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Unique Trading Company v. ITO (Bombay High Court)
Bombay High Court: S. 276C : Offences and prosecutions-Wilful attempt to evade tax- Death of managing partner-Failure to pay self assessment tax-Tax and interest was paid before launching of prosecution-Delay of eight years in depositing the tax and interest-Launching of prosecution is quashed. [S. 220, 276(2), 277, 278B, Code of Criminal Procedure, 1973, S. 482] The appellant is… Read More ...
Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)
ITAT, Panaji, Goa : Interest attributable to borrowings irrespective of its nature and type utilized in creating Capital assets or Capital-WIP which is yet to put to use/operation or commercial production therefrom yet to start has rightly subjected to disallowance by virtue of proviso to section 36(1)(iii) of the Act. From the assessment year 2004, in creating any capital… Read More ...
Coda Global LLC vs. The Deputy Commissioner of Income Tax, International Taxation – 1(1) and others (Madras High Court)
Madras High Court: Assessee LLC, incorporated in USA became eligible for refund of Rs.2,19,51,010/- vide an intimation u/s. 143(1) of IT Act on 21.03.2022. Since refund was not granted, petitioner raised a grievance with CPC on 22.04.2022, that it is unable to input the SWIFT code and IBAN as per Sl.No.13.b. of the ITR. Eventually, after being informed… Read More ...
New India Assurance Company Ltd v. ACIT (Bombay High Court)
Bombay High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Assessment year 2013-14-Six years expired on 31st March, 2020-Notice issued on 28th July, 2022-Notice issued beyond six years-Barred by limitation-Taxation and other laws (Relaxation and Amendment of certain provisions, Act, 2020 (TOLA) has not applicable for the Assessment year 2013-14-Instructions are not binding on… Read More ...
Ramprasad Kamtaprasad Nigam v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 271(1)(c) : Penalty-Concealment -Disallowance of claim under section 54 of the Act-Levy of penalty is not justified. [S. 54] The assessee made an investment in SRA project and claimed exemption under section 54 of the Act . The claim was disallowed and the assessee has not filed an appeal against the disallowance. The Assessing… Read More ...
Dombivali Paper Mfg. Co. Pvt. Ltd. v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 271(1)(c) : Penalty-Concealment-Bogus purchases-Estimate of income-Ex-parte order-Penalty is deleted-Tribunal also observed that when the necessary facts and circumstances and material on the basis of which, the issue in the appeal has to be decided, are already on record, this Tribunal would be slow in directing such remand which may ultimately lead to multiplicity of… Read More ...
The Bombay Society of the Salesian Sisters India, v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 11 : Property held for charitable purposes – Expenditure incurred for renovation of school building and payment of taxes - Allowable as application of income though the assessee is not owner of the building. [S. 11(1)(a)] The appellant had incurred an expenditure on repairs/renovation of the school building and towards payment of property taxes.… Read More ...
Court on its own motion v. Virendra Singh, Advocate (Delhi High Court)
Delhi High Court : Contempt of Courts Act , 1971 . S. 2(c)(i) : Contempt of Court-Criminal contempt-For making Scandalous , unwarranted and baseless imputations against several sitting Judges of the High Court and district Courts-Court has sentenced a lawyer to six months imprisonment after holding him guilty of criminal contempt. [S. 5, 14, 15] Contemnor has made certain… Read More ...
Sunderlal Bajaj HUF v. DCIT (ITAT Delhi)
Delhi Tribunal: S. 153C : Assessment-Income of any other person-Search-Recording of satisfaction -Additional ground-Question of law admitted-Document Identification Number / Document Number (DIN/DN)- CBDT circular -Binding on the Assessing Officer-Not mentioned in the assessment order-Order is quashed and set aside. [S. 119, 143(3), 254(1), 292B] Before the Tribunal the assessee has raised an additional ground based on… Read More ...
Central Bank of India v. Superfine Profile and Extrusions Pvt. Ltd. (NCLT Mumbai)
NCLT, Mumbai Bench: The NCLT has inter alia held that the date of default with respect to a corporate guarantor is the date on which the guarantor fails to make payment after being called upon to pay, and that the date of default of the principal borrower is not relevant for determining the date of default of the… Read More ...