Tax Weekly Round-Up: 6th January - 12th January 2025
1 day, 18 hours ago

Tax Weekly Round-Up: 6th January - 12th January 2025

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SUPREME COURT Reduction In Share Capital Amounts To Transfer Of Capital Asset Under Income Tax Act : Supreme Court Case Name: PRINCIPAL COMMISSIONER OF INCOME TAX-4 & ANR v. M/S. : While directing that the order under Section 73 of the Goods and Service Tax Act, 2017 uploaded in the “Additional Notices and Tabs” on the GST portal be treated as the show cause notice, the Allahabad High Court observed, “If in a decision making procedure adopted by the authority is de hors the provisions of the act or rules framed thereunder, it is liable to be rendered as flawed one.” Delhi HC Customs Dept Should Serve Notices By Email In Addition To Post, Will Prevent Delay And Non-Appearances: Delhi High Court Case title: Bonanza Enterprises v. The Assistant Commissioner Of Customs & Anr. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela observed, “Uploading of information by the investigation wing of the Income Tax department would not be a substitute for recording of a satisfaction note by the AO of a searched person and handing over the assets, books of accounts or other material to the AO of the person other than the searched person for the purpose of initiation of proceedings under Section 153C of the Act.” Assessee Must Clearly Establish 'Movement Of Goods' To Defend Allegations Of Accommodation Entries: Delhi HC Case title: Abhishek Bansal v. Income Tax Officer, Ward 58, Delhi Case no. Given the nature of the proceedings under Section 148A of the Act, we are unable to accept that issuance of a notice under Section 148A of the Act in the name of an entity, which had since amalgamated with the petitioner, would be fatal to the AO assuming jurisdiction by issuance of notice under Section 148 of the Act in the name of the petitioner.” Himachal Pradesh HC Twin Conditions U/S 127 Of Income Tax Act For Transferring Assessee's Case From One Officer To Another Are Mandatory: Himachal Pradesh HC Case title: M/s Deluxe Enterprises v. Income Tax Officer Case no. A division bench of Justices Tarlok Singh Chauhan and Rakesh Kainthla observed, “The twin conditions to be complied with by the respondents for transferring the case of the appellant/petitioner from respondent No.4 to respondent No.5 are: the assessee should have been given a reasonable opportunity of being heard and the reasons for transfer should have been recorded.” Madras HC FAOs And JAOs Have Concurrent Jurisdiction For Assessment, Re-assessment Or Re-Computation U/S 147 Income Tax Act: Madras High Court Case Title: Mark Studio India Private Limited v. Income Tax Officer and Others Case No: W.P.Nos.25223 & 25227 of 2024 The Madras High Court recently clarified that both the Faceless Assessment Officer and Jurisdictional Assessment Officer have concurrent jurisdiction as far as assessment, re-assessment or re-computation under Section 147 of the Income Tax Act.

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History of this topic

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC
Trending News
21 hours, 43 minutes ago

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has held that an Assessing Officer is required to be satisfied that accommodation entries as alleged in show cause notice under Section 148A of the Income Tax Act 1961 exist, particularly where the assessee produces its accounts. Clearly, the AO is required to be satisfied that such entries exists particularly where the petitioner had produced its …

Income Tax Act | Reassessment Notice To Merged Entity U/S 148A(d) Not Invalid Merely Because SCN Was Issued In Name Of Ceased Entity: Delhi HC
3 days, 14 hours ago

Income Tax Act | Reassessment Notice To Merged Entity U/S 148A(d) Not Invalid Merely Because SCN Was Issued In Name Of Ceased Entity: Delhi HC

Live Law  

The Delhi High Court has made it clear that merely because notice under Section 148A of the Income Tax Act, 1961 is issued in the name of an amalgamating company which had ceased to exist, subsequent notice issued under Section 148A in the name of merged entity cannot be declared invalid. Given the nature of the proceedings under Section 148A …

Delay In Issuing Requisition U/S 132A Of Income Tax Act Due To Investigation By Department Can Be Condoned: Delhi HC
3 days, 16 hours ago

Delay In Issuing Requisition U/S 132A Of Income Tax Act Due To Investigation By Department Can Be Condoned: Delhi HC

