Bombay High Court: CBDT can not curtail power of CCIT granted U/s 279(2) of the Act by issuing guidelines for time limit. Compounding application can be filed at any time even when the matter is pending at appeal stage either before Magistrate or at session court. Read More ...

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High Court of Bombay: Hon'ble High Court held that if the notice issued under section 148 of the Income-tax Act, 1961 merely quotes the information flagged on the insight portal without neither depicting therein the results of the independent investigation conducted if any of the said information by the Assessing Officer nor connecting the assessee to the transactions specified… Read More ...

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Supreme Court of India : Bilag Industries Pvt ltd & Anr Vs Commissioner of Central Excise, Daman & Anr(Supreme Court) Date-22nd March 2023 Sub-Who can be said to be related person u/s 4(4)(c) of the Central Excise Act, 1944 to enable the authorities to discard the transaction value and arrive at a valuation otherwise? The Supreme Court in this decision… Read More ...

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Calcutta High Court: In cases where there is a discrepancy between the income figures in the TDS certificate and Form 26AS, the income figure shown in Form 26AS should be taken as the basis for computing the assessee's income. This is because Form 26AS is generated by the Income-tax department and is not under the control of the… Read More ...

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Supreme Court of India : Commissioner of Central Excise and Service Tax , Kanpur Vs AR Polymers Pvt ltd(Supreme Court) Date-21st March 2023 Sub-Whether sale to an institutional customer for onward sale to consumer qualifies for exemption u/s 4(A) of Central Excise Act,1944? The apex court here was dealing with a case where footwear was being supplied under a contract… Read More ...

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Calcutta High court : Indu Goenka Vs Assessment Unit, Income-tax department & Ors(Calcutta High Court) Date-16th March 2023 Sub-Whether assessment completed without following standard operating procedure is a valid assessment? The Division bench of Calcutta high court in this case was considering an intra court appeal where Justice Nizamuddin refused to interfere against challenge to the assessment order which… Read More ...

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Gujarat High Court : Section 153C read with section 144 orders and penalty orders quashed and set aside for de novo adjudication on the ground of no opportunity of hearing being given to the assessee, the same were sent on old email address of the assessee Read More ...

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Bombay High Court : The reopening of the assessment based on a different method of computation or application of the section is nothing but a change of opinion, which is impermissible in law. The assessments were completed, and the Officer verified the only transaction during the year under consideration. Thus, there was true and full disclosure of the facts. Read More ...

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High Court of Bombay: Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal. Only after the Assessing Officer has duly verified the information reflected on the Insight Portal, he is vested with the power to initiate reassessment proceedings. Read More ...

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Rajkot Tribunal : Denying the exemption under Section 80P of the Act merely on the ground of belated filing of return by the assessee is not justifiable. Read More ...

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