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L.K.P. Merchant Financing Ltd. v. Dy. CIT (Bombay High Court)

Bombay High Court : S. 36(1)(vii) : Bad debt-Pendency of dispute-Lease rental- Depreciation-Once a business decision has taken to write off a debt as a bad debt in books of account should sufficient to allow the claim as bad debt. [S. 36(2)] The assessee is a non Banking Finance Company engaged in the business of inter alia of lease… Read More ...

Vipul Agarwal Vs ITO (Delhi High Court)

Delhi High Court: Vipul Agarwal Vs ITO (Delhi High Court) Date-19th July, 2022 Sub-Delay of 10 days in filing the return by the Company of which the petitioner was a director- Prosecution u/s 276CC launched by the department-No notice to treat the director as Principal officer u/s 2(35)- Effect of ? The Delhi High Court in this case… Read More ...

PCIT-9, Kolkata Vs Sreeleathers (Calcutta High Court)

Calcutta High Court: *PCIT-9, Kolkata Vs Sreeleathers (Calcutta High Court)* *Date-14th July, 2022* *Sub-Whether addition u/s 68 can be made casually by assessing officer by simply saying that the loan creditor companies are paper companies and the assessee is involved in money laundering? * The Division bench of Hon’ble Calcutta High Court in this case was considering appeal… Read More ...

PCIT (Investigation) & Ors Vs Laljibhai Kanjibhai Mandalia (Supreme Court)

Supreme Court: PCIT (Investigation) & Ors Vs Laljibhai Kanjibhai Mandalia (Supreme Court) Date-13th July,2022 Sub-Whether the sufficiency or inadequacy of the reasons to believe recorded can be gone into while considering the validity of an act of authorization to conduct search and seizure- Supreme Court lays down principles on which the Courts can interfere when action is… Read More ...

Vidarbha Industries Power Limited Vs Axis Bank Limited (Supreme Court)

Supreme Court of India : Vidarbha Industries Power Limited Vs Axis Bank Limited(Supreme Court) Date -12th July, 2022 Sub-Whether NCLT has the power to look into merits and stall insolvency proceedings when an application is filed by a financial creditor u/s 7 of the Insolvency and Bankruptcy Code(IBC)- Landmark decision in favour of the defaulting company. The Supreme Court of… Read More ...

PCIT-III, Banglore & Anr Vs WIPRO (Supreme Court)

Supreme Court of India : PCIT-III, Banglore & Anr Vs WIPRO(Supreme Court)* *Date-11th July 2022* *Sub-What is the effect of filing of revised return, when a revised return can be filed and whether a claim once made in the original return can be subsequently withdrawn by filing the revised return*. The Apex Court in this case was considering in this… Read More ...

Sanjeevkumar Biharilal Kabra vs UOI (Bombay High Court, Aurangabad Bench)

Bombay High Court Bench Aurangabad: No assessment order under Section 153-A of the Act, 1961, the amount seized can not be retained there is no provision in the Income Tax Act regarding the payment of interest as well as compensatory interest. The Department cannot deliberately delay the payment of the amount due payable with interest from the date of the… Read More ...

Sukhdev Singh Kang vs. ITO, Nakodar (ITAT Amritsar)

ITAT Amritsar: Where the notice u/s 148 was issued by a non jurisdictional assessing officer and later the case was transferred to the jursidcitional assessing officer, the assessment framed was bad in law and accordingly quashed. Read More ...

PCIT v. Swati Bajaj and Ors. (Calcutta High Court)

Calcutta High Court : S. 68 : Cash Credits-Penny Stock-Capital gains-Shares with increased value of about 2823%-Genuineness of price hike to be established-Onus on the assessee-Order of Tribunal is reversed- Addition as cash credit is affirmed-Revision is held to be valid. [S. S.10(38), 45, 263] The assessee had purchased 50,000 shares of the Surabhi Chemicals and Investment Ltd for… Read More ...

Bank of India v. ACIT (ITAT MUMBAI)

Mumbai Tribunal : S. 250 : Appeal-Commissioner (Appeals)-Procedure-Faceless Appeal Scheme-Video Conference-Natural justice-Opportunity for personal hearing not granted-Retrospective effect-Order set aside and remanded back. [S. 250(6B), National Faceless Appeals Scheme 2020, Rule 12(2), 12(3), 13(2)] Where the assessee specifically requested for an opportunity of hearing through the video conferencing, and the NFAC declined the same and simply proceeded to… Read More ...