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PCIT, Kolkata- 1 Vs Arshia Global Tradecom Pvt ltd (Kolkata High Court)
Calcutta High Court : PCIT, Kolkata- 1 Vs Arshia Global Tradecom Pvt ltd(Kolkata High Court) Date -13th September, 2022 Sub: Whether on the facts and in the circumstances of the case the ITAT erred in law in quashing the proceedings under Section 147 of the Income Tax Act, 1961 by not appreciating the facts of the issue? The division… Read More ...
ITO v. Armine Hamied Khan (ITAT Mumbai)
Mumbai Tribunal : S.54F : Capital gains- Investment in a residential house-Non-Resident-Transfer of tenancy rights-Invested in residential flat in proposed building-AO was indeed in error in adopting a hyper-pedantic approach and holding that there was a fresh claim for exemption under section 54F of the Act-Entitle for exemption. [S. 45, 54] The assessee invested the entire sale consideration… Read More ...
Sahita Construction Company vs. PCIT (Madhya Pradesh High Court)
Madhya Pradesh High Court: the time limit of notice as provided under Section 149 of the Act is concerned, the same is in respect of Section 148 of the Act and not for Section 148A of the Act. Read More ...
The Indian Institute of Architects v. ITO (ITAT MUMBAI)
Mumbai Tribunal : S. 11 : Property held for charitable purposes-Education-Study and promote the latest development in the field of Architecture-Mere surplus arising as a result of charitable activities the Institution does not cease to be a charitable institution-Entitle to exemption. [S. 2(15), 12A, Architect Act, 1872] The assessee is a trust registered with the Charity Commissioner and… Read More ...
Ajit Bapu Satam v. Dy. CIT (ITAT Mumbai)
Mumbai Tribunal : S. 69A : Unexplained money-Demonetization-AIR information-Amount deposited to bank from earlier withdrawals-Addition was deleted-Cash Deposits in Partnership Firm’s bank Account-Amount transferred to partner’s account as withdrawal from capital-Addition cannot be made in the hands of partner. [S. 2(31)(iv), 133(6)] The assessee has deposited cash in his bank account between 09/11/2016 to 30/12/2016 (i.e. during the… Read More ...
Ashish Agarwal Vs The Institute of Chartered Accountants of India (Delhi High Court)
Delhi high court : Ashish Agarwal Vs The Institute of Chartered Accountants of India(Delhi High Court) Date-01/09/2022 Sub-Whether complaint made against a Chartered accountant in respect of an alleged misconduct committed in audit of accounts for the year 2003-04 to 2007-08 is barred by limitation as per Rule Rule 12 of the Chartered Accountants (Procedure of Investigations of Professional… Read More ...
Sushiladevi R. Somani v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 48 : Capital gains-Computation-Sale of shares-Fair market value as on 1-4-1981-Capital asset-Valuation based on valuation report-Department is not justified in rejecting the valuation adopted on the basis of approved valuer-On the peculiar facts of this case the Tribunal uphold the plea of the assessee, and direct the Assessing Officer to adopt the valuation of… Read More ...
PCIT-4, Kolkata Vs Linde India limited (Calcutta High Court)
Calcutta High Court : PCIT-4, Kolkata Vs Linde India limited Date- 5th September 2022 Forum-Calcutta High Court Sub-Whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made even when the expenditure is not debited to profit and loss account? The Calcutta high court in this case was considering whether when an assessee makes advance payment… Read More ...
VED PRAKASH MITTAL VS UNION OF INDIA AND ORS (Calcutta High Court)
Calcutta High Court: Hon. Calcutta High Court quashes order u/s. 148 A(d) of the Income Tax Act, 1961 relating to the assessment year 2014-2015 on the ground that it was without jurisdiction and being barred by limitation since the initiation of re-opening of the assessment has been made admittedly after six years from the end of the expiry… Read More ...
Abhishek Gupta vs. ITO (ITAT Indore)
ITAT Indore: ITAT Indore Upholds the Action of Revenue in holding LTCG earned from sale of shares of Turbotech Engineering Ltd. (TEL) as Bogus, The Hon. Tribunal followed the decision of Hon. Calcutta High Court rendered in case of PCIT vs. Swati Bajaj ITA No. 06/2022 Dated 14.06.2022 Read More ...