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JM Financial and Investment Consultancy Services Pvt. Ltd. v. ACIT (Bombay High Court)
Bombay High Court : S. 151 : Reassessment-After the expiry of four years-Limitation-Sanction-Sanction by Additional Commissioner instead of Principal Commissioner-Taxation and other laws (Relaxation of certain Provisions) Act, 2020 only extended period of limitation and not for approval by the competent Authority-Sanction by Additional Commissioner was held to be bad in law-Reassessment notice was quashed. [S. 147, 148, Art.… Read More ...
PCIT v. Mahagun Realtors Private Limited (Supreme Court)
Supreme Court: S. 143(3): Assessment-Order passed in the name of non-existent amalgamating entity-valid. [Companies Act, 1956, S. 394, 481] It was held that corporate death upon amalgamation does not invalidate assessment as after amalgamation, the amalgamating entity is treated as a continuing one, and any benefits, by way of carry forward of losses (of the transferor company),… Read More ...
Experion Developers Pvt ltd Vs Sushma Ashok Shiroor (Supreme Court)
Supreme Court: Experion Developers Pvt ltd Vs Sushma Ashok Shiroor (Supreme Court) Date-7th April,2022 Sub-Delay in handing over possession, remedy available to the Consumer under Consumer Protection Act and Real Estate Regular Act run parallel, One sided clauses in Agreement amounts to Unfair trade practice and cannot govern the refund mechanism , refund with 9% interest from… Read More ...
Deepak Bajaj (ITAT Kolkata)
ITAT, B Bench Kolkata: Failure on the part of SO to deliver copy of reason to believe to assessee within prescribed time of 6 years ending on 31.3.2015,to raise objection to reopen the legally closed assessment u/s 143(3) of IT Act 1961,is bad in law and against law of natural justice, not sustainable in the eye of law, further… Read More ...
ACIT vs. Leena Gandhi Tiwari (ITAT Mumbai)
Mumbai Tribunal : Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015. S. 43 : Penalty for failure to furnish return of income an information, or furnish inaccurate particulars about an asset (including interest in any entity) located outside India- Foreign Bank Account-Signatory for late Mother-Amount was donated to the Charity-Not beneficial owner-Mere no… Read More ...
PCIT(Central-2) Vs Mahagun Realtors Pvt ltd (Supreme Court)
Supreme court: PCIT(Central-2) Vs Mahagun Realtors Pvt ltd(Supreme Court) Date-5th April, 2022 Sub- Assessment order issued in the name of Amalgamating company post amalgamation upheld, department’s SLP allowed, decision in the case of CIT Vs Spice Infotainment Ltd and PCIT Vs Maruti Suzuki India Limited distinguished. The issue regarding assessment in the name of amalgamating company having… Read More ...
Jugal Kishore Paliwal Vs ITO/NFAC (Chattisgarh High Court)
Chattisgarh High Court: Jugal Kishore Paliwal Vs ITO/NFAC(Chattisgarh High Court) Date-1st April,2022 Sub- Reassessment notice u/s 148 on account of bogus purchases of Rice, Defects alleged in Sanction u/s 151, issue of notice and reasons recorded- Writ dismissed The Single bench of Chattisgarh High Court in this case was dealing with multiple Writ petitions it appears of the… Read More ...
Mrs Uma Devi Nambiar Vs Th Roman Catholic (Supreme Court of India)
Supreme Court of India: Mrs Uma Devi Nambiar Vs Th Roman Catholic (Supreme Court of India) Date-1st April,2022 Sub- Whether a Power of attorney holder can confer better title than what he/she himself had and transfer an immovable property by virtue of such power is valid or void? In this case related to dispute between two sisters where after… Read More ...
Suraj Pulses (P) Ltd. vs. Pr. CIT-8 (ITAT Delhi)
ITAT, Delhi: The main issue before is, firstly, whether the assessee can challenge the validity of assessment order during the revisionary proceedings and also the validity of reopening u/s.147 when it was not challenged by the assessee; and secondly, whether the reopening based on the reasons recorded by the Assessing Officer itself was bad in law or… Read More ...
Young Indians Vs ADIT(E) (ITAT Delhi)
Income tax Appellate Tribunal Delhi Benches: Young Indians Vs ACIT(E) Date-31st March 2022 Forum-Income-tax Appellate Tribunal Delhi Benches Sub- Whether a charitable Trust/ Institutions can surrender its registration at any time suo moto without the approval of Tax authorities and many other matters including reassessment, loan of Rs 1 crore from entity operated by Kolkata entry operator as well as the… Read More ...