Live Law  

The Delhi High Court has held that the delay in issuing requisition under Section 132A of the Income Tax Act, 1961, can be condoned if the same is explained by the Authority concerned. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Swarana Kanta Sharma observed, “.there has been some delay in issuance of the impugned requisition, however, …

Income Tax Dept Can Invoke S.159 When Reassessment Notice Was Issued During Lifetime Of Deceased Assessee: Delhi HC
5 days, 18 hours ago

Income Tax Dept Can Invoke S.159 When Reassessment Notice Was Issued During Lifetime Of Deceased Assessee: Delhi HC

Live Law  

The Delhi High Court has held that Section 159 of the Income Tax Act can be invoked to proceed against the legal representative of an assessee, only in cases where the reassessment notice was issued to the assessee during his lifetime, not after. At the outset, the division bench of Justices Yashwant Varma and Dharmesh Sharma noted that “Section 159 …

Reduction In Share Capital Amounts To Transfer Of Capital Asset Under Income Tax Act : Supreme Court
5 days, 21 hours ago

Reduction In Share Capital Amounts To Transfer Of Capital Asset Under Income Tax Act : Supreme Court

Live Law  

The Supreme Court reiterated that reduction in share capital is covered under Section 2 of the Income Tax Act, 1961, which talks about transfer of a capital asset. Such a reduction of the right of the capital asset clearly amounts to a transfer within the meaning of section 2 of the Income Tax Act, 1961.'' Relinquishment of any rights in …

Twin Conditions U/S 127 Of Income Tax Act For Transferring Assessee's Case From One Officer To Another Are Mandatory: Himachal Pradesh HC
5 days, 23 hours ago

Twin Conditions U/S 127 Of Income Tax Act For Transferring Assessee's Case From One Officer To Another Are Mandatory: Himachal Pradesh HC

Live Law  

The Himachal Pradesh High Court has elucidated the mandatory twin conditions for transfer of an assessee's case under Section 127 of the Income Tax Act, 1961, from one Assessing Officer to another. A division bench of Justices Tarlok Singh Chauhan and Rakesh Kainthla observed, “The twin conditions to be complied with by the respondents for transferring the case of the …

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC
1 week ago

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC

Live Law  

The Delhi High Court has held that the provision under Section 153C of the Income Tax Act, 1961 for the Assessing officer of a searched person to record 'satisfaction' and handover documents regarding undisclosed income of another person cannot be substituted by merely uploading such information on the Department's insight portal. A division bench of Acting Chief Justice Vibhu Bakhru …

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court
1 week, 3 days ago

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court

Live Law  

The Delhi High Court has held that Section 150 of the Income Tax Act, 1961 can be invoked for reassessment only to give effect to a 'conclusive finding' by an appellate authority regarding escapement of income by an assessee. Both terms demand a direct and substantive nexus to the matter under adjudication and cannot extend to incidental or ancillary conclusions.” …

Tax Monthly Digest: December 2024
1 week, 6 days ago

Tax Monthly Digest: December 2024

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SUPREME COURT Subsequent Purchaser Of Imported Vehicle Cannot Be Asked To Pay Customs Duty; Liability On Importer : Supreme Court Case Title: Nalin Choksey v. The Commissioner Of Customs, Kochi The Supreme Court ruled that the 'subsequent purchaser' of an imported motor car cannot be called an 'importer' to attract the liability under the Customs Act, 1962 to pay customs …

Phrase "Where It Is Possible To Do" U/S 73(4B) Of Finance Act Doesn't Make Timeline To Determine Service Tax Dues 'Suggestive': Delhi HC
2 weeks, 2 days ago

Phrase "Where It Is Possible To Do" U/S 73(4B) Of Finance Act Doesn't Make Timeline To Determine Service Tax Dues 'Suggestive': Delhi HC

Live Law  

The Delhi High Court has held that the usage of expression "where it is possible to do so" doesn't make the timeline stipulated under Section 73 of the Finance Act, 1994 to determine service tax dues 'suggestive' in nature. While there cannot be denying that the taxation forms the backbone of a nation's economy, any inordinate delay by the Revenue …

