Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court of India has held that *Kerala State Beverage Manufacturing & Marketing Corporation Limited Vs ACIT, Circle 1(1)* *Forum-Supreme Court* *Date-3/1/2022* *Sub-Whether surcharge on sales tax is liable to be disallowed u/s 40(a)(iib) of Income-tax Act,1961.* The Supreme Court of India allowing the appeal of the State Government undertaking by allowing the arguments of Senior Advocate S Ganesh that the ‘fee’… Read More ...
The Jharkhand High Court has held that Anup Kumar Lakhotia Vs Union of India through CBI Forum-Jharkhand High Court Date-23rd December,2021 Sub-Whether petitioner can be tried under the various section of Indian Penal Code and Prevention of Corruption Act in connection with the illegal transfer of PAN from Kolkata to Hazaribagh to get favourable order u/s 264 of Income-tax Act,1961 from PCIT… Read More ...
The Bombay High Court has held that S. 276C : Offences and prosecutions - Wilful attempt to evade tax - Bogus purchase - Estimate of 12.5 per cent of Bogus Purchase upheld by CIT(A) and ITAT - No penalty was levied - High Court held that prima facie ingredients of offenses are satisfied - Assessee has wilfully and intentionally evaded his tax… Read More ...
The Supreme Court has held that A detailed order was passed by the ITAT when it passed an order on 06.09.2013, by which the ITAT held in favour of the Revenue. Therefore, the said order could not have been recalled by the Appellate Tribunal in exercise of powers under Section 254(2) of the Act. If the Assessee was of the opinion… Read More ...
The Supreme Court has held that Section 6(1) of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 nowhere provides that it is “mandatory” to serve the convict or detenu with a primary notice under that provision whilst initiating action against the relative of the convict. Indubitably, if the illegally acquired property is held by a person in his… Read More ...
The Bombay High Court has held that Bombay High Court passes strictures against Assessing Officer for 'remarkable ineptitude' and 'gross abuse of process'; imposes costs for not considering Assessee's reply to Draft Assessment Order and cutting & pasting the Draft Assessment Order in the Final Assessment Order. The Writ Petition was filed by the Assessee against a Final Assessment Order passed by… Read More ...
The Delhi 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 Calcutta High Court has held that *Tyroon Tea Company Ltd & Anr Vs Union of India & Ors* *Forum_Calcutta High Court* *Date-24th November, 2021* *Sub-Constitutional validity and legality of section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from, inter alia, a banking company exceeding Rs.1… Read More ...
The Rajasthan 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-Reassessment notices issued under section… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue- eligibility of loss being carried forward-Issue which is beyond the scope of rectification-Commissioner cannot revise under section 263 of the Act. [S. 154] Where, the Assessing Officer allowed the rectification application of the assessee claiming losses to be carried forward. The PCIT held that the AO… Read More ...