Rajasthan High Court, At Jaipur Bench, Jaipur: Notice under section 148 of the Income tax Act, 1961 is bad if time to issue notice under section 143(2) if the Act has not expired. Read More ...

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Mumbai Tribunal : S. 22 : Income from house property-Un sold flat held as stock in trade-Annual value Rental income assessable as business income. [S. 28(i)](Shri Shamim Yahya, Accountant Member and Shri Ravish Sood, Judicial Member) AO assessed the unsold flats which was held as stock in trade as income from house property on notional basis. CIT(A) affirmed… Read More ...

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Madras High court: Principal Commissioner of Income-tax -5 Vs Redington (India) Limited Madras High Court Date-10/12/2020 Sub:Transfer of shares of a foreign subsidiary to another step down foreign subsidiary without consideration- Whether provisions of Section 47(iii) dealing with exemption from capital gains in case of gift will apply or Section 47(iv) dealing with transfer of shares by a… Read More ...

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Madras High Court: The present writ petition is preferred by N.R.S.Ganesan, Accountant Member of the ITAT, against the interim order declining the grant of interim stay of operation of the order of transfer. The Court held that a perusal of the impugned order would disclose that the Tribunal has exercised its discretion in a fair and proper manner.… Read More ...

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Bombay High Court: Exim Corporation Vs Union of India & Ors Bombay High Court Date-09th December,2020 Sub:Detention of goods without issuing show cause notice u/s 124 of Customs Act and without effective seizure u/s 110 of the said Act - difference between “detention” and “seizure” explained- goods ordered to be released. The Bombay High court in the above… Read More ...

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ITAT Mumbai D Bench: Book profit adjustment u/s. 115JB - difference in depreciation - exclusion of amount credited in P/L account under the head “Earlier years adjustment- Difference in depreciation provision" while determining book profit – HELD THAT: - Identical issue considered in the case of ACIT Vs. Srinivas Synthetics Packers (P) Ltd. [2008 (9) TMI 446 -ITAT AGRA].… Read More ...

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Supreme Court of India: SKILL LOTTO SOLUTIONS PVT. LTD. Vs UNION OF INDIA & ORS. ...RESPONDENTS Date of Judgement-03rd December,2020 Supreme Court of India Sub-Whether lottery, betting and gambling are liable to GST? The Apex court today in a landmark judgement clarified in detail the definition of goods and actionable claims under the GST Act and held that the… Read More ...

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Bombay High Court- Nagpur Bench : Sandeep Dwellers Private Limited Bombay High Court-Nagpur Bench Date of Judgement -01/12/2020 Sub:Houses developed under the Affordable Housing scheme where the Maharashtra housing Development authority(MHADA) was obliged to purchase or auction- notification issued withdrawing the obligation to purchase-whether retrospective or prospective. This is one of the cases where Real Estate Industry which is saddled with… Read More ...

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Supreme Court : The State of Jharkhand & Ors Vs Brahmaputra Metallics Limited, Ranchi Forum-Supreme Court of India Civil Appeal No 3860-62 of 2020 Date-01/12/2020 Sub: Electricity duty which was promised to be charged at 50% of the normal rate for industries set up in terms of Industrial Policy, delay in issuing notification by more than 3 years-… Read More ...

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DELHI HIGH COURT : Receipt of shares of amalgamated company by the shareholders of amalgamating company in lieu of their shareholding in amalgamating company is transfer within the meaning of section 2(47) and 45 of Income Tax Act,1961. If on the date of amalgamation, the shareholders of amalgamating company held those shares as capital asset, such transfer would be… Read More ...

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