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Sunderlal Bajaj HUF v. DCIT (ITAT Delhi)
Delhi Tribunal: S. 153C : Assessment-Income of any other person-Search-Recording of satisfaction -Additional ground-Question of law admitted-Document Identification Number / Document Number (DIN/DN)- CBDT circular -Binding on the Assessing Officer-Not mentioned in the assessment order-Order is quashed and set aside. [S. 119, 143(3), 254(1), 292B] Before the Tribunal the assessee has raised an additional ground based on… Read More ...
Central Bank of India v. Superfine Profile and Extrusions Pvt. Ltd. (NCLT Mumbai)
NCLT, Mumbai Bench: The NCLT has inter alia held that the date of default with respect to a corporate guarantor is the date on which the guarantor fails to make payment after being called upon to pay, and that the date of default of the principal borrower is not relevant for determining the date of default of the… Read More ...
Rajesh G Jain Vs Income Tax Officer Ward–2(2), Thane Park (ITAT Mumbai)
ITAT Mumbai D Bench: Whether sundry creditors arising out of Bogus purchases (Hawala Transactions) and remaining outstanding as at the year-end can be added to the Total Income u/s 68 as Cash credits. -NO- Such creditors can be added u/s 41(1) only as Income includes benefit due to Remission or Cessation of Liability by way of writing off such… Read More ...
DHVANIL HEMENDRA RESHAMWALA Versus INCOME TAX OFFICER, WARD 1(3)(1) (Gujarat High Court)
Gujarat High Court : Gujarat High Court quashes and sets aside the Assessment Order passed in violation of the provisions of S.144B of the Income Tax Act as the mandatory procedure of providing the draft assessment order along with show cause notice was not issued in the present case. Read More ...
MANESH DAYASHANKAR MADEKA VERSUS ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(1) & ANR. (Supreme Court)
Supreme Court : Non - speaking order of Dismissal passed by High Court in absence of follow up reasoned order is invalid : Hon'ble Supreme Court Read More ...
M/S AMIT HOSPITAL PVT. LTD. Versus PRINCIPAL COMMISSIONER OF INCOME TAX (Gujarat High Court)
Gujarat High Court : The Bench comprising of Hon'ble Chief Justice Sunita Agrawal and Hon'ble Justice AP Mayee, Gujarat High Court holds that Section 119(2)(b) Application under the Income Tax Act,1961 cannot be rejected citing vague and arbitrary reasons that there was no genuine hardship caused to the Petitioner. The Court also observed that the application cannot be rejected… Read More ...
Farzad Sheriar Jehani v. ITO (ITAT Mumbai)
Income Tax Appellate Tribunal, Mumbai Bench: The Tribunal accepted the contention of the Assessee that he was an unsuspecting investor that transacted in a 'penny stock' with a view to earn a quick profit. Since the involvement of the Assessee in any dubious transaction relating to price rigging or connection with exit providers could not be shown, no addition could be… Read More ...
Pravir Polymers Private Ltd. v. ITO (Bombay High Court)
Bombay High Court: S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Cash credits-Accommodation entries-Additional evidence - Violation of Rule 46A by CIT(A)-Failure to produce the parties– Assessing Officer should exercise his powers under section 131 of the Act–Assessee cannot be compelled to produce the parties–Order of Tribunal rejecting the miscellaneous application and reversing the order of… Read More ...
DCIT v. Abdulsattar Suleman (ITAT Mumbai)
Mumbai Tribunal : S. 45(3) : Capital gains - Transfer of capital asset to firm –Land – Stock in trade- Transferring the assets at nil value – Revaluation by the Firm and crediting the accounts of the partners in latter years – Addition cannot be made in the hands of the partners in the year of revaluation and… Read More ...
COMMISSIONER OF INCOME TAX APPELLANT(S) VERSUS M/S JINDAL STEEL & POWER LIMITED THROUGH ITS MANAGING DIRECTOR (Supreme Court)
Supreme Court: RECOMPUTATION OF DEDUCTION UNDER SECTION 80 IA OF THE INCOME TAX ACT, 1961: The market value of the power supplied by the State Electricity Board to the industrial consumers should be construed to be the market value of electricity. It should not be compared with the rate of power sold to or supplied to the… Read More ...