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ACIT vs. ARMEE INFOTECH (ITAT AHMEDABAD)
-ITAT AHMEDABAD : A perusal of the scheme of Income Tax Act, it would reveal that once the donation has been made, the donee is not under obligation to keep a track of the donation, and nothing left in his hand which can ask for return of these amounts. There is no such provision provided in the Act.… Read More ...
Manish Lakhotia Vs Income Tax Officer (Calcutta High Court, Circuit Bench at Jalpaiguri)
Calcutta High Court, Circuit Bench at Jalpaiguri : The department is bound to by the clarification issued by the Apex Court in the case of LG Electronics (2018) 18 SCC 447 with regards to stay of demand for amount lesser than 20%. Read More ...
Sandeep Kabra & Ors Vs Bureau of Immigration & Ors (Calcutta High Court)
Calcutta High Court : Sandeep Kabra & Ors Vs Bureau of Immigration & Ors(Calcutta High Court) Date-28th March 2023 Sub:Whether suspended directors of a company who are guarantors can be restricted from travelling outside Country by a Bank by issuing lookout circular on account of being Wilful defaulter? The Calcutta High Court in this case was considering the petitioners’… Read More ...
JM Financial Asset Management Ltd. v. DCIT (ITAT Mumbai)
Mumbai Tribunal : S. 147 : Reassessment-After the expiry of four years-Mutual fund Spill over expenses, offer expenses, SEBI Registration fee-On the same set of facts reassessment order is bad in law-Assessing Officer has no power to review the assessment order-Order of reassessment was quashed. [S. 148] The assessment of the assessee was completed under section 143(3) of… Read More ...
Jetkool Exports India v. NFAC (ITAT Mumbai)
Mumbai Tribunal : S. 40(b)(v) : Amounts not deductible - Partner - Remuneration - Supplementary deed operates retrospectively if the deed is in accordance with the law - Disallowance of remuneration was deleted. [S. 40(b)(ii)] The AO disallowed the remuneration paid to partners on the ground that the remuneration was not paid in accordance with the original deed… Read More ...
CCE Aurangabad Vs Videocon Industries Limited (Supreme Court)
Supreme Court of India : CCE Aurangabad Vs Videocon Industries Limited(Supreme Court) Date:29th March 2023 Sub-Whether LCD panels are to be classified as part of television sets or audio players or independently for charging Customs duty? The Apex Court in this case was dealing with the classification of LCD Panels which were imported and were to be used as part… Read More ...
Footcandles Film Pvt. Ltd. Vs . Income Tax Officer – TDS – 1 (Bombay High Court)
Bombay High Court: CBDT can not curtail power of CCIT granted U/s 279(2) of the Act by issuing guidelines for time limit. Compounding application can be filed at any time even when the matter is pending at appeal stage either before Magistrate or at session court. Read More ...
Anwar Mohammed Shaikh vs. ACIT (BOM. HC)
High Court of Bombay: Hon'ble High Court held that if the notice issued under section 148 of the Income-tax Act, 1961 merely quotes the information flagged on the insight portal without neither depicting therein the results of the independent investigation conducted if any of the said information by the Assessing Officer nor connecting the assessee to the transactions specified… Read More ...
Bilag Industries Pvt ltd & Anr Vs Commissioner of Central Excise, Daman & Anr (Supreme Court)
Supreme Court of India : Bilag Industries Pvt ltd & Anr Vs Commissioner of Central Excise, Daman & Anr(Supreme Court) Date-22nd March 2023 Sub-Who can be said to be related person u/s 4(4)(c) of the Central Excise Act, 1944 to enable the authorities to discard the transaction value and arrive at a valuation otherwise? The Supreme Court in this decision… Read More ...
PCIT vs. Nirmali Bhadra (Calcutta High Court)
Calcutta High Court: In cases where there is a discrepancy between the income figures in the TDS certificate and Form 26AS, the income figure shown in Form 26AS should be taken as the basis for computing the assessee's income. This is because Form 26AS is generated by the Income-tax department and is not under the control of the… Read More ...