[S.151 IT Act] SC Judgment In Rajeev Bansal Doesn't Affirm Authority Of Joint Commissioner To Accord Approvals For Reassessment: Delhi HC
2 months ago

[S.151 IT Act] SC Judgment In Rajeev Bansal Doesn't Affirm Authority Of Joint Commissioner To Accord Approvals For Reassessment: Delhi HC

Live Law  

The Delhi High Court has held that the Supreme Court's decision in Union of India and Ors. vs. Rajeev Bansal did not affirm the authority of a Joint Commissioner to grant approval under Section 151 of the Income Tax Act, 1961 for initiation of reassessment proceedings. A division bench of Justices Yashwant Varma and Dharmesh Sharma observed that the Supreme Court in the Rajeev Bansal case “merely alluded to the time frames within which approval under Section 151 of the could be sought for and obtained.” In the case at hand, the Petitioner-assessee had assailed the reassessment action on the ground of it having been approved by the Joint Commissioner and who, it was contended, cannot be recognised to be the authority competent in law as per Section 151 of the Act. It had observed, “Section 151 distributed the powers of approval amongst a set of specified authorities…Thus even if the reassessment was proposed to be initiated with the aid of the Taxation and Other Laws Act after the expiry of four years from the end of the relevant assessment year, the authority statutorily empowered to confer approval would be the Principal Chief Commissioner/ Chief Commissioner/ Principal Commissioner/ Commissioner. It would only be in a case where the reassessment was proposed to be initiated before the expiry of four years from the end of the relevant assessment year that approval could have been accorded by the Joint Commissioner of Income-tax.” The Department contended that the effect of Abhinav Jindal would no longer sustain in light of the Rajeev Bansal case.

Reassessment Case Commissioner Approval Four Years Joint Authority Section 151 Joint Commissioner Rajeev Bansal  delhi  reassessment  sc  doesnt  principal  mr  commissioner  authority  court  hc  judgment  case  approval  s151  rajeev  joint

History of this topic

Income Tax Department Cannot Attach Properties Indefinitely Without Pursuing Steps To Resolve Matter: Delhi High Court
1 week, 6 days ago

Income Tax Department Cannot Attach Properties Indefinitely Without Pursuing Steps To Resolve Matter: Delhi High Court

Live Law  

The Delhi High Court has held that the Income Tax Department cannot, suspecting escapement of tax on income by an assessee, indefinitely attach its properties without taking further steps to resolve the matter. Single judge Justice Sachin Datta observed that Section 222 of the Income Tax Act, 1961 which empowers the Tax Recovery Officer to proceed with “attachment and sale …

S.153C Income Tax Act | Two-Tier Satisfaction Of Assessing Officers Of Both Searched & Non-Searched Entity Needed Even Prior To 2015 Amendment: Delhi HC
2 weeks, 5 days ago

S.153C Income Tax Act | Two-Tier Satisfaction Of Assessing Officers Of Both Searched & Non-Searched Entity Needed Even Prior To 2015 Amendment: Delhi HC

Live Law  

The Delhi High Court has held that even though Section 153C of the Income Tax Act, 1961 did not in its original form prescribe two-tier satisfaction of Assessing Officers of both the searched and non-searched entity for initiating reassessment, the same cannot be deemed absent. “In our considered opinion, while and undoubtedly Section 153C as it stood at the relevant …

[S.292B Income Tax Act] Inadvertent Mistakes In Reassessment Can Be Saved But Assessment Order Overlooking Apparent Error Cannot: Delhi HC
2 weeks, 6 days ago

[S.292B Income Tax Act] Inadvertent Mistakes In Reassessment Can Be Saved But Assessment Order Overlooking Apparent Error Cannot: Delhi HC

Live Law  

The Delhi High Court has made it clear that Section 292B of the Income Tax Act, 1961 cannot be used to save an assessment order passed by overlooking errors apparent on face of the record. A division bench of Chief Justice Devender Kumar Upadhyay and Justice Tushar Rao Gedela said while the provision would save reassessment notice which inadvertently furnished …

High Court Within Whose Jurisdiction AO Passes Assessment Order Has Jurisdiction To Entertain Appeal U/S 260A Income Tax Act: Delhi HC
1 month, 1 week ago

High Court Within Whose Jurisdiction AO Passes Assessment Order Has Jurisdiction To Entertain Appeal U/S 260A Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has reiterated that only such High Court within whose jurisdiction the Assessing Officer passing an impugned assessment order is situated would have the jurisdiction to entertain an appeal under Section 260A of the Income Tax Act, 1961. It submitted that since the original assessment order was passed by the AO in Amritsar, therefore, Delhi High Court …

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court
1 month, 1 week ago

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court

Live Law  

The Calcutta High Court recently upheld an ITAT order deleting the addition of over ₹4 crore made to the income of an assessee under the Income Tax Act, 1961 in reassessment action. It observed, “The duty cast upon the assessing officer is to decide the written objections given by the assessee to the proposed reopening and passing a speaking order …

What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains
1 month, 2 weeks ago

What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains

Live Law  

The Delhi High Court has interpreted the Supreme Court's decision in Union of India v. Rajeev Bansal to elucidate the time period surviving under Section 149 of the Income Tax Act, 1961 for issuing reassessment notices. Further, the period between the date of issuance of the impugned reassessment notices up to the date of the decision rendered by the Supreme …

