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Michel E. Desa v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 72 : Set off of loss-long term capital loss-Tax planning with in frame work of law is permissible -Long term capital loss is allowed to be set off against long term capital gains. [S. 45] (ITA No. 4286/Mum/2017, dt.20-9-2021) (AY. 2010-11) Coram: Hon'ble Shri Pramod Kumar (Vice President) and Hon'ble Shri Ravish Sood (Judicial… Read More ...
Pr. CIT v. Dhananjay Mishra (Bombay High Court)
Bombay High Court : S. 69C : unexplained expenditure-Bogus hawala purchases-Third party statement-Opportunity of cross examination was not provided-Payments were through banking channels by way of letter of credit-Order of Tribunal deleting the addition was affirmed-No question of law. [S. 260A] (ITA No. 971 of 2017 dt. 28-9-2021) (AY. 2010-11) (Arising ITA No. 7287/M/2014 dt.7-10-2016) CORAM : Hon'ble Mr.… Read More ...
Dove consultants ltd vs. DCIT (ITAT DELHI)
ITAT DELHI: REOPENING BASED ON INFORMATION MUST BE RELIABLE AND SOME EVIDENCE TO BELIEVE PURCHASE AS BOGUS , PROCEEDINGS QUASHED BY DELHI ITAT . ITA No.1197/Del/2019 GIST 7. We have considered the rival contentions of both the Ld. Representative of the parties. A perusal of the reasons recorded for reopening of the assessment (as reproduced above) would… Read More ...
PCIT, Kolkata-2 Vs V N Enterprises Limited (Calcutta High Court)
Calcutta High Court : PCIT,Kolkata-2 Vs V N Enterprises Limited Date-30th September,2021 Forum-Calcutta High Court Assessment Yrs 2002-03/2003-04 Sub-Whether blending of tea leaves amounts to manufacture within the meaning of Section 10B of the Income-tax Act,1961 to be eligible for deduction under the said section. The Calcutta High Court CJ bench was considering the appeal of the department where… Read More ...
Shiva Cement Limited & Ors Vs DIT(Inv) & Ors (Orissa High Court)
Orissa High Court: Shiva Cement Limited & Ors Vs DIT(Inv) Bhubaneshwar & Ors Forum-Orissa High Court Date-29th September,2021 Sub-Whether there can be common search warrant and Panchnama where two assessees are operating from the same place and whether there can be simultaneous search and survey operations simultaneously in respect of same assessee. The Orissa High Court in this… Read More ...
Saregama India Limited Versus Next Radio Limited & Ors (Supreme Court)
SUPREME COURT OF INDIA: “The court in the exercise of judicial review cannot supplant the terms of the provision through judicial interpretation by re-writing statutory language. Draftsmanship is a function entrusted to the legislature. Craftsmanship on the judicial side cannot transgress into the legislative domain by re-writing the words of a statute. For then, the judicial craft enters the… Read More ...
Humanity Salt Lake & Anr Vs State of West Bengal & Ors (Calcutta High Court)
Calcutta High Court : *Humanity Salt Lake & Anr Vs State of West Bengal & Ors* *Date-27th September, 2021* *Forum_Calcutta High Court* *Sub-Allotment of 2 acre plot of land in Salt Lake by WBHIDCO inspite of earlier allotment having been set aside by Supreme Court in disregard of rules and regulations-Calcutta High Court comes down heavily against the manner… Read More ...
Padmini Infrastructure Private Limited Vs Royal Garden Residents’ Welfare Association (Supreme Court)
Supreme Court: Padmini Infrastructure Private Limited Vs Royal Garden Residents’ Welfare Association Date:28th September,2021 Forum-Supreme Court Sub-What is the liability of the builder in case the facilities which are promised like swimming pool, fire fighting equipment, water softening plant and health club etc are not given? The Apex Court in this case was dealing with appeal of… Read More ...
Hitesh G Somani vs. ITO (ITAT Ahmedabad)
ITAT, Ahmedabad: When assessee purchased three flats at single floor and combined them with one entry and exit and got them registered through a single sale deed, assessee was entitle to claim exemption u/s 54 even after amendment applicable from A.Y. 2015-16 Read More ...
ACIT vs. Krishna Coil Cutters P Ltd (ITAT Ahmedabad)
ITAT, Ahmedabad: When Company advancing money to a company which was a substantial shareholders for mutual business benefits and when such advancement was on interest at prevailing market rates and when company advancing funds was also engaged in money lending activities, money received by shareholder company cannot be taxed as deemed dividend u/s 2(22)(e) of the Act. Read More ...