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Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors (Calcutta High Court)
Calcutta High court : Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors Date-21st December 2022 Forum-Calcutta High Court Sub- Whether on account of non reconciliation of purchases reflected by the party in GSTR 1 without supplying necessary details, the assessment order passed u/s 143(3)/144B is sustainable in law? The Division bench of Calcutta high Court in… Read More ...
Kusharaj Madhav Bhandary v. ITO (Bombay High Court)
Bombay High Court : S. 270AA : Pendency of Rectification application - whether has an impact for assessing whether assessee has made payment of tax & interest so as to be eligible for immunity u/s. 270AA. In an interim order passed by the Bombay High Court, the Court stayed an order imposing penalty on an assessee when the application… Read More ...
Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) *
Supreme Court : Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) * Date-15th December, 2022 Sub-*Whether an insurance company even after receiving the insurance premium, can refuse to honour its contract when the insured person dies immediately after taking the home loan.* An interesting issue arose in this case when the insured… Read More ...
P.R. Packaging Service v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 43B : Deductions on actual payment-Adjustment u/s. 143(1)(iv)(a)-Disallowance under section 36(1)(va) of the Act- Assessing Officer could not make disallowance based on observations made in Tax audit report that payments were made after due date specified under respective Acts- Adjustment u/s 143(1)(iv)(a) of the Act is bad in law - Judgement of Supreme Court… Read More ...
State of Jharkhand and others Vs Linde India limited and another (Supreme Court)
Supreme Court of India : State of Jharkhand and others Vs Linde India limited and another (Supreme Court) Date- 2nd December, 2022 Sub-Whether oxygen which is used in the production of steel can be said to be a raw material and thus eligible for concessional rate of tax @ 1% instead of normal rate of 3% under the Bihar Finance… Read More ...
Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT -4 Pune (ITAT Pune)
INCOME TAX APPELLATE TRIBUNAL PUNE BENCH: Interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Income Tax Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) of IT Act. PCIT was not justified in passing revision order U/s 263 of the Act on this issue. Read More ...
Mondelez India Foods Private Limited vs Addl. CIT (ITAT Mumbai)
ITAT Mumbai: Computation of limitation period section 92CA(3A) and 153(1) of the Act. In calculating 60 days – the day on which limitation to pass assessment order expires has to be excluded Under section 92CA(3A) and 153(1) of the Act the TPO is required to pass order u/s. 92CA(3) of the Act at any time before sixty… Read More ...
SMT. REKHA SHEKHAWAT vs. PRINCIPAL COMMISSIONER OF INCOME TAX (ITAT Jaipur)
ITAT: Revision—Erroneous and prejudicial order—Lack of proper enquiry vis-a-vis assessment of additional income as business income—During the course of survey under s. 133A assessee's husband admitted unrecorded income in the case of his wife i.e., assessee which was stated to be advances made for property in the course of her real estate business—Unrecorded trade advances and… Read More ...
ITO v. Rajni D. Saini (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Transfer-The assessee had acquired right in the ownership of the flat at the time of issuance of allotment letter-Date of allotment letter is to be considered as date of purchase-Addition made on the basis of stamp valuation on the date of registration was deleted. [S. 2(47), 56(2)(vii)(b)] During the… Read More ...
Hemant Lalwani v. ITO (Bombay High Court)
Bombay High Court : S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Compounding application-Failure to dispose the compounding application by the Principal Commissioner-Directed the Principal Commissioner to dispose the pending compounding application with in the period of three months from today and not later than 27th February 2023. [S. 204, 278B, 279(2), Art.… Read More ...