Bombay High Court : S. 69C : Unexplained expenditure-Income from undisclosed sources -Bogus purchases-Civil works-Road construction-Information from Sales Tax Department-Order of Tribunal estimated profit of 12.5% on unexplained and non-genuine purchases is affirmed by High Court. [S. 37(1), 143(3), 260A] The assessee is involved in the execution of Civil works like road construction etc .under the Public Works Department… Read More ...

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Bombay High Court : S. 80IB(10) : Housing projects-Two flats excess of the prescribed limit of 1500 sq.ft.-Pro rata deduction in respect of eligible flats not exceeding prescribed limit is eligible-Interpretation of taxing Statutes-When the language of a statute is unambiguous and admits of only one meaning, no question of construction of a statute then arises. [S. 260A] The… Read More ...

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Bombay High Court : S. 36(1)(vii) : Bad debt-Pendency of dispute-Lease rental- Depreciation-Once a business decision has taken to write off a debt as a bad debt in books of account should sufficient to allow the claim as bad debt. [S. 36(2)] The assessee is a non Banking Finance Company engaged in the business of inter alia of lease… Read More ...

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Delhi High Court: Vipul Agarwal Vs ITO (Delhi High Court) Date-19th July, 2022 Sub-Delay of 10 days in filing the return by the Company of which the petitioner was a director- Prosecution u/s 276CC launched by the department-No notice to treat the director as Principal officer u/s 2(35)- Effect of ? The Delhi High Court in this case… Read More ...

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Calcutta High Court: *PCIT-9, Kolkata Vs Sreeleathers (Calcutta High Court)* *Date-14th July, 2022* *Sub-Whether addition u/s 68 can be made casually by assessing officer by simply saying that the loan creditor companies are paper companies and the assessee is involved in money laundering? * The Division bench of Hon’ble Calcutta High Court in this case was considering appeal… Read More ...

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Supreme Court: PCIT (Investigation) & Ors Vs Laljibhai Kanjibhai Mandalia (Supreme Court) Date-13th July,2022 Sub-Whether the sufficiency or inadequacy of the reasons to believe recorded can be gone into while considering the validity of an act of authorization to conduct search and seizure- Supreme Court lays down principles on which the Courts can interfere when action is… Read More ...

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Supreme Court of India : Vidarbha Industries Power Limited Vs Axis Bank Limited(Supreme Court) Date -12th July, 2022 Sub-Whether NCLT has the power to look into merits and stall insolvency proceedings when an application is filed by a financial creditor u/s 7 of the Insolvency and Bankruptcy Code(IBC)- Landmark decision in favour of the defaulting company. The Supreme Court of… Read More ...

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Supreme Court of India : PCIT-III, Banglore & Anr Vs WIPRO(Supreme Court)* *Date-11th July 2022* *Sub-What is the effect of filing of revised return, when a revised return can be filed and whether a claim once made in the original return can be subsequently withdrawn by filing the revised return*. The Apex Court in this case was considering in this… Read More ...

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Bombay High Court Bench Aurangabad: No assessment order under Section 153-A of the Act, 1961, the amount seized can not be retained there is no provision in the Income Tax Act regarding the payment of interest as well as compensatory interest. The Department cannot deliberately delay the payment of the amount due payable with interest from the date of the… Read More ...

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ITAT Amritsar: Where the notice u/s 148 was issued by a non jurisdictional assessing officer and later the case was transferred to the jursidcitional assessing officer, the assessment framed was bad in law and accordingly quashed. Read More ...

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