Judgements Uploaded By Users In Category: Income-Tax Act
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The Madras High Court has held that The present writ petition is preferred by N.R.S.Ganesan, Accountant Member of the ITAT, against the interim order declining the grant of interim stay of operation of the order of transfer. The Court held that a perusal of the impugned order would disclose that the Tribunal has exercised its discretion in a fair and proper manner.… Read More ...
The ITAT Mumbai D Bench has held that Book profit adjustment u/s. 115JB - difference in depreciation - exclusion of amount credited in P/L account under the head “Earlier years adjustment- Difference in depreciation provision" while determining book profit – HELD THAT: - Identical issue considered in the case of ACIT Vs. Srinivas Synthetics Packers (P) Ltd. [2008 (9) TMI 446 -ITAT AGRA].… Read More ...
The Supreme Court has held that The State of Jharkhand & Ors Vs Brahmaputra Metallics Limited, Ranchi Forum-Supreme Court of India Civil Appeal No 3860-62 of 2020 Date-01/12/2020 Sub: Electricity duty which was promised to be charged at 50% of the normal rate for industries set up in terms of Industrial Policy, delay in issuing notification by more than 3 years-… Read More ...
The DELHI HIGH COURT has held that Receipt of shares of amalgamated company by the shareholders of amalgamating company in lieu of their shareholding in amalgamating company is transfer within the meaning of section 2(47) and 45 of Income Tax Act,1961. If on the date of amalgamation, the shareholders of amalgamating company held those shares as capital asset, such transfer would be… Read More ...
The ITAT Delhi Benches 'SMC 2' has held that Where the assessee sold in AY 2009-10 by two different registered transfer deeds, two flats which were used as residence by amalgamating both into one single unit and invested the capital gains in one new residential house, exemption u/s 54 could not be denied. Relying on ITAT Mumbai's order in DCIT v. Ranjit Vithaldas in… Read More ...
The Supreme Court of India has held that Landmark Ruling of the Apex Court today on 27-11-2020 in the case of Madras Bar Association Vs Union of India & Another which will directly affect the functioning of the following Tribunals:- * Industrial Tribunal constituted by the Central Government * Income-Tax Appellate Tribunal * Customs, Excise and Service Tax Appellate Tribunal * Appellate Tribunal.… Read More ...
The Supreme Court of India has held that M/s Tamil Nadu State Marketing Corporation Ltd. Versus Union of India and others CIVIL APPEAL NO. 3821 OF 2020 (Arising from S.L.P.(Civil) No.10613/2020) Forum-Supreme Court of India Sub-Ultra Vires of Section 40(a)(iib) challenged before High court-not entertained by High court- held by Supreme Court to be not sustainable. The State Government undertaking in the above… Read More ...
The Delhi High Court has held that *Tata Teleservices Limited Vs The Pr CIT & Another* *Court- Delhi High Court* *Date-19/11/2020* *Sub- Claim of refund out of ad hoc payment made towards 20% of demand for a number of years , pursuant to favourable decision in some of the years * The Delhi High court in the above was dealing with a… Read More ...
The Allahabad High Court has held that Case:S K Srivastava, IRS(Retd) Vs CBI & Ors Court-Allahabad High Court Date-04/11/2020 Sub: Charges against the Commissioner (Appeals) u/s 120B and 420 of IPC and 482 of CrPC for various acts including antedating of 13 orders as well as deciding appeals which were not within his jurisdiction in collusion with a Chartered Accountant. The Allahabad… Read More ...
The ITAT BANGALORE - SMC BENCH has held that Whether the AO can resort to rectification under section 154 to make a disallowance u/s 40A(3) when the order under section 143(3) has been passed after due scrutiny of accounts. Held NO Whether the amendment to Rule 6DD(j) which provided for residual exceptional cases from 1995 onwards has resulted in making the plea of commercial… Read More ...