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UNION OF INDIA VERSUS JAHANGIR BYRAMJI JEEJEEBHOY (Supreme Court)
Supreme Court: (i) It hardly matters whether a litigant is a private party or a State or Union of India when it comes to condoning the gross delay of more than 12 years. If the litigant chooses to approach the court long after the lapse of the time prescribed under the relevant provisions of the law, then… Read More ...
PURNI DEVI vs. BABU RAM (Supreme Court)
Supreme Court: S. 14(2) of the Limitation Act: Time spent bonafidely and diligently and in good faith before the wrong forum is bound to be excluded when computing limitation before the Court having competent jurisdiction Section 14(2) of the Limitation Act carves out an exception excluding the period of limitation when the proceedings are being pursued with… Read More ...
Bloomberg Television Production Services India Private Limited VERSUS Zee Entertainment Enterprises Limited (Supreme Court)
Supreme Court: Tests to be satisfied before grant of interim injunctions/ stay orders (i) The three-fold test of establishing (i) a prima facie case, (ii) balance of convenience and (iii) irreparable loss or harm, for the grant of interim relief, is well-established in the jurisprudence of this Court. This test is equally applicable to the grant of… Read More ...
Dnyaneshwar Maharaj Sansthan Alandi Dewachi vs. ITO (Bombay High Court)
Bombay High Court: Even 143(1) assessment cannot be reopened for conducting fishing enquiry or merely on suspicion. Where trust is a religious institution which receives offerings from devotees to their deity of faith in cash or otherwise, mere fact that there are cash deposits cannot mean that there is any reason to believe that income has escaped assessment,… Read More ...
Chokshi Arvind Jewellers vs. Union of India (Bombay High Court)
Bombay High Court: (1) The power exercised by the proper officer under Section 110(5) of the Customs Act, 1962 in directing provisional attachment of the bank account of a person is quite drastic or coercive in nature resulting in attracting civil consequences. If a bank account of a person is attached, it would certainly cause severe prejudice to… Read More ...
A V Wandhekar Vs ITO (ITAT Pune)
Income Tax Tribunal, Pune : Assessee retired after serving State Government partly and partly State PSU, the Gratuity and Leave Encashment exemption to be computed in two separate portion. One for Government Service and one for non-government Service. Retirement benefit accrued for a former period shall be exempt without limit and later period shall be exempt to the extent of… Read More ...
Indian National Congress All India Congress Committee vs. Deputy Commissioner of Income Tax (ITAT Delhi)
ITAT Delhi: (i) Under the first Proviso below Section 254(2A) of the Act, it is only in cases where the merits of the application have been made out, that the Tribunal would be justified in exercising its power of grant of stay on the recovery proceedings. (ii) Prima facie, the income tax authorities have not made any… Read More ...
RAZORPAY SOFTWARE PRIVATE LIMITED vs UNION OF INDIA (Karnataka High Court)
Karnataka High Court: If a payment gateway had no knowledge that the funds transferred to the merchant IDs of the accused were derived from criminal activity related to a scheduled offense and it did not knowingly assist the accused in concealing or transferring illicit proceeds as clean money, it cannot be said to have committed any offense under… Read More ...
PCIT v. Ziauddin A. Siddique (Bombay High Court)
Bombay High Court: S. 68 : Cash credits-Long term capital gains-Penny stock-Not subjected to any enquiry by SEBI-Sold through DMAT account-STT paid-Purchased at a rate as low as Rs.2.5/- to Rs. 3/- per share and they were sold at a rate extremely as high as Rs.125/- to Rs. 185/- per share-Order of Tribunal deleting the addition is affirmed.… Read More ...
Chirag Tejpraksh Dangi v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 68 : Cash credits-Long term capital gains-Penny stock-Information from Investigation wing from Kolkata-Estimation of commission-Not subjected to any enquiry by SEBI -Statement of the assesse-Sold through DMAT account-Addition as cash credits and estimation of commission is deleted. [S. 10(38), 45, 69C, 131] The aassessee has sold the shares of , Radford Global Ltd. (Earlier… Read More ...