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Krishna D. Pawar v. ITO (ITAT Mumbai)
Mumbai Tribunal: S. 69C : Unexplained expenditure-Capitalisation fee-Admission in medical college-Scribbling made on the back side of two pages which does not reveal that assessee had made any payment- Failure to give an opportunity of cross examination of Dean- Addition was deleted. [S. 132] The AO issued show cause notice to the Assessee stating that he received… Read More ...
Amrita Jhaveri (Ms.) v. Dy. CIT (ITAT Mumbai)
Mumbai Tribunal: S. 147 : Reassessment-After the expiry of four years-Non-Resident-Swiss account funds of non-resident-Credits in HSBC (Geneva) accounts originated outside Indian Territories.-Income deemed to accrue or arise in India-No business connection-Limitation- Extended period of 16 years is not applicable to non-Residents- Reassessment notice and order is held to be bad in law and quashed-DTAA-India-UK-French. [S. 6(1),… Read More ...
Dy. CIT v. Curosis Healthcare Private Limited (ITAT Jaipur)
JAIPUR TRIBUNAL: S. 37(1) : Business expenditure-Sales and business promotion expenses-Gifting freebies to dealers and stockists-Performance in meeting sales targets-Allowable as deduction-Circular No 5 of 2012 dt. 1-8-2012 prohibits the benefit of freebies directly or indirectly to medical practitioners and their professional associations and not to dealers and stockists. Dismissing the appeal of the Revenue the Tribunal… Read More ...
Adityaraj Builders v. State of Maharashtra (Bombay High Court)
Bombay High Court: S. 41 : Endorsement of instruments on which duty has been paid- Development agreement-Alternative accommodation-Re development-Reference to re-development and homes is to be read to include garages, galas, commercial and industrial use and every form of society re-development-No stamp duty on permanent alternate accommodation agreement (PAAA), if the development agreement is stamped-Findings are not limited… Read More ...
Reetu Devi Nanecha Vs ITO TDS (ITAT Jodhpur)
ITAT Jodhpur: ITAT notice that the assessee is an individual and as per facts of the case narrated and not disputed by the revenue authority, found that the assessee alongwith 3 other persons purchased an immovable property for a consideration of Rs.1.20 crores on 03-09-2014. The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs.… Read More ...
M/s. Aditi Constructions v. DCIT (Bombay High Court)
High Court of Bombay: The reassessment proceedings were initiated through issuance of notice under section 148 of the Income-tax Act on the ground that the assessee was one of the beneficiaries of the accommodation entries by way of loan. To rebut such allegations, the assessee had furnished bank statements and other supporting documents. The High Court held that once… Read More ...
Sahil Infra Creative Pvt Ltd v. ITO (Gujarat High Court)
Gujarat High Court : S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Shell company-Natural justice-Reply was filed in response to notice under the old regime-Order passed without considering the objection was set aside-Directed to pass the order considering the objections filed by the assessee. [S. 143(2), 148, 148A(b), 148A(d), Art. 226] The petitioner engaged in the business… Read More ...
Addl. CIT v. Tejal Ashis Mehta (ITAT Mumbai)
Mumbai Tribunal : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015) S.43: Penalty for failure to furnish in return of income, information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India-Foreign insurance policy was not declared in the return- Bonafide mistake- Levy of the penalty of… Read More ...
Aashna Roy Vs ITC Hotels Limited (National Consumer Disputes Redressal Commission)
National Consumer Disputes Redressal Commission: Aashna Roy Vs ITC Hotels Limited (National Consumer Disputes Redressal Commission) Date-26th April, 2023 Sub-Compensation for deficiency in service for wrong hair cut- amount maintained at Rs 2 crore- Interest @ 9% pa awarded from the date of complaint till date. In this second round of litigation where the complainant had been appearing in person,… Read More ...
Union of India and another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court)
Supreme Court of India : Union of India and another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court) Date-3rd May 2023 Sub-Whether an auditor who is charged with offence under Section 140(5) of the companies Act dealing with non-reporting of fraud in a company can get away by simply resigning as an Auditor and thereby rendering the provisions… Read More ...