Tax Weekly Round-Up [23rd December - 29th December 2024]
2 weeks, 2 days ago

Tax Weekly Round-Up [23rd December - 29th December 2024]

Live Law  

HIGH COURTS Bombay HC ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening Case Title: Imperial Consultants and Securities vs. Deputy CIT Case no. Amendment In Finance Act Can't Retrospectively Affect Vested Right Of Taxpayer To Adjudicate Settlement Application U/S 245: Calcutta HC Case Title: Pradeep …

Tax Weekly Round-Up [16th December - 22nd December 2024]
3 weeks, 2 days ago

Tax Weekly Round-Up [16th December - 22nd December 2024]

Live Law  

SUPREME COURT Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court Case : Commissioner of Central Excise, Salem v. M/s Madhan Agro Industries Ltd Case no. Delhi HC Delhi High Court Disallows Income Tax Dept From Adjusting Stayed Demand Towards Previous Refund Due To Nokia Case title: Nokia …

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC
3 weeks, 6 days ago

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC

Live Law  

The Delhi High Court has made it clear that a Final Assessment order passed by the Income Tax Authorities under Section 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. It said, “.notwithstanding the lack of information with the AO, if an objection has been …

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC
4 weeks, 1 day ago

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC

Live Law  

The Delhi High Court has reiterated that the Supreme Court's judgment in Abhisar Buildwell does not permit reopening of assessments under Section 147/148 of the Income Tax Act, 1961 beyond the period stipulated under Section 149. It relied on Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Private Limited to contend that in cases where the proceedings under Section …

Tax Weekly Round-Up: December 09 - December 15, 2024
4 weeks, 1 day ago

Tax Weekly Round-Up: December 09 - December 15, 2024

Live Law  

HIGH COURTS Allahabad HC Assesee Cannot File For Requisite Documents Once Plea Is Accepted And Notice Is Issued: Allahabad High Court Case Title: M/s Laxmi Telecom v. State of U.P. Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court Case Title: Dish TV India Limited v. …

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC
Trending News
1 month ago

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

Live Law  

The Delhi High Court has held that under the Direct Tax Vivad Se Vishwas Act, 2020, an Assessee is entitled to confine the settlement of disputes which were subject matter of its appeal, and exclude the disputes which were subject matter of the Revenue's appeal for the same assessment year. It thus allowed a real estate company's plea against the …

Tax Weekly Roundup: November 25 - December 01, 2024
1 month, 1 week ago

Tax Weekly Roundup: November 25 - December 01, 2024

Live Law  

HIGH COURTS Allahabad HC Time Extension Notification Dated 24.04.2023 Valid Only From 31.03.2023, Not Before: Allahabad High Court Case Title: M/s A.V. Review Plea Against SLP Constitutes "Disputed Tax" U/S 2: Delhi High Court Case title: NRA Iron And Steel Pvt Ltd v. Income Tax Department & Ors. S.99A Customs Act | Final Report Containing Audit Findings Can Be Drawn …

Finance Act, 2013 | Audit Report Determining Tax Liability Doesn't Bar Eligibility Under Voluntary Compliance Encouragement Scheme: Delhi HC
1 month, 1 week ago

Finance Act, 2013 | Audit Report Determining Tax Liability Doesn't Bar Eligibility Under Voluntary Compliance Encouragement Scheme: Delhi HC

Live Law  

The Delhi High Court has held that an audit report determining liability towards tax dues is not a notice or an order of determination as contemplated under Section 106 of the Finance Act, 2013. Sub-section states that any person may declare his tax dues in respect of which no notice or an order of determination under section 72 or section …

Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad
1 month, 2 weeks ago

Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad comprising of Dr V.G Venkata Chalapathy and Chitra Hankare approved a Section 66 application of Companies Act, 2013 filed by the Mahan Industries, seeking confirmation in the reduction of its share capital. Background of the Case The following case involves an application filed by Mahan Industries under Section 66 of the Companies Act, 2013 …

Tax Weekly Roundup: November 18 - November 24, 2024
1 month, 2 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

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SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Tax Weekly Roundup: November 18 - November 24, 2024
1 month, 2 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

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SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court
1 month, 3 weeks ago

