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Palak Khatuja v. UOI (Chhattishgarh High Court)
Chhattishgarh High Court : S. 148 : Reassessment - Notice - Constitutional Validity - Issued between April 01, 2021 to June 30, 2021 - Without following S. 148A - Conducting inquiry, providing opportunity before issue of notice under section 148 - Taxation and other Law (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications - held Constitutionally… Read More ...
ADIT(IT) v. Asia Today Ltd. (Mum.)(Trib.)
Mumbai Tribunal : S. 9(1)(i) : Income deemed to accrue or arise in India – DTAA – India - Mauritius - Change of domicile from British Virgin Islands to Mauritius - Entitle to benefits of India-Mauritius DTAA - Dependent agency permanent establishment (DAPE) - As long as an agent is paid an arm's length remuneration for the services… Read More ...
Bennett Coleman & Co. Ltd. v. DCIT (Mum.)(Trib.)
Mumbai Tribunal : S. 92C : Transfer pricing - Arm’s length price - CUP method -Interest-free debt funding of an overseas company in the nature of a special purpose vehicle interest-free debt funding of an overseas company in the nature of a special purpose vehicle - Cannot be compared with loan simpliciter - Cannot be subjected to arm’s… Read More ...
Animish Pradip Raje Vs SEBI (Telangana High Court)
Telangana High Court: *Animish Pradip Raje Vs SEBI* *Writ Petition No 7972 of 2021* *Forum- Telangana High Court* *Sub- Whether appointment of Grant Thornton as forsenic auditor of a company by SEBI was hit by principle of bias when one of the independent directors of the Company was deeply connected with sister concern of Grant Thornton.* In one… Read More ...
Techknoweledgy Interactive Partners P. Ltd. v. ITO (Mum.)(Trib.)
Mumbai Tribunal : S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Ex-parte order was passed 30-3-2010-Order was not served on the assesse-The assessee came to know the passing of order on the issue of TRO notice dated 21-1-2020-The order was down loaded from the Official website of the ITAT and Miscellaneous application was filed within six… Read More ...
M/s. Arjun Transport Company Pvt Ltd vs ITO (ITAT Mumbai)
ITAT, Mumbai: When a case is selected for "limited scrutiny" to verify the disallowance made u/s 14A of the Act and AO makes disallowance u/s 14A in the assessment order passed u/s 143 of the Act then the CIT(A) cannot travel beyond the issue selected under ‘limited scrutiny’ and makes disallowance u/s 36(1)(iii) of the Act while… Read More ...
M/s SupertechForgings (India) Pvt.Ltd (ITAT Amritsar)
Income-Tax Appellate Tribunal, Amritsar Bench, Amritsar: AO did not apply his mind to arrive at an independent satisfaction that there was escapement of income. Para 20 We are of the considered view that the Assessing Officer was duty bound to record his independent satisfaction to arrive at prima facie satisfaction that there is escapement of income during the assessment year under… Read More ...
Nishant K. Patel and Mukta N. Patel vs. ITO (ITAT Surat)
INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT: There is complete non-application of mind as the Assessing officer didn’t convert the information per se into tangible material. He just relied on the general information and he didn’t make any inquiry or apply his mind to the information received. The assessing officer should form nexus between information, reason, and belief. This is absent in… Read More ...
Matrix India Entertainment vs. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 153A : Assessment-Search-Survey-Assessment under section 153A is bad in law as there was no search in the name of Assessee-Proper satisfaction was not recorded-No incriminating documents were found in the case of person whom the search was initiated-Even the Assessing Officer is same recording of satisfaction is mandatory-Order was quashed on law and merit… Read More ...
Hemraj Ratnakar Salian Vs HDFC Bank Limited & Ors (Supreme Court)
Supreme Court: Hemraj Ratnakar Salian Vs HDFC Bank Limited & Ors Forum-Supreme Court Date-17th August 2021 Sub-When a tenant is protected from eviction under the SARFESI Act in case of default by the borrower and landlord? The apex court in this case was dealing with the petition by the tenant who resisted eviction by HDFC Bank Limited… Read More ...