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S. 4: Filing of declaration and particulars to be furnished – Disputed tax – Pendency of Appeal before High Court – Permission to withdraw the appeal was granted –Given liberty to restore the appeal in the event the ultimate decision is taken on the declaration is against the assessee. [ S.260A ]
Bhimaas Engineering and Projects Pvt Ltd v. Dy CIT ( 2021) 430 ITR 519 ( Mad) (HC) Ind Mark Properties P .Ltd v. ACIT ( 2021) 430 ITR 500 ( Mad) (HC)Advocates Act , 1961
S: 34 : Power of High Courts to make rules- Punishment of Advocates for misconduct – Independent Bar and Independent Bench form the backbone of the democracy – The Legal profession cannot be equated with any other traditional professions -It is not commercial in nature and is noble one considering the nature of duties to be performed and its impact on society – The role of a lawyer is indispensable in the system of delivery of justice – He is bound by the professional ethics and to maintain the high standard . [ S. 9, 33, 34 ,35, 37 , Constitution of India , Art , 32, 226, Madras High Court Rules , 1970 Rules, 14A, 14B, 14C , 14D ]
R. Muthukrishnan v. Registrar General High Court of Judicature at Madras ( 20190 16 SCC 407Railways Act , 1989
S. 20D: Hearing of objections -Opportunity of being heard – Substantive right – Natural Justice -Audi Alteram Partem – Not mere formality – Until the order is communicated to the person affected by it , it cannot be regarded as anything more than being provisional in character [ Constitution of India , Art, 14, 19 , 300A Land Acquisition Act , 1894, S. 5A ]
S. 244A : Refund – Interest on refunds – Un paid amount of tax the assessee entitle to interest this would not amount to granting interest on interest . [ S.244A(1) (b) ]
Garsim Industries Ltd v .DCIT ( 2021) BCAJ – January -P. 47 ( Mum) (Trib)S. 80JJAA : Employment of new workmen – Exemption cannot be denied when the employees fulfilled the condition of being employed for 300 days for the year under consideration , even though such employees do not fulfil the condition of being employed for 300 days in the immediately preceding assessment year .
Tata Elxsi Ltd v. JCIT ( 2021) BCAJ- January – P 46 ( Bang) (Trib)S. 50 : Capital gains – Depreciable assets – Block of assets – Expenditure incurred on account of stamp duty , registration charges and society transfer fee , as per contractual terms is an allowable expenditure [ S.45, 50(1)(i) ]
DCIT v. B.E.Billimoria & Co Ltd ( 2021 ) BCAJ-January -P 48 ( Mum) (Trib)S. 44AD :Presumptive taxation- Once business income is offered on the presumption taxation , separate addition cannot be made as cash credits [ S.68 ]
Dineshkumar Verma v .ITI ( 2021 ) The Chamber’s Journal – January -P 123 ( Mum) (Trib)S. 44AD :Presumptive taxation- Presumptive taxation is not applicable to interest and remuneration received by a partnership firm [ S.28(v), 40(b) ]
AnandKumar v .ACIT ( 2021) The Chamber’s Journal – January -P 113 ( Mad ) (HC)S. 37(1) : Business expenditure – Provision made for site restoration is a contingent liability – Allowable as deduction on the principle of commercial expediency .[ S.145 ]
Vedanta Ltd v. JCIT ( 2021 ) BCAJ-January P. 58 ( Mad) (HC)S. 37(1) : Business expenditure – Discount in issue of ESOP is an allowable deduction – Contingent liability .[S.4, 143(3) 145, Companies Act , 1956 , S. 2(15A) ]
CIT v. Bicon Ltd ( 2021) The Chamber’s Journal – January – P 115 ( Karn) (HC)