Tax Weekly Round-Up: January 20 - January 26, 2025
1 month, 3 weeks ago

Tax Weekly Round-Up: January 20 - January 26, 2025

Live Law  

SUPREME COURT Supreme Court Sets Aside Excise Duty Demand On Oil Marketing Companies For Inter-Supply Of Petroleum Products Case Title: Bharat Petroleum Corporation Ltd. versus Commissioner of Central Excise Nashik Commissionerate Case no. A bench comprising Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar said that the petition filed by BJP leader Ashwini Upadhyay was "badly drafted" and …

Tax Weekly Round-Up: January 13 - January 19, 2025
2 months ago

Tax Weekly Round-Up: January 13 - January 19, 2025

Live Law  

SUPREME COURT 'Will Pull You Up' : Supreme Court Asks GST Department To Rectify Issues Over Fake Invoices, Asks How Genuine Purchasers Are Liable The Supreme Court on Wednesday flagged a recurring problem in GST matters whereby genuine purchasers who paid Goods and Services Tax face issues because their suppliers raised fictitious bills to evade crediting the GST to the …

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court
2 months ago

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court

Live Law  

The Delhi High Court recently said aside an order passed by the Income Tax Appellate Tribunal, deciding grounds that did not arise from the impugned order passed by the Commissioner of Income Tax. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela observed, “The Assessee's challenge to the addition of ₹4,30,00,000/- under Section 68 of …

Tax Weekly Round-Up: 6th January - 12th January 2025
2 months, 1 week ago

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

Live Law  

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 …

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
2 months, 1 week 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 …

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court
2 months, 2 weeks 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.” …

Commissioner Cannot Use Its Power U/S 107(2) CGST Act To Review Order Passed By Appellate Authority: Delhi High Court
2 months, 2 weeks ago

Commissioner Cannot Use Its Power U/S 107(2) CGST Act To Review Order Passed By Appellate Authority: Delhi High Court

Live Law  

The Delhi High Court has made it clear that a Commissioner under the Central Goods and Services Tax Act 2017 cannot, in purported exercise of its powers under Section 107, sit in appeal over an order passed by the Appellate Authority. A division bench of Justices Yashwant Varma and Dharmesh Sharma ruled, “The Commissioner, while seeking to review an order …

Designated Authority Under Direct Tax Vivad Se Vishwas Act Cannot Reopen Assessment After Issuance Of Final Certificate: Delhi HC Reiterates
2 months, 2 weeks ago

Designated Authority Under Direct Tax Vivad Se Vishwas Act Cannot Reopen Assessment After Issuance Of Final Certificate: Delhi HC Reiterates

Live Law  

The Delhi High Court has reiterated that a designated authority under the Direct Tax Vivad Se Vishwas Act, 2020 cannot reopen an assessment after a final certificate is issued under Section 5 of the Act and all disputes with regard to the 'tax arrear' stand concluded. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela …

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

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 months 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
3 months 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 …

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC
Trending News
3 months, 1 week 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 …

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
3 months, 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 …

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
4 months, 1 week 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
4 months, 1 week 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 …

Entry Made In Dispatch Register Is Not Primary Evidence To Prove Service Of Notice On Assessee: Orissa High Court
4 months, 1 week ago

Entry Made In Dispatch Register Is Not Primary Evidence To Prove Service Of Notice On Assessee: Orissa High Court

Live Law  

The Orissa High Court has made it clear that an entry in the dispatch register maintained by the Revenue is not primary evidence to show service of notice on an assessee. At the outset, the High Court division bench of Justices Arindam Sinha and MS Sahoo observed, “Entry made in the system is not primary evidence. In light of the …

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court
4 months, 1 week ago

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court

Live Law  

The Division Bench of Kerala High Court comprising Justices A.K. observed that “the concern of the Assessing Authority, while passing a consequential order, has to be limited to those specific issues that have been remanded to it for consideration by the Commissioner……….” Section 263 of the Income Tax Act, 1961 empowers the Commissioner of Income Tax to revise any order …

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
4 months, 1 week 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
6 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
7 months 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 …

Rajasthan High Court Quashes Income Tax Reassessment As Income Tax Dept. Failed To Hold Proper Investigation
7 months ago

Rajasthan High Court Quashes Income Tax Reassessment As Income Tax Dept. Failed To Hold Proper Investigation

Live Law  

The Jaipur Bench of the Rajasthan High Court has quashed the income tax reassessment and held that the Income Tax Department had not done any investigation or held an inquiry. The bench of Justice Avneesh Jhingan and Justice Ashutosh Kumar has observed that the additions were made solely based on the order passed by the AO determining the value of …

Direct Tax Weekly Round-Up: 4 To 10 August 2024
7 months, 1 week 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
7 months, 2 weeks 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 …

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
8 months, 2 weeks 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 …

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
9 months, 1 week 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 …

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024
10 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024

Live Law  

Supreme Court Case Name- All India Bank Officers' Confederation Vs The Regional Manager, Central Bank Of India & Others Citation : 2024 LiveLaw 352 A