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Ajay Ajit Tanna vs. UOI & Ors. (Bombay High Court)
Bombay High Court: S. 148 (old provisions) - initiation on the basis of third party search - reasons for reopening recorded as "null" - material relied upon not provided to the Petitioner - held, no reason to believe - no tangible material available - thus, failure to establish live-link with such tangible material - procedure prescribed under GKN… Read More ...
CIT-7 Vs. Paville Projects Pvt ltd (Supreme Court)
Supreme Court : CIT-7 Vs. Paville Projects Pvt ltd (Supreme Court) Date-6th April 2023 Sub-Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholder can be cost of improvement for computation of capital gains ? The Apex court in this case was dealing with the deduction which… Read More ...
ACIT vs. ARMEE INFOTECH (ITAT AHMEDABAD)
-ITAT AHMEDABAD : A perusal of the scheme of Income Tax Act, it would reveal that once the donation has been made, the donee is not under obligation to keep a track of the donation, and nothing left in his hand which can ask for return of these amounts. There is no such provision provided in the Act.… Read More ...
Manish Lakhotia Vs Income Tax Officer (Calcutta High Court, Circuit Bench at Jalpaiguri)
Calcutta High Court, Circuit Bench at Jalpaiguri : The department is bound to by the clarification issued by the Apex Court in the case of LG Electronics (2018) 18 SCC 447 with regards to stay of demand for amount lesser than 20%. Read More ...
Sandeep Kabra & Ors Vs Bureau of Immigration & Ors (Calcutta High Court)
Calcutta High Court : Sandeep Kabra & Ors Vs Bureau of Immigration & Ors(Calcutta High Court) Date-28th March 2023 Sub:Whether suspended directors of a company who are guarantors can be restricted from travelling outside Country by a Bank by issuing lookout circular on account of being Wilful defaulter? The Calcutta High Court in this case was considering the petitioners’… Read More ...
JM Financial Asset Management Ltd. v. DCIT (ITAT Mumbai)
Mumbai Tribunal : S. 147 : Reassessment-After the expiry of four years-Mutual fund Spill over expenses, offer expenses, SEBI Registration fee-On the same set of facts reassessment order is bad in law-Assessing Officer has no power to review the assessment order-Order of reassessment was quashed. [S. 148] The assessment of the assessee was completed under section 143(3) of… Read More ...
Jetkool Exports India v. NFAC (ITAT Mumbai)
Mumbai Tribunal : S. 40(b)(v) : Amounts not deductible - Partner - Remuneration - Supplementary deed operates retrospectively if the deed is in accordance with the law - Disallowance of remuneration was deleted. [S. 40(b)(ii)] The AO disallowed the remuneration paid to partners on the ground that the remuneration was not paid in accordance with the original deed… Read More ...
CCE Aurangabad Vs Videocon Industries Limited (Supreme Court)
Supreme Court of India : CCE Aurangabad Vs Videocon Industries Limited(Supreme Court) Date:29th March 2023 Sub-Whether LCD panels are to be classified as part of television sets or audio players or independently for charging Customs duty? The Apex Court in this case was dealing with the classification of LCD Panels which were imported and were to be used as part… Read More ...
Footcandles Film Pvt. Ltd. Vs . Income Tax Officer – TDS – 1 (Bombay High Court)
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 ...
Anwar Mohammed Shaikh vs. ACIT (BOM. HC)
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 ...