nature of business, the assessee has sufficiently demonstrated that strict… Read More ...
MSP Metallics Limited Vs ACIT & Ors (Calcutta High Court)
Calcutta High Court : MSP Metallics Limited Vs ACIT & Ors(Calcutta High Court) Date-May 25th 2023 Sub-Whether when Corporate Insolvency Resolution Plan(CIRP) is initiated against an entity, the income tax department can initiate fresh proceeding either civil or criminal and the pending proceeding is required to be stayed in view of Section 238 of the IBC. The Calcutta high… Read More ...
Improvement Trust v. ACIT(E) (ITAT Chandigarh)
CHANDIGARH TRIBUNAL: S. 11 : Property held for charitable purposes-Object of improvement in the town of Sangrur-Activities cannot be held to be commercial in nature - Entitle to exemption. [S. 2(15), 12, 13(8)] The objects/activities of the trust is improvement in the town of Sangrur. The Assessing Officer held that the activities of the trust with regard… Read More ...
General Electric Company v. ADIT (ITAT Mumbai)
Mumbai Tribunal: S. 148 : Reassessment-Notice-Objection to recorded reason was not disposed off by a separate speaking order-Order is bad in law. [S. 143(3), 147] Tribunal held that the reassessment framed without disposing off the objections for reasons recorded is bad in law and liable to be quashed . Relied on KSS Petron Pvt. Ltd. v. ACIT… Read More ...