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PCIT v. Crescent Construction Co. (Bombay High Court)
Bombay High Court : S. 40(a)(ia) : Amounts not deductible-Deduction at source-Tax deposited before filing of return-No disallowance can be made- Amendment made by the Finance Act, 2010 being curative in nature required to be given retrospective operation i.e., from the date of insertion of the said provision. [S. 139(1)] The assessee had made payment on account of sub-contracting,… Read More ...
R.S. Diamonds India P. Ltd. v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 68-Cash deposited during demonetisation-addition made by AO. Assessee, engaged in the business of trading in diamond deposited an amount of Rs. 45 lakhs in its bank account during the demonetisation period in FY 2016-17. The Assessee explained the source of the amount deposited as from cash in hand recorded in the books and advance… Read More ...
Total Environment Building Systems Pvt ltd Vs The Deputy Commissioner of Commercial Taxes & Ors (Supreme Court)
Supreme Court : Total Environment Building Systems Pvt ltd Vs The Deputy Commissioner of Commercial Taxes & Ors (Supreme Court) Date- 2nd August, 2022 Sub-whether before the introduction of Section 65(105)(zzzza) pertaining to introduction of works contract in the Finance Act, 1994 by the Finance Act, 2007 , service tax could have been levied on the works contracts?… Read More ...
Nitin Nagarkar v. ITO (Bombay High Court)
Bombay High Court : S. 281 : Certain transfers to be void-Natural justice-Order passed without giving an opportunity of hearing-Bad in law-Tax recovery Officer has no jurisdiction to examine whether the transfer is void-Order was quashed. [S. 222, Rule 11 of the Second Schedule, Art, 226, Transfer of Property Act, 1882, S. 53] The petitioner challenged the order passed… Read More ...
Madras Race Club vs. DCIT (ITAT Chennai)
ITAT Chennai bench: The Assessee club has different class of members viz., stand members who have voting rights and participate in the management of the club and club members who basically don’t have right to vote and can only utilize the resources of the club on non-racing days. The club collects entrance fee from all class/category of members.… Read More ...
National Petroleum Construction Company Vs DCIT Circle 2(2) International Taxation (Supreme Court)
Supreme Court of India : National Petroleum Construction Company Vs DCIT Circle 2(2) International Taxation(Supreme Court) Date-29th July, 2022 Sub-What is the scope of provisions regarding non deduction of tax at source u/s 197 of the Income-tax Act,1961-whether Permanent Establishment(PE) can be determined in pursuance to an application u/s 197 and whether different view can be taken from earlier years… Read More ...
Komal Gurumuk Sangtani v. ITO; Gurumukh I. Sangtani v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 48 : Capital gains-Cost of improvements-Amount spent on property habitable allowable as deduction-Amount spent on refrigerator, air conditioner LED, TVS furniture, dining table etc. are personal effects-Not eligible for deduction-Interest on housing loan-Matter remanded to the Assessing Officer. [S. 24, 45, 133(6)] The assessee sold the flat and offered the capital gains but also… Read More ...
PCIT (TDS) Kolkata Vs Nirmal Kumar Kejriwal (Calcutta High Court)
Calcutta High Court : PCIT(TDS) Kolkata Vs Nirmal Kumar Kejriwal(Calcutta High Court) Date- 22nd July 2022 Sub-Whether trading in Sawn timber is liable for collection of tax at source u/s 206C of the Income-tax Act,1961. Difference between Logs and Sawn timber Explained. The Division bench of Calcutta High Court in this case was considering department’s appeal which challenged the… Read More ...
Suminter India Organics (P.) Ltd. v. DCIT (ITAT Mumbai)
Mumbai Tribunal : S. 115BAA : Tax on income of certain domestic companies-Levy of tax @ 30% instead at concessional rate @ 22 %-Return of income-Last date for filing Form No. 10IC for AY 2020-21-Extended to March 31, 2021-By virtue of the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020-Entitled to concessional rate @… Read More ...
Mahendra Auto Services (Pune ITAT)
Pune ITAT: Hon'ble Pune ITAT in it's recent decision of Mahendra Auto Services has held that notice issued u/s 158BC in absence of search warrant issued in name of assessee is bad in law. Read More ...