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ACIT v. Global Holding Corporation Pvt. Ltd. (ITAT Mumbai)
Mumbai Tribunal : S. 147 : Reassessment - Cash credits - Share application money - Settlement Commission accepted the returned income as per settlement petition – Reassessment notice was issued on the basis of subsequent search action in the group concern - Assessing Officer has no jurisdiction to issue notice under section 148 of the Act after passing… Read More ...
Uniroyal Sthaptya vs. PCIT (ITAT Rajkot)
Rajkot ITAT: The issue which was the subject matter of 263 proceedings has been specifically discussed by the AO during the course of assessment and therefore it is not a case where there has been no enquiry which has been made by the AO on the applicability of provisions of section 115BBE of the Act in the… Read More ...
Cash receipt by ‘Co-op. Society’ from dealer across multiple days not to be aggregated for Sec. 269ST purpose: CBDT
CBDT: Reference was received by the CBDT as to whether receipt of cash by Co-operative Societies from a distributor for the sale of milk on a bank holiday or a day when the bank is closed should be considered a single transaction or aggregated with all such cash receipts from the distributor in the previous year… Read More ...
HARISH JAIN vs. PRINCIPAL COMMISSIONER OF INCOME TAX (ITAT Jaipur)
ITA No. 214 to 216/JPR/2022 For A.Y. 2012-13, 2015-16 & 2016-17RAM KISHAN VERMA VS. PCIT( CENTRAL), Jaipur : Revision—Scope—Non-initiation/initiation of penalty proceedings under wrong provision—Sec. 263 cannot be invoked to correct each and every type of mistake or error committed by the AO—It is only when an order is erroneous as also prejudicial to revenue's interest, that the provision will be attracted—Revisional jurisdiction of the Principal CIT starts only after the conclusion of… Read More ...
Tumkur Minerals (P.) Ltd. v. Joint Commissioner of Income-tax (High Court of Bombay at Goa)
High Court of Bombay at Goa: Facts The A.O. issued the impugned notice dated 29.03.2019 under section 148 of the Income-tax Act, 1961, seeking to reopen the assessment for A.Y. 2012-13. Thus, the impugned notice was issued after the expiry of 4 years from the end of the relevant A.Y. Upon receipt of the impugned notice, the Petitioner sought reasons and… Read More ...
PRINCIPAL COMMISSIONER OF INCOME TAX, SILIGURI -Versus SMT. NIRMALI BHADRA (Calcutta High Court)
Calcutta High Court, Division Bench: Hon'ble Division Bench of High Court at Calcutta upheld the order of Ld. Member of ITAT as the order passed by the learned Tribunal and held that the learned Tribunal had done an elaborate fact finding exercise and has pointed out as to how the assessing officer erroneously relied upon only the figures mentioned in… Read More ...
ITO vs. Rajiv Sareen (ITAT INDORE)
ITAT INDORE: Return filing is a serious business and reporting error cannot be claimed lightly. 1. The assessee had made huge cash deposits in different bank accounts. 2. During assessment-proceeding, the assessee claimed that the cash-deposits were made out of the opening cash-balance available with him. 3. Ld. AO perused the return of income of the immediately… Read More ...
Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors (Calcutta High Court)
Calcutta High court : Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors Date-21st December 2022 Forum-Calcutta High Court Sub- Whether on account of non reconciliation of purchases reflected by the party in GSTR 1 without supplying necessary details, the assessment order passed u/s 143(3)/144B is sustainable in law? The Division bench of Calcutta high Court in… Read More ...
Kusharaj Madhav Bhandary v. ITO (Bombay High Court)
Bombay High Court : S. 270AA : Pendency of Rectification application - whether has an impact for assessing whether assessee has made payment of tax & interest so as to be eligible for immunity u/s. 270AA. In an interim order passed by the Bombay High Court, the Court stayed an order imposing penalty on an assessee when the application… Read More ...
Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) *
Supreme Court : Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) * Date-15th December, 2022 Sub-*Whether an insurance company even after receiving the insurance premium, can refuse to honour its contract when the insured person dies immediately after taking the home loan.* An interesting issue arose in this case when the insured… Read More ...