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court

Live Law  

S.153C Income Tax Act doesn't bar AO's jurisdiction to reopen assessment u/S 147 when information against assessee is received from search conducted on another person: Delhi High CourtThe Delhi High Court has held that Section 153C of the Income Tax Act, 1961 does not by itself preclude an Assessing Officer from reopening assessments under Section 147/148 of the Act, on …

Supreme Court Criticises ICICI Bank For Not Defreezing Newsclick's Bank Accounts Despite Stay On Tax Recovery Steps
1 month, 3 weeks ago

Supreme Court Criticises ICICI Bank For Not Defreezing Newsclick's Bank Accounts Despite Stay On Tax Recovery Steps

Live Law  

By an order dated August 9, the Court disposed of a plea filed by NewsClick for a stay on the income tax demand and directed that pending disposal of the appeal filed before the Income Tax Appellate Tribunal, there shall be a stay of further recovery of an outstanding amount. The division bench of Justices BV Nagarathna and Nongmeikapam Kotiswar …

Premature Withdrawal Of Investment From 'Capital Gain Tax Exemption Bonds' Defeats Legislative Intent Behind S. 54EC Of Income Tax Act: Delhi HC
1 month, 4 weeks ago

Premature Withdrawal Of Investment From 'Capital Gain Tax Exemption Bonds' Defeats Legislative Intent Behind S. 54EC Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that an investor of 'Capital Gain Tax Exemption Bonds' cannot seek premature withdrawal through judicial intervention. A single bench of Justice Sanjeev Narula ruled that such an act would defeat the legislative intent behind Section 54EC of Income Tax Act, 1961. This lock-in period is not a mere formality but a substantive …

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains
Trending News
2 months ago

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains

Live Law  

The Delhi High Court recently explained when an action for imposition of penalty under Section 271C of the Income Tax Act, 1961 can be said to have been “initiated”. At the outset, the High Court noted that when a penalty proceeding can be stated to be initiated is squarely covered in favour of the assessee by Principal Commissioner of Income …

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
2 months ago

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Live Law  

The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma observed, “Twin conditions have to be met for assuming jurisdiction under Section 263 of the Act, and the PCIT has to form …

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC
2 months ago

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once scrutiny assessment is held under Section 143 of the Income Tax Act but due to a mistake of the Assessing Officer there is under assessment of income, reopening assessment under Section 147 of the Income Tax Act, 1961 is not permissible. At the outset, the High Court observed that escapement …

Word 'Approved' By PCCIT For Reopening Of Assessment Not Enough, Reasons Necessary, Delhi High Court
4 months, 3 weeks ago

Word 'Approved' By PCCIT For Reopening Of Assessment Not Enough, Reasons Necessary, Delhi High Court

Live Law  

The Delhi High Court has held that mere appending of the word “approved” by the PCCIT while granting approval under Section 151 of the Income Tax Act to the reopening under Section 148 is not enough.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that while the Principal Chief Commissioner of Income Tax is not required to …

Direct Tax Weekly Round-Up: 11 To 17 August 2024
4 months, 3 weeks ago

Direct Tax Weekly Round-Up: 11 To 17 August 2024

Live Law  

Delhi High Court Failure Of Dept. Value Of Shares Allotted Under Employees Stock Purchase Scheme Can't Be Treated As Perquisite As Per Sec 17: Delhi High Court Case Title: Ravi Kumar Sinha vs. CIT While emphasizing that no tax can be levied on notional income, the Delhi High Court held that Valuation Report obtained by employer could have no application …

Direct Tax Weekly Round-Up: 4 To 10 August 2024
5 months ago

Direct Tax Weekly Round-Up: 4 To 10 August 2024

Live Law  

Delhi High Court Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court Case Title: PCIT Versus Karina Airlines International Ltd. Reopening Based On Entirely New Material Deprives Taxpayer's Right To Object To Re-Assessment: Delhi High Court Case Title: Banyan Real Estate Fund Mauritius Verses Assistant Commissioner Of Income Tax …

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
5 months, 1 week ago

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court

Live Law  

The Delhi High Court has held that the assessing officer cannot disregard the direction of the Income Tax Appellate Tribunal to re-examine the issue by referring to the circular issued by the Central Board of Direct Taxes.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the additional grounds had come to be accepted by the …

Article 23A Of Schedule I-A Of Stamp Act Applies To Agreements To Sell Under Section 53A Of Transfer Of Property Act: Delhi High Court
5 months, 2 weeks ago

Article 23A Of Schedule I-A Of Stamp Act Applies To Agreements To Sell Under Section 53A Of Transfer Of Property Act: Delhi High Court

Live Law  

The Delhi High Court bench of Justice C.Hari Shankar has held that Article 23A of Schedule I-A of the Stamp Act applicable in Delhi covers Agreement to Sell to which Section 53A of the Transfer of Property Act applies. Further, the bench held that every contract for the transfer of immovable property in the nature of part performance under Section …

Indirect Tax Weekly Round-Up: 21 To 27 July 2024
5 months, 2 weeks ago

Indirect Tax Weekly Round-Up: 21 To 27 July 2024

Live Law  

Supreme Court Customs Act | Owner Of Goods Liable To Pay Customs Duty Even After Confiscated Goods Are Redeemed Paying Fine : Supreme Court Case Title: M/S Navayuga Engineering Co. Ltd. Madras High Court Interest Can't Be Demanded When Entire Stamp Duty Paid During Pendency Of Appeal: Madras High Court Case Title: The Chief Revenue Controlling Authority Chennai Versus R.Muniyandi …

Direct Tax Weekly Round-Up: 21 To 27 July 2024
5 months, 2 weeks ago

Direct Tax Weekly Round-Up: 21 To 27 July 2024

Live Law  

Supreme Court State Not Liable To Collect Tax At Source While Giving Contractors Permit To Vend Liquor At Fixed Retail Price : Supreme Court Case Details : THE EXCISE COMMISSIONER KARNATAKA & ANR. Services Provided Outside To Indian Customers In Connection With Right To Use Of Process Can't Be Taxed : Delhi High Court Case Title: The Commissioner Of Income …

ITAT Half Yearly Digest: January To June 2024 - PART I
6 months ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law  

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

Delhi man ends up paying ₹50,000 to CA over income tax dispute of 1 rupee: ‘Not joking’
6 months ago

Delhi man ends up paying ₹50,000 to CA over income tax dispute of 1 rupee: ‘Not joking’

Hindustan Times  

A Delhi man claims he paid ₹50,000 to a chartered accountant after receiving an Income Tax notice. In a discussion where several people rued the complexity of filing taxes, he revealed: “Paid 50000/- fee to CA for a IT notice I received recently wherein the final disputed value turned out to be Re 1/-.” “I am not joking,” Jain added …

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
6 months, 1 week ago

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

Live Law  

The Delhi High Court has held that the order of the Income Tax Settlement Commission is final and conclusive for a particular assessment year for which the application has been filed.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the order of the ITSC is deemed to be conclusive for all the matters pertaining to …

Indirect Tax Cases Monthly Round Up: June 2024
6 months, 2 weeks ago

Indirect Tax Cases Monthly Round Up: June 2024

Live Law  

Bombay High Court Non-Communication Of SCN To Call Book Is Fatal; Bombay High Court Quashes SCNs Against ICICI Home Finance Citation: 2024 LiveLaw 305 Case Title: ICICI Home Finance Company Ltd. Slump Sale Doesn't Amount To Sale Of Goods Within MVAT Act: Bombay High Court Citation: 2024 LiveLaw 306 Case Title: Piramal Enterprises Limited Versus The State of Maharashtra The …

Indirect Tax Weekly Round-Up: 23 To 29 June 2024
6 months, 2 weeks ago

Indirect Tax Weekly Round-Up: 23 To 29 June 2024

Live Law  

Bombay High Court The Bombay High Court, while noting the discrepancies between the dates of creation and signing of the assessment order, quashed the Maharashtra Value Added Tax Act Order, which was passed beyond the limitation period of 4 years. CESTAT Penalty Can't Be Levied When Extended Limitation Period Is Not Invokable: Chandigarh CESTAT Case Title: M/s P S Construction …

Deeming Provisions Of Section 50C Can't Be Applied For Leasehold Rights: Delhi ITAT
6 months, 3 weeks ago

Deeming Provisions Of Section 50C Can't Be Applied For Leasehold Rights: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that deeming provisions of Section 50C of the Income Tax Act cannot be applied for leasehold rights.The bench of Kul Bharat and Avdhesh Kumar Mishra has observed that only if a capital asset, be it land, a building, or both, is transferred and the consideration received or accruing as a. …

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT
6 months, 3 weeks ago

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing foreign tax credit.The bench of Sudhir Pareek and S. Rifaur Rahman has observed that filing Form-67 is a procedural or directory requirement and is not a mandatory requirement. The Delhi Bench of Income Tax Appellate Tribunal has held that submission of …

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
7 months ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court
7 months, 1 week ago

Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court

Live Law  

The Delhi High Court has held that exemption is allowable on donations made by one charitable trust to other charitable institutions for a temporary period.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 11 of the Income Tax Act and the adverse consequences would have been attracted provided the incomes so accumulated were diverted …

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off
7 months, 1 week ago

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off

Live Law  

The Delhi High Court dismissed a writ petition challenging the constitutional validity of Section 31 of the Finance Act, 2017. Since the house was constructed using borrowed capital, under Section 24 of the Income Tax Act, the interest payable on such capital was eligible for deduction from the head “Income from house property.” The income chargeable under this head was …

Indirect Tax Cases Weekly Round-Up: 26 May To 01 June 2024
7 months, 1 week ago

Indirect Tax Cases Weekly Round-Up: 26 May To 01 June 2024

Live Law  

Madras High Court No Embargo On Commercial Tax Dept. Allahabad High Court S.75 CGST | Allahabad HC Directs Commissioner To Take Disciplinary Action Against Adjudicating Authorities Violating PONJ Without Justifiable Reasons Case Title: Ns Agro And Engineering Products v. State of U.P. Franchise Agreement Granted Non-Exclusive Licence Rather Than Transfer Of Right To Use Goods, VAT Not Payable: Allahabad High …

Direct Taxes Weekly Round-Up: 19 To 25 May 2024
7 months, 2 weeks ago

Direct Taxes Weekly Round-Up: 19 To 25 May 2024

Live Law  

Delhi High Court Case Title: PT Bukaka Teknik Utama Versus Commissioner Of Income Tax, Delhi - 2 The Delhi High Court has held that the assessee can't be obstructed from availing of the benefits of the Direct Tax Vivad se Vishwas Act, 2020 even where the time limit for an appeal has not expired. Case Title: New Delhi Television Limited …

Winding Up Proceedings On Nascent Stage , To Be Transferred To NCLT: Delhi High Court
7 months, 2 weeks ago

Winding Up Proceedings On Nascent Stage , To Be Transferred To NCLT: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Dharmesh Sharma held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. The bench held that: “It is but evident that the present company petition has not yet reached an advanced stage and …

Delhi High Court Weekly Round-Up: May 13 To May 19, 2024
7 months, 3 weeks ago

Delhi High Court Weekly Round-Up: May 13 To May 19, 2024

Live Law  

Citations 2024 LiveLaw 580 to 2024 LiveLaw 604NOMINAL INDEXANJALI COLLEGE OF PHARMACY AND SCIENCE THROUGH ITS FOUNDER -CUM-CHAIRMAN DEVENDRA GUPTA v. DR. MONTU M. PATEL PRESIDENT PHARMACY COUNCIL OF INDIA & ANR. Salasar Synthetics 2024 LiveLaw 593 Tipping Mr Pink Private Limited Vs Tipping Mr Pink Private Limited 2024 LiveLaw 594 Deepak Maurya Vs Saraswathi Supari Processing Unit & Ors …

Income Tax Dept. Failed To Incorporate Revised CPWD Rates As Quantum Of Rent For Building: Calcutta High Court
7 months, 3 weeks ago

Income Tax Dept. Failed To Incorporate Revised CPWD Rates As Quantum Of Rent For Building: Calcutta High Court

Live Law  

The Calcutta High Court has held that the income tax department was delaying the matter for a prolonged period and failed to incorporate the revised Central Public Works Department rates as the quantum of rent for the building.The bench of Chief Justice T.S. The Calcutta High Court has held that the income tax department was delaying the matter for a …

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