BANGALORE ITAT: additional income declared during the course of survey can be treated as business profits and remuneration paid to partners on the same is to be allowed u/s 40(b) - Held Yes Read More ...

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Supreme Court: Quashing of proceedings initiated under PMLA- Claim of the Respondent was that he is not a pubic servant and hence the amount in question, as long as it was in the hands of respondent, could not be said to be tainted money; that it assumed such character only after it was received by the public… Read More ...

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Mumbai Tribunal : S. 144C : Reference to dispute resolution panel-Transfer pricing-No variation in Arm’s Length Price-Barred by limitation-No draft order as assessee is not an “eligible assessee”- Draft order and final assessment order is quashed. [S. 92CA(3), 144C(15)(b)] The assessee has challenged the draft assessment order on thee ground that the assessee is not an ‘eligible assesseee… Read More ...

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Supreme Court of India : Directorate of Enforcement Vs P Kishore (Supreme Court) Date-31st October 2022 Sub-Whether handing over money with the intent of giving bribe, such person will be assisting or will knowingly be a party to an activity connected with the proceeds of crime for being tried under Prevention of Money Laundering Act(PMLA) The Supreme Court in this… Read More ...

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Mumbai Tribunal : S. 254(2A) : Appellate Tribunal-Stay-ITAT has power to grant stay only if the asseessee pays 20 % of the tax in dispute or furnishes equal amount of security of like amount. [S. 220(6), 253, 254(1)] The Assessee filed a stay application before ITAT against demand raised Assessee submitted that most issues were covered and hence… Read More ...

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Supreme Court: Art. 136 : Special Leave to appeal by the Supreme Court - Harassment by Department - Unnecessary SLP - Respondent suffering from Cancer - Cost of Rs.1,00,000 was imposed on the Officer to be recovered from his salary. The Department filed an SLP against an order granting bail to the respondent on account of malignancy… Read More ...

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United Kingdom Supreme Court: Guest and another Vs Guest (United Kingdom Supreme Court) Date-19th October 2022 Sub-Whether promise by a father to a son to give him property by way of inheritance in lieu of son doing work for father can give rise to claim by a son when father disowns him and removes his name from the will.… Read More ...

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Delhi High Court : S. 148 (b) of Income Tax, 1961 - Reassessment proceedings - Transactions of purchase and sale of shares – Notice under Section 148A(d) issued on different ground as reasons in 148A(b) – If Foundational allegation is missing in the notice issued under Section 148A(b) - Same cannot be incorporated by Issuing Supplementary Notice. The Show… Read More ...

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Mumbai Tribunal : S. 69 : Unexplained investments-Long term capital gains-Penny stock-Denial of exemption is not valid. [S. 10(38), 45, 131, 133A] The AO assessed the consideration received on sale of shares as penny stock and denied the exemption on the basis of information received from the Investigation wing pertaining to survey action conducted in the case of… Read More ...

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Supreme Court of India: Assistant Commissioner of Income-tax (Exemptions) Vs Ahmedabad Urban Development Authority (Supreme Court) Date-19th October 2022 Sub-What is the meaning of the Object of General Public Utility(GPU) in Section 2(15) of the Income-tax Act,1961 and when that object of GPU gets converted into trade, commerce or business so as to attract the limits laid down in… Read More ...

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