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Ashish Agarwal Vs The Institute of Chartered Accountants of India (Delhi High Court)
Delhi high court : Ashish Agarwal Vs The Institute of Chartered Accountants of India(Delhi High Court) Date-01/09/2022 Sub-Whether complaint made against a Chartered accountant in respect of an alleged misconduct committed in audit of accounts for the year 2003-04 to 2007-08 is barred by limitation as per Rule Rule 12 of the Chartered Accountants (Procedure of Investigations of Professional… Read More ...
Sushiladevi R. Somani v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 48 : Capital gains-Computation-Sale of shares-Fair market value as on 1-4-1981-Capital asset-Valuation based on valuation report-Department is not justified in rejecting the valuation adopted on the basis of approved valuer-On the peculiar facts of this case the Tribunal uphold the plea of the assessee, and direct the Assessing Officer to adopt the valuation of… Read More ...
PCIT-4, Kolkata Vs Linde India limited (Calcutta High Court)
Calcutta High Court : PCIT-4, Kolkata Vs Linde India limited Date- 5th September 2022 Forum-Calcutta High Court Sub-Whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made even when the expenditure is not debited to profit and loss account? The Calcutta high court in this case was considering whether when an assessee makes advance payment… Read More ...
VED PRAKASH MITTAL VS UNION OF INDIA AND ORS (Calcutta High Court)
Calcutta High Court: Hon. Calcutta High Court quashes order u/s. 148 A(d) of the Income Tax Act, 1961 relating to the assessment year 2014-2015 on the ground that it was without jurisdiction and being barred by limitation since the initiation of re-opening of the assessment has been made admittedly after six years from the end of the expiry… Read More ...
Abhishek Gupta vs. ITO (ITAT Indore)
ITAT Indore: ITAT Indore Upholds the Action of Revenue in holding LTCG earned from sale of shares of Turbotech Engineering Ltd. (TEL) as Bogus, The Hon. Tribunal followed the decision of Hon. Calcutta High Court rendered in case of PCIT vs. Swati Bajaj ITA No. 06/2022 Dated 14.06.2022 Read More ...
The DCIT vs. Punjab Retail (P) Ltd (ITAT Indore)
itat Indore: section 115BBE which was amended w.e.f. 15-12-16 will not apply to search made prior to this date. drv 115BBE does not apply to excess stock if the business is the only source of Income Read More ...
Hemant Gokhru vs. UOI & Ors. (Rajasthan High Court)
Rajasthan High Court: Rajasthan HC has granted stay in Reassessment matters for AY 2013-14 and 2014-15. Earlier the Hon. Calcutta High Court as well as Punjab High Court had also stayed the reassessment proceedings. Read More ...
PCIT v. Khyati Realtors Private Limited (Supreme Court)
Supreme Court: S. 36(1)(vii) : Bad Debts-Business loss-Amount paid to builder towards acquisition of commercial premises-Write off of the amount as irrecoverable neither allowable as bad debt nor as business loss-Assessee to prove both conditions of section 36(1)(vii) and 36(2) of the Act are satisfied. [S. 28(i), 36(2), 37(1)] The assessee is in the business of real… Read More ...
SS Commotrade Private Limited vs. ITO (Calcutta High Court)
Calcutta High Court: Hon. Calcutta High Court stays reassessment proceedings for AY 2014-15, initiated on the basis of CBDT Instruction No. 01/2022 dated 11th may 2022. Earlier Hon. Punjab and Haryana HC had issued notice on writ petition challenging reassessment proceedings under new regime for AY 2013-14 as time barred and wholly without jurisdiction. Read More ...
Instruction dated 22.08.2022
CBDT: Consequent to order passed by Allahabad High Court passing severe strictures and proposing to levy exemplary cost of Rs 50 lakhs in a writ challenging reopening of assessment on wrong facts, CBDT today ( 22nd August,2022 ) has issued instructions to all its officers that for initiating proceedings under Section 148/147 of the Act, any… Read More ...