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Sahil Infra Creative Pvt Ltd v. ITO (Gujarat High Court)
Gujarat High Court : S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Shell company-Natural justice-Reply was filed in response to notice under the old regime-Order passed without considering the objection was set aside-Directed to pass the order considering the objections filed by the assessee. [S. 143(2), 148, 148A(b), 148A(d), Art. 226] The petitioner engaged in the business… Read More ...
Addl. CIT v. Tejal Ashis Mehta (ITAT Mumbai)
Mumbai Tribunal : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015) S.43: Penalty for failure to furnish in return of income, information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India-Foreign insurance policy was not declared in the return- Bonafide mistake- Levy of the penalty of… Read More ...
Aashna Roy Vs ITC Hotels Limited (National Consumer Disputes Redressal Commission)
National Consumer Disputes Redressal Commission: Aashna Roy Vs ITC Hotels Limited (National Consumer Disputes Redressal Commission) Date-26th April, 2023 Sub-Compensation for deficiency in service for wrong hair cut- amount maintained at Rs 2 crore- Interest @ 9% pa awarded from the date of complaint till date. In this second round of litigation where the complainant had been appearing in person,… Read More ...
Union of India and another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court)
Supreme Court of India : Union of India and another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court) Date-3rd May 2023 Sub-Whether an auditor who is charged with offence under Section 140(5) of the companies Act dealing with non-reporting of fraud in a company can get away by simply resigning as an Auditor and thereby rendering the provisions… Read More ...
Agreeko Energy Rental Vs DCIT (ITAT Pune)
Pune ITAT: Original cost of Goodwill shall be WDV for depreciation for AY 2012-13 Read More ...
BIMLAKUMARI LAJPATRAJ HURRA Versus INCOME TAX OFFICER (Gujarat High Court)
Gujarat High Court : Reassessment under the old scheme - Reopening under section 148 - return processed under Section 143(1) - reasons stated that Capital Gain not disclosed by the assessee - Petitioner had filed objections and pointed out that capital gains were disclosed - objections rejected - Petitioner filed a writ stating reopening was invalid as the entire… Read More ...
The Jt. Commissioner of Income Tax(OSD), Circle-5, Pune vs M/s. Runwal Realtors Pvt. Ltd (ITAT Pune)
ITAT Pune: Amount waived off by Investors i.e. Holders of Floating Rate Notes (FRNs) issued by Assessee Company to raise funds through External Commercial Borrowings (ECB), resulting into redemption of FRNs at a discounted rate below face value, is not taxable as income u/s 28(i), 28(iv) or under section 41(1) of Income Tax Act, 1961. Read More ...
ACIT vs. M/s. Jila Sahakari Kendriya Bank (DCCB) (ITAT Indore)
ITAT Indore: Facts: (i)The assessee had claimed a total deduction of Rs. 10,00,00,000/- u/s 36(1)(viia) under two captions, namely : a)Provision for Non-Performing Assets - Rs. 5 crores; and b)Provision for standard assets – Rs. 5 crores. (ii) The Ld. AO after analysing section 36(1)(viia) of the income tax framed a view that: “Provision for NPA” is… Read More ...
Chennai Port Authority v. NFAC
MADRAS HIGH COURT: S. 144B : Faceless Assessment-Natural justice-Hearing though video conference-Voluminous documents-Department has agreed to provide physical hearing at Chennai-Faceless converted to interface-Assessment order was set aside-Petitioner was directed to appear before Assessing Officer at Chennai. [S. 11, 260A, Art. 226] The petitioner has filed the return claiming the depreciation, which was disallowed by the Assessing Officer… Read More ...
Ajay Parasmal Kothari v. ITO
Mumbai Tribunal : S. 4 : Charge of income-tax-Re development of building-Monthly rental compensation received from the builder for rent of alternative accommodation-Not utilised for paying alternative accommodation-Capital receipt-Not taxable as income from other sources-Delay of 1566 days in filing the appeal is condoned. [S. 56, 254(1)] The Tribunal condoned the delay of 1566 days in filing of… Read More ...