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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 ...
Hasmukhlal Madhavlal Patel & Anr Vs Ambika Food Products Pvt ltd and Ors(Supreme Court)
Supreme Court: Hasmukhlal Madhavlal Patel & Anr Vs Ambika Food Products Pvt ltd and Ors(Supreme Court) Date-June 15,2023 Sub- Disproportionate allotment of shares in a right issue by a Private limited Company- Duty of Director- Applicability of Section 81 of the Companies Act, 1956 The Supreme Court in this case was dealing with an interesting situation where… Read More ...
Prem Chopra Vs Assistant Commissioner of Income-tax, Circle 46(1) New Delhi (Delhi High Court)
Delhi High Court : Prem Chopra Vs Assistant Commissioner of Income-tax, Circle 46(1) New Delhi[Delhi High Court] Date-25th May 2023 Sub: Whether on same set of facts, diametrically opposite view can be taken by issuing notice u/s 148 in one year whereas dropping the proceedings in another year? Cogent and consistent answering to every “why” is the DNA of… Read More ...
ITO v. Saloni Jewellers Pvt. Ltd. (Add. Chief Metropolitan Magistrate (Mum.)
ADDL. CHIEF METROPOLITAN MAGISTRATE: S. 276CC : Offences and prosecutions-Failure to furnish return of income - Return filed late-Directors of the firm held guilty-Sent to rigorous imprisonment for six months. [S. 139, 278E, CPC, 248(2), 313] The accused was having taxable income for A.Y. 2014¬-2015. The director of the company by written submission stated that the profit of company… Read More ...
Star India Private Limited v. ACIT-16(1), Mumbai (ITAT Mumbai) (Special Bench)
Mumbai Tribunal: S. 92C : Transfer pricing-Arm’s length price-Bundle of Sport Broadcasting Rights-Most Appropriate Method-CUP Method and Other Method-Report of an independent Valuer-Assessee can resile from the Most Appropriate method selected earlier -The Most Appropriate Method is other Method - On the facts the Assessing Officer was justified in making transfer pricing adjustment in the international transaction… Read More ...
Zainul Abedin Ghaswala v. NFAC (ITAT Mumbai)
Mumbai Tribunal: S. 54F : Capital gains- Investment in a residential house-Co-owner of more than one house-Eligible for deduction-Precedent-When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed. [S. 45, 54] The assessee is an individual, claimed deduction under section 54F of the income-tax Act. The Assessing Officer… Read More ...