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Swatantra Land & Finance Pvt. Ltd. vs. Addl. Commissioner of Income Tax, Range-77, Delhi. (ITAT Delhi)
INCOME TAX APPELLATE TRIBUNAL DELHI: The payment to HUDA is, in effect, payment to State Government and therefore such payment is exempt from obligations to deduct TDS in view of Section 196 of the Act. In the case of Perfect Constech Pvt. Ltd. vs. Additional Commissioner of Income Tax in ITA No.6907/Del /2019 order dated 29.12.2020 wherein Co-ordinate Bench found… Read More ...
Sajjanraj Mehta v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Stamp value-Market value of flat on agreement date is to be considered and not the value of registration of sale agreement-Addition is deleted. [S. 45, 56(2)(vii)(b)] The assessee was allotted flat on 17-10-2011 for consideration of Rs.70 lakhs. The flat was registered on 23-7-2013. The stamp value as on… Read More ...
Shree Hanuman Cotton Mills Ltd & Ors Vs Union of India & Ors(Calcutta High Court)
Calcutta High Court : Shree Hanuman Cotton Mills Ltd & Ors Vs Union of India & Ors(Calcutta High Court) Date -27th September, 2022 Sub- Whether property(proportionate to shareholding of a shareholder) belonging to a Company can be attached under the Prevention of Money Laundering Act(PMLA) when the shareholder of such a company is charged with commission of offence under… Read More ...
Pr Commissioner of Central Excise, Kolkata- IV Vs Himadri Speciality Chemicals Limited (Calcutta High Court)
Calcutta High Court : Pr Commissioner of Central Excise, Kolkata- IV Vs Himadri Speciality Chemicals Limited Date- 27th September,2022 Sub- Whether input credit of service tax against the commission paid to various service providers who are acting as commission agents can be availed under the Cenvat Credit Rules. The issue in this appeal was the eligibility of the respondent… Read More ...
Guidelines for Compulsory Scrutiny of Returns during the F.Y 2022-23
CBDT: Guidelines for Compulsory Scrutiny of Returns during the F.Y 2022-23 Read More ...
Late Shobha Mehta Through Legal Heir Sh. Kanhaya Lal Mehta (Rajasthan High Court) (Jodhpur)
Rajasthan High Court Jodhpur : Notice issued u/s 148 of the Income Tax Act, 1961 with a view to reopen the concluded re-assessment for AY 2013-14 was held invalid as the same was issued in the name of deceased assessee late Smt. Shobha Mehta. Following the decisions in the case of Smt. Kesar Devi V CIT (2009) 227 CTR 621(Raj).… Read More ...
M/s Munjal Showa Ltd Vs Union of India & Ors (Supreme Court)
Supreme Court : M/s Munjal Showa Ltd Vs Union of India & Ors(Supreme Court) Date-23rd September, 2022 Sub-Whether extended period of limitation can be invoked where DEPB license on the basis of which import duty exemption was claimed were fake licenses? In this case, the division bench of Hon’ble Supreme Court was called upon to decide regarding the… Read More ...
ITO vs. Hi link City Homes Pvt. Ltd. (ITAT Indore)
ITAT Indore: *“Alleged accommodation entries taken From alleged shell companies i.e. Jayant Securities & Finance Ltd. and Jay Jyoti (India) Pvt. Ltd. are Genuine Loans ”- ITAT Indore* The issue involved was whether “Merely for not producing the cash creditors before the Ld. AO even when all the necessary documents as required to prove the identity, creditworthiness… Read More ...
STATE OF MAHARASHTRA vs. GREATSHIP (INDIA) Ltd. (SUPREME COURT)
SUPREME COURT: Do not miss this case, if you ever thought of filing Writ under Article 226 of the Constitution 1.Assessing Officer passed the assessment order determining the tax liability along with interest and penalty under the MVAT Act and CST Act 2. Assessee preferred Writ before Hon. Bombay High Court which quashed the Assessment Order and… Read More ...
CIT v. Mukund Bhavan Trust (Bombay High Court)
Bombay High Court : S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Rent charged to trustee less than market rate-Violation of section 13 exemption cannot be denied- Only the income to the extent of violation is liable to tax at maximum marginal rate. [S. 11, 12, 12A, 13(1)(c)(ii)] The AO held that rent charged from one of the Trustee… Read More ...