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PCIT v. Universal Music India Pvt. Ltd. (Bombay High Court)
Bombay High Court : S. 263 : Commissioner-Revision of orders prejudicial to revenue- Payment to specified persons-Revision proceedings cannot travel beyond the reasons given in show cause notice- 0rder of Tribunal is affirmed. [S. 40A(2)(b)] Dismissing the appeal of the revenue, the Court held that, where the show cause notice under section 263 of the Act suggested only 2… Read More ...
Haris Marine Products Vs Export Credit Guarantee Corporation (ECGC) Limited (Supreme Court)
Supreme Court of India: Haris Marine Products Vs Export Credit Guarantee Corporation (ECGC) Limited (Supreme Court) Date-25th April,2022 Sub-When goods can be said to have been despatched/shipped in case of Marine Insurance guaranteeing default in payment by the Overseas Buyer. An interesting issue arose in this case when three judges bench of Supreme Court was called upon to decide… Read More ...
PCIT Vs Universal Music India Pvt Ltd (Bombay High Court)
Bombay High court : PCIT Vs Universal Music India Pvt Ltd(Bombay High Court) Date-19th April,2022 Sub-Whether CIT in terms of power available u/s 263 can travel beyond the terms of Show cause notice without giving any opportunity of hearing and ratio of judgement of Supreme Court in the case of CIT Vs Amitabh Bachchan (2016) 384 ITR 200(SC). The… Read More ...
Ritanjali Khatai Vs. ACIT, Central Circle-1 (ITAT Cuttack)
ITAT, Cuttack: Approval given under section 53D by the JCIT for passing assessment orders is without application of mind as the JCIT has not mentioned in the approval order that he has gone through the relevant assessment records and draft assessment order for granting approval. Read More ...
SSG FURNISHING LLP vs ASSISTANT COMMISSIONER, CENTRAL GOODS AND SERVICE TAX, DIVISION- BAWANA & ORS. (Delhi High Court)
DELHI HIGH COURT: Delhi HC admits Petition challenging Validity of Provision for Suspension of GST Registration: Stays Notice Read More ...
WIPRO Finance Limited Vs CIT (Supreme Court of India)
Supreme Court of India: WIPRO Finance Limited Vs CIT(Supreme Court of India) Date-12th April,2022 Sub-Whether foreign exchange fluctuation of Rs 1.10 crore incurred for the purpose of borrowing in the business of financing and leasing is a revenue expenditure allowable u/s 37 and also whether the ITAT has power to entertain a new claim of Rs. 2.46 crores for… Read More ...
Augustan Textile Colours Pvt ltd Vs Director of Industries & Anr (Supreme Court)
Supreme Court : Augustan Textile Colours Pvt ltd Vs Director of Industries & Anr (Supreme Court) Date-8th April,2022 Sub- Doctrine of Promissory estoppel- Tax exemption in respect of Works Contract made under SICA Act 1985- whether can be withdrawn by subsequent notification under the Kerala State Sales Tax Act? The limited question in this appeal was the validity… Read More ...
Raimaladitya Textile Pvt Ltd vs. ITO (Bombay High Court)
Bombay High Court: Mistake in Recorded reason- No reason to believe - Approval u/s 151 is mechanical. A mistake in recorded reason could certainly not be the reason to believe that petitioner’s income has escaped assessment. Approval under Section 151 of the Act also has been given on the same reasons, which would also indicate total non application… Read More ...
Noel Harper & Ors Vs Union of India & Anr (Supreme Court)
Supreme Court: Noel Harper & Ors Vs Union of India & Anr(Supreme Court) Date-8th April,2022 Sub-Whether amendment made to Section 7, 12(1A),12A and 17(1) of Foreign Contribution(Regulation) Act, 2010 are manifestly arbitrary, unreasonable and imprinting upon the fundamental rights guaranteed to the petitioners under Articles 14, 19 and 21 of the Constitution. The Supreme Court three judges… Read More ...
DCIT v. M.R. Shah Logistics Private Limited (Supreme Court)
Supreme Court: S. 147 : Reassessment-Beyond four years-Tangible material-Reason to believe-In the form of documents, relevant to the issue -Sufficiency of that material cannot dictate the validity of the notice. [S. 148] Where the “reasons to believe” forming part of the Section 147 of the Act, clearly point to the fact that the reopening of assessment was… Read More ...