Supreme Court of India : State Bank of India Vs Assistant Commissioner of Income-tax (Supreme Court) Date- 4th November 2022 Sub-Whether an employer is liable to deduct tax at source on leave travel concession(LTC) paid to its employees and whether when the LTC is claimed by the employee for the shortest route between place of work and home town though… Read More ...

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Jharkhand High Court : Sri Ramjanki Tapovan Mandir Ranchi Vs CIT(Exemptions)[Jharkhand High Court] Date-3rd November,2022 Sub: Whether deity of a temple can transfer land belonging to the trust and whether Tribunal can travel beyond the reasons recorded in the order impugned before it and develop a complete de novo case for the Revenue. The Hon’ble Division Bench of Jharkhand… Read More ...

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Supreme Court of India : OCL Limited Vs State of Orissa & Ors (Supreme Court) Date- 4th November, 2022 Sub-Whether the exclusion of an industrial area or areas from the limits of municipal councils or municipalities under the state laws in exercise of statutory power or by virtue of a declaration under proviso to Article 243-Q, would result in that… Read More ...

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Orissa High Court : Anil Raj Tuli Vs ITO, NFAC Delhi and others (Orissa High Court) Date-3rd November 2022 Sub- Reassessment notice u/s 148 for AY 2014-15 dated 30th March 2021 issued under the old law quashed in view of change of opinion. The Chief Justice Bench of Orissa High court in this case was interalia dealing with objection… Read More ...

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Supreme Court of India : Assistant Commissioner of Income-tax(Exemptions) Vs Ahmedabad Urban Development authority(Supreme Court) Date-3rd November,2022 The Supreme Court today was hearing a miscellaneous application which was filed by the department seeking clarification in relation to the judgement of the Supreme Court which was pronounced on 19th October, 2022 (original judgement)regarding interpretation of Section 2(15) of Income-tax Act,1961. As… Read More ...

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BANGALORE ITAT: additional income declared during the course of survey can be treated as business profits and remuneration paid to partners on the same is to be allowed u/s 40(b) - Held Yes Read More ...

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Supreme Court: Quashing of proceedings initiated under PMLA- Claim of the Respondent was that he is not a pubic servant and hence the amount in question, as long as it was in the hands of respondent, could not be said to be tainted money; that it assumed such character only after it was received by the public… Read More ...

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Mumbai Tribunal : S. 144C : Reference to dispute resolution panel-Transfer pricing-No variation in Arm’s Length Price-Barred by limitation-No draft order as assessee is not an “eligible assessee”- Draft order and final assessment order is quashed. [S. 92CA(3), 144C(15)(b)] The assessee has challenged the draft assessment order on thee ground that the assessee is not an ‘eligible assesseee… Read More ...

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Supreme Court of India : Directorate of Enforcement Vs P Kishore (Supreme Court) Date-31st October 2022 Sub-Whether handing over money with the intent of giving bribe, such person will be assisting or will knowingly be a party to an activity connected with the proceeds of crime for being tried under Prevention of Money Laundering Act(PMLA) The Supreme Court in this… Read More ...

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Mumbai Tribunal : S. 254(2A) : Appellate Tribunal-Stay-ITAT has power to grant stay only if the asseessee pays 20 % of the tax in dispute or furnishes equal amount of security of like amount. [S. 220(6), 253, 254(1)] The Assessee filed a stay application before ITAT against demand raised Assessee submitted that most issues were covered and hence… Read More ...

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