Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT , JAIPUR ' B ' BENCH has held that ANNU AGROTECH (P) LTD. vs. PRINCIPAL COMMISSIONER OF INCOME TAX- UDAIPUR ITAT, JAIPUR 'B' BENCH Member(s) Sandeep Gosain, J.M. & Vikram Singh Yadav, A.M. ITA No. 9/Jp/2021; Asst. yr. 2016-17 Date of decision 15th September, 2021 The assessee received funds during the previous year in the form of share premium. The case of the assessee… Read More ...
The Mumbai Tribunal has held that Sec. 56(2)(viib)-Discounted cash flow method adopted by assessee -cannot be changed by AO without cogent reason - Projections employed in the DCF valuation cannot be compared with actual results to discard the valuation. Assessing Officer cannot challenge the method of valuation adopted by the assessee for the purpose of sec. 56(2)(viib) once the Assessee adopts… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue-AO examined the issue-PCIT cannot demonstrate the error or lack of enquiry-Cannot be deemed to be erroneous-S. 56(2)(viia) not applicable to gifting of shares of a listed company. [S. 56(2)(viia)] Where the assessee is a partnership firm wherein a Trust held 97 per cent partnership share and… Read More ...
The Bombay High Court (Nagpur Bench) has held that S. 148: Reassessment-Issuance of notice of reassessment- Resolution personal-Provisions of this Code to override other laws-For period prior to approval of resolution plan under the Insolvency & Bankruptcy Code, 2016 (‘IBC’)-Once the public announcement is made under the IBC by the Resolution Professional calling upon all concerned, including the statutory bodies, to raise claim, it… Read More ...
The Telangana High court has held that The Sirpur Paper Mills Limited & Another Vs Union of India & Two others Date- 18th January 2022 Forum-Telangana High court Sub-Whether notice u/s 143(2)/142(1) of the Income-tax Act ,1961 for the period before the order of the NCLT passing the resolution plan is valid even when a revised return is filed subsequently after the… Read More ...
The Calcutta High Court has held that Haldia Steels Pvt Limited Vs Union of India & Ors Forum- Calcutta High Court Date-17th January 2022 Sub-Whether the revenue is bound to produce record of service of show cause notices and draft assessment order and whether the court can take adverse view in case of non production of record of service. In an interesting… Read More ...
The Calcutta High Court has held that S. 148 : Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021… Read More ...
The Delhi High Court has held that *Bharat Aluminium Co Ltd Vs Union of India & Ors* *Forum Delhi High Court* *Date 14th January 2022* *Sub-Whether the requirement of giving opportunity of personal hearing while passing an assessment order u/s 144B is mandatory or directory and whether not granting the opportunity amounts to violation of principles of natural justice.* The Delhi High… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-Capital gains-Penny stock alternative remedy-Reassessment notice was held to be valid. [S. 45, 142(1), 148, Art. 226] Reassessment notice was issued for verifying the exemption claimed in respect of penny stock on the basis of information received. The objection of the assessee was rejected by the Assessing Officer. On writ dismissing the… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-Reasons recorded-Sanction-Non-application of mind-Strictures-CBDT to formulate a Scheme to train officers for recording reasons-Commissioners to not to grant sanction in a mechanical manner-Reassessment proceedings quashed. [S. 148, 151, Art. 226] Allowing the writ petition the Court held that where the recorded reasons suggested that the assessee received bogus accommodation entries from itself,… Read More ...