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Ambika Iron and Steel Pvt. Ltd v. PCIT (Orissa High Court)
Orissa High Court : S. 151 : Reassessment - Sanction for issue of notice–Issuance of Notice requires the sanction of PCIT where the Notice is issued after 4 years – Relaxation Act not a bar for appropriate sanction- Reassessment notice is held to be bad in law. [S. 147, 148, Art, 226] It has been held that where the… Read More ...
Sudesh Taneja v. ITO (Rajasthan High Court)
Rajasthan High Court : S. 148: Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021 –… Read More ...
ANUU AGROTECH ( P) LTD. Vs PCIT- UDAIPUR (ITAT Jaipur)
ITAT , JAIPUR ' B ' BENCH: ANNU AGROTECH (P) LTD. vs. PRINCIPAL COMMISSIONER OF INCOME TAX- UDAIPUR ITAT, JAIPUR 'B' BENCH Member(s) Sandeep Gosain, J.M. & Vikram Singh Yadav, A.M. ITA No. 9/Jp/2021; Asst. yr. 2016-17 Date of decision 15th September, 2021 The assessee received funds during the previous year in the form of share premium. The case of the assessee… Read More ...
Credtalpha Alternative Investment Advisors Pvt. Ltd. (ITAT Mumbai)
Mumbai Tribunal : Sec. 56(2)(viib)-Discounted cash flow method adopted by assessee -cannot be changed by AO without cogent reason - Projections employed in the DCF valuation cannot be compared with actual results to discard the valuation. Assessing Officer cannot challenge the method of valuation adopted by the assessee for the purpose of sec. 56(2)(viib) once the Assessee adopts… Read More ...
Humuza Consultants v. PCIT (ITAT Mumbai)
Mumbai Tribunal : S. 263 : Commissioner-Revision of orders prejudicial to revenue-AO examined the issue-PCIT cannot demonstrate the error or lack of enquiry-Cannot be deemed to be erroneous-S. 56(2)(viia) not applicable to gifting of shares of a listed company. [S. 56(2)(viia)] Where the assessee is a partnership firm wherein a Trust held 97 per cent partnership share and… Read More ...
Murli Industries Limited v. ACIT (Bombay High Court (Nagpur Bench))
Bombay High Court (Nagpur Bench): S. 148: Reassessment-Issuance of notice of reassessment- Resolution personal-Provisions of this Code to override other laws-For period prior to approval of resolution plan under the Insolvency & Bankruptcy Code, 2016 (‘IBC’)-Once the public announcement is made under the IBC by the Resolution Professional calling upon all concerned, including the statutory bodies, to raise claim, it… Read More ...
The Sirpur Paper Mills Limited & Another Vs Union of India & Two others (Telangana high court)
Telangana High court: The Sirpur Paper Mills Limited & Another Vs Union of India & Two others Date- 18th January 2022 Forum-Telangana High court Sub-Whether notice u/s 143(2)/142(1) of the Income-tax Act ,1961 for the period before the order of the NCLT passing the resolution plan is valid even when a revised return is filed subsequently after the… Read More ...
Mohit Bansal Vs The Institute of Chartered Accountants of India (Delhi High Court)
Delhi High Court: *Mohit Bansal Vs The Institute of Chartered accountants of India* *Forum-Delhi High Court* *Date- 21st January 2022* *Sub-Whether a Chartered accountant who has committed an offence under IPC 354 , 506-II relating to outraging modesty of a woman prior to his being enrolled as a member of the Institute can be disqualified by the Institute… Read More ...
State of Gujarat Vs Arcelor Mittal Nippon Steel India Limited (Supreme Court)
Supreme Court of India : *State of Gujarat Vs Arcelor Mittal Nippon Steel India Limited* *Forum-Supreme Court of India* *Date-21st January 2022* *Sub-Whether exemption for payment of purchase tax on purchase of Naptha and Natural gas to be used by Steel making unit can be allowed even when the said raw materials are used not directly but indirectly.* The Supreme… Read More ...
Haldia Steels Pvt Ltd Vs Union of India & Ors (Calcutta High Court)
Calcutta High Court : Haldia Steels Pvt Limited Vs Union of India & Ors Forum- Calcutta High Court Date-17th January 2022 Sub-Whether the revenue is bound to produce record of service of show cause notices and draft assessment order and whether the court can take adverse view in case of non production of record of service. In an interesting… Read More ...