Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Calcutta High Court, Divission Bench has held that Completion of Faceless Assessment before crossing its time lime is not sustainable and it is in Violation of Principles of Natural Justice. Read More ...
The PUNE ITAT has held that Interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. Moreover, as the A.O while framing the assessment had taken a possible view, and allowed the assessee's claim for deduction under Sec. 80P(2)(d) on the interest income earned… Read More ...
The Supreme Court of India has held that *The State of Maharashtra Vs Shri Vile Parle Kelvani Mandal & Ors* *Forum-Supreme Court of India* *Date- 7th January 2022* *Sub-Whether a charitable Trust/society in Maharashtra is liable to pay electricity duty under the Maharashtra Electricity Act, 2016 ?* The Supreme Court in this case was called upon to decide whether a charitable society registered… Read More ...
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 ...