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C.I.T., DELHI vs. BHARTI HEXACOM LTD (Supreme Court)
Supreme Court: (i) It is trite that where a transaction consists of payments in two parts, i.e., lump-sum payment made at the outset, followed up by periodic payments, the nature of the two payments would be distinct only when the periodic payments have no nexus with the original obligation of the assessee. However, in the present case,… Read More ...
Almech Enterprises v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 69C : Unexplained expenditure-Unexplained investment-Unexplained money-Survey-Cash found less than the amount disclosed in the books of account–Addition cannot be made as an unexplained investment. [S. 69, 69A, 115BBE, 133A, 145] During the survey proceedings in the premises of the Assessee, actual cash of Rs. 11,800/- was found as against the cash in hand of… Read More ...
Ocean Diving Centre Ltd. v. CIT(A) (ITAT Mumbai)
Mumbai Tribunal : Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 . S. 43 : Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset (Including financial interest in any entity) outside India- Asset was not disclosed in Schedule FA-Disclosed in Schedule Part A-85-Bonafide mistake-When… Read More ...
Evershine Recreation Private Limited v. DCIT (ITAT Chandigarh)
Chandigarh Tribunal: S. 147 : Reassessment-After the expiry of four years-Accommodation entries-Shell companies-Borrowed satisfaction-Information from investigation wing-Natural justice- Search-Survey-No failure to disclose material facts-Without the application of mind-Opportunity for cross-examination was not provided-Reassessment was quashed. (Tribunal has passed 359 pages order dealing with all issues on reassessment proceedings.) [S. 131, 132, 132(4), 133(6), 133A, 148, 153A, 153C]… Read More ...
Parina Laboratories Pvt. Ltd. v. ITO (Bombay High Court)
Bombay High Court: S. 144 : Best judgment assessment one-time settlement-Order passed in the year 2016 – High Court set aside the ex-parte order – Directed the Assessing Officer provide all the evidence and recorded reasons -Directed the Jurisdictional Assessing Officer to pass a reasoned order. [S. 147, 148, 179, 264, Art. 226] The Assessing Officer passed an… Read More ...
Naresh Manakchand Jain v. The Registrar, ITAT (Bombay High Court)
Bombay High Court: S. 254(1) : Appellate Tribunal- Powers- Search - Alleged Accommodation entry provider - 32,000+ beneficiaries- Shell companies -Alleged Money Laundering - Direction issued by the Tribunal to AO to intimate/report to SEBI, ED, MCA and ROC regarding details of money laundering activities. [S. 132, 150, S. 11 of Prevention of Money- Laundering Act, 2002; 11,… Read More ...
Pankaj Bansal Vs. Union of India (Supreme Court)
Supreme Court: Under Section 19(1) of the Prevention of Money Laundering Act, 2002 it is necessary that a copy of the written grounds of arrest is furnished to the arrested person without exception. Otherwise, the arrest would be unlawful The chronology of events speaks volumes and reflects rather poorly, if not negatively, on the Directorate of Enforcement… Read More ...
Shri Ishak vs. ITO (ITAT Indore)
ITAT Indore: The subsequent generation of DIN would not change the illegality of the order –ITAT Indore Facts of the case 1. That the order u/s. 154, dated 10.10.2019 was initially issued in manual mode on 10.10.2019, without generating a Document Identification Number (DIN), in contravention of the CBDT Circular No.19 of 2019 dated 14.8.2019. 2. That… Read More ...
Undercarriage and Tractor Parts Pvt. Ltd Vs Dispute Resolution Panel (Bombay High Court)
Bombay High Court : The Bombay High Court has quashed an Assessment order and Directions issued by the Dispute Resolution Panel (DRP). The court's ruling underscores that the DRP's authority to issue directions is limited to cases with pending assessments. Section 144C of the Act presupposes an ongoing assessment process, and if the assessing officer prematurely issues an assessment… Read More ...
DCIT VS. Asian star company limited (ITAT Mumbai)
ITAT mumbai: Even if it is held that the purchases from sales parties are bogus, then also, the proper course would be to determine the profit arising from the purchases by looking at corresponding sales and what amount of gross profit is earned on alleged bogus purchases. If the alleged bogus purchases show gross profit higher than… Read More ...