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DIVYA CAPITAL ONE PRIVATE LIMITED vs. ACIT (Delhi High Court)
Delhi High Court: Delhi high court coming down heavily on income tax deptt for passing general /template orders u/s 148A(d) (copy of order marked to cbdt for necessary action) and inter alia held SIGNIFICANCE OF ISSUANCE OF A SHOW CAUSE NOTICE AT A STAGE PRIOR TO ISSUANCE OF A REASSESSMENT NOTICE UNDER SECTION 148 OF THE ACT HAS… Read More ...
Divya Capital One Pvt ltd Vs ACIT Delhi (Delhi High Court)
Delhi High Court: Divya Capital One Pvt ltd Vs ACIT Delhi(Delhi High Court) Date-12th May 2022 Sub- Order passed u/s 148A(d) without considering the submissions- effect of. Relevance of GKN Driveshaft in the context of new law. The delhi high court in this case was considering a WP against an order which was passed u/s 148A(d) where the… Read More ...
NOIDA Vs Anand Sonbhadra (Supreme Court)
Supreme Court : NOIDA Vs Anand Sonbhadra(17th May 2022) Forum-Supreme Court Sub-Whether a lessor would be a financial creditor or operational creditor under the IBC Law. The Supreme Court of India today in 186 page detailed judgement after considering all aspects of the meaning of lease including financial lease held that the Appellant in this case an operational… Read More ...
Srei Equipment Finance Limited Vs Additional/Joint Commissioner of Income-tax (Calcutta High Court)
Calcutta High Court: Srei Equipment Finance Limited Vs Additional/Joint Commissioner of Income-tax (Calcutta High Court) Date-10th May 2022 Sub- 1. Whether proceedings under the Income-tax Act,1961 has to be kept in abeyance once an order u/s 14 of the IBC code is passed. 2. Whether exchange of message in Chat box during the Video conference hearing can amount… Read More ...
CBDT Issues Guidelines and Procedure Compulsory Scrutiny of Returns during the Financial Year 2022-23
CBDT: CBDT has issued guidelines for Compulsory Scrutiny of returns for Complete Scrutiny during the F.Y. 2022-23 and also procedure for compulsory selection in such cases. Read More ...
CBDT issues Instruction regarding Implementation of Hon. Supreme Court’s Judgement in Union of India vs. Ashish Agrawal dated 04.05.2022 (2022 SCC Online SC 543)
CBDT: The Hon'ble Supreme Court has held that the extended reassessment notices issued under the old law shall be deemed to be the show cause notices issued under clause (b) of section 148A of the new law and has directed Assessing Officers to follow the procedure with respect to such notices. It has also held that… Read More ...
ABHINANDAN EXPORTS VS. ITO, WARD 23(1)(6) & ORS. (Bombay High Court)
BOMBAY HIGH COURT: Bombay HC quashes reassessment notice and order disposing objections on the basis of affidavit in reply filed by the jurisdictional AO accepting error in issuing the impugned notice and order in view of year ending pressure leading to paucity of time to examine the audit objection; Assessee was subjected to scrutiny assessment for AY 2013-14… Read More ...
Shree Balkrishna Commercial Ltd vs Pr CIT (ITAT Delhi)
ITAT Delhi : 263 quashed Read More ...
Dy CIT central Circle 2 V/s Bhagyalaxmi Rolling Mills Pvt Ltd (ITAT Pune)
PUNE ITAT: Subsidy received under PSI 2007 from Government of Maharashtra was to promote industrial growth in the less developed areas of the State and also to provide employment in such area, hence such subsidy has to be a capital receipt not chargeable to tax. The amendment in provision of sec. 2(24) sub-clause (xviii) is applicable from… Read More ...
UOI v. Ashish Agarwal (Supreme Court)
Supreme Court: S. 148 : Reassessment – Notice – Section 148 notices issued by the Assessing Officers shall be deemed to have been issued under Section 148A as substituted by the Finance Act, 2021 and to be treated as show¬ cause notices in terms of Section 148A(b) of the Act -The Assessing Officers shall, within 30 days… Read More ...