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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 ...
M/s. Best Ready Mix Concrete vs. PCIT (Kerala High Court)
High Court of Kerala: W.P. (C) No. 37648 of 2023 Facts of the case Writ petition was filed challenging the order passed by Principal Commissioner of Income Tax (PCIT) under section 119(2)(b) of Income-tax Act, 1961 wherein the application of the assessee for condonation of delay of one day in filing return of income for A.Y. 2021-22 was rejected.… Read More ...
Ascendas IT Park (Pune ) Pvt. Ltd. v. State of Maharashtra and Ors (Bombay High Court)
Bombay High Court: Website-Maharashtra Sales Tax Tribunal-Court directed the State Government to take required steps expeditiously on or before 31st December, 2023-The matter is kept hearing of further progress on 28th November, 2023. Court observed that in the present era , the courts and tribunals , which cater to the demands of the consumers of justice , cannot… Read More ...
Vodafone Idea Limited vs. Central Processing Centre (Bombay High Court)
Bombay High Court: 24. In view of the aforesaid discussion, we have no hesitation in holding that the assessment order dated 31st August 2023 passed by FAO two years after the DRP directions, is time barred and cannot be sustained. Consequently, the ROI as filed has to be accepted. Petitioner is entitled to receive the refund together with… Read More ...
All India Federation of Tax Practitioners v. UOI (Delhi High Court)
Delhi High Court : S. 250 : Appeals-Commissioner of (Appeals)-National Faceless Appeal Centre (NFAC)-Pendency of appeals-Delay in disposal of appeals-Honourable court has directed the government to take appropriate measures to fill up all vacant posts and also increase the sanctioned strength of Commissioner (Appeals) so as to achieve the target at least 570 of such posts. [S. 246, 250(6A),… Read More ...
Naresh Manakchand Jain v. The Registrar, ITAT (Bombay High Court)
Bombay High Court: S. 254(1) : Appellate Tribunal- Powers-Ex -parte order-Search- Alleged Accommodation entry provider-32,000+ beneficiaries- Shell companies-Alleged Money Laundering-Direction issued by the Tribunal to AO to intimate / report to SEBI, ED, MCA and ROC regarding details of money laundering activities-Directed the Assessing officer to share information about all beneficiaries within 90 days-Ex-parte order was quashed-Direction of… Read More ...
Hasmukh Estates Pvt. Ltd. v. ACIT (Bombay High Court)
Bombay High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Information–Internal Audit objection- Not permissible-Information not based on the objection raised by the Comptroller and Auditor General of India-Reassessment impermissible-Change of opinion-Audit objection raised by CAG a view deviating from that which was taken in the course of original assessment order is change of… Read More ...
Yogesh Bhomraj Porwal vs. PCIT (ITAT Pune)
G D Padmahshali : Not all legal heirs could be legal representative nor all legal representative are legal heirs. Right to file appeal by virtue of 159(3) is available to only legal representative who qualify u/s 2(29) of IT Act. Read More ...