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ABHINANDAN EXPORTS VS. ITO, WARD 23(1)(6) & ORS. (Bombay High Court)
BOMBAY HIGH COURT: Bombay HC quashes reassessment notice and order disposing objections on the basis of affidavit in reply filed by the jurisdictional AO accepting error in issuing the impugned notice and order in view of year ending pressure leading to paucity of time to examine the audit objection; Assessee was subjected to scrutiny assessment for AY 2013-14… Read More ...
Shree Balkrishna Commercial Ltd vs Pr CIT (ITAT Delhi)
ITAT Delhi : 263 quashed Read More ...
Dy CIT central Circle 2 V/s Bhagyalaxmi Rolling Mills Pvt Ltd (ITAT Pune)
PUNE ITAT: Subsidy received under PSI 2007 from Government of Maharashtra was to promote industrial growth in the less developed areas of the State and also to provide employment in such area, hence such subsidy has to be a capital receipt not chargeable to tax. The amendment in provision of sec. 2(24) sub-clause (xviii) is applicable from… Read More ...
UOI v. Ashish Agarwal (Supreme Court)
Supreme Court: S. 148 : Reassessment – Notice – Section 148 notices issued by the Assessing Officers shall be deemed to have been issued under Section 148A as substituted by the Finance Act, 2021 and to be treated as show¬ cause notices in terms of Section 148A(b) of the Act -The Assessing Officers shall, within 30 days… Read More ...
Union of India & Ors. vs. Ashish Agarwal (Supreme Court)
Supreme Court: Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021 1. All notices issued under pre amended section 148 will be deemed to be issued under newly introduced section 148A 2. Revenue Authorities to follow the new procedure 3. All defences available to both the revenue and the assessee(s) under amended section 149.… Read More ...
Unisource Hydro Carbon Services Private Limited & anr. vs. Union of India & ors. (Calcutta High Court)
Calcutta High Court, Division Bench: The Hon’ble Justice T.S. Sivagnanam And The Hon’ble Justice Hiranmay Bhattacharyya, passed judgement on 22.04.2022 and 02.05.2022 and allowed the Writ petition and set aside the order of the Learned Single Judge passed by the Hon’ble Justice Nizamuddin in WPA no. 2852 of 2022 and also set aside the orders of the Principal Commissioner of… Read More ...
Vapi Infrastructure and Industrial Township LLP v ITO (Bombay High Court)
Bombay High court: Section 147 – Reopening – Lenders had shown very less income in the ITR – Held reopening is bad on account of change of opinion – High Court shows indulgence towards AO, refrains from issuing notice for perjury and imposing costs for making wrong statement in reply. Reopening was done beyond fours years on the… Read More ...
Kalpesh Synthetics Pvt. Ltd. v. Dy. CIT (ITAT Mumbai)
Mumbai Tribunal : S. 143(1) : Assessment -Adjustment based on Audit report - Employees contribution to provident fund-Amendment in Finance Bill 2021-Adjustment is not justified. [S. 2(24(x), 36(1)(va), 43B] Allowing the appeal of the assessee the Tribunal held that adjustment made by the CPC on the basis of Audit report is not valid as it is contrary to… Read More ...
Kalpesh Synthetics Pvt Ltd vs. Deputy Commissioner of Income Tax, CPC (ITAT Mumbai)
ITAT Mumbai: The Assessing Officer-CPC has used a standard reason to the effect that “As there has been no response/the response given is not acceptable, the adjustment(s) as mentioned below are being made to the total income as per provisions of Section 143(1)(a)”, and has not even struck off the portion inapplicable. To put a question to… Read More ...
Maharashtra Oil Extraction Pvt. Ltd. v. Dy.CIT (Bombay High Court)
Bombay High Court : S. 147 : Reassessment-With in four years-Change of opinion- Payment to related parties-Incentives to senior employees- Difference in VAT return and Turnover as per profit and loss account-Reconciliation-Questions asked in the course of original assessment proceedings-No discussion in the assessment order- Reassessment notice was quashed. [S. 40A(2)(b), 148, Art. 226] The assessment of the petitioner… Read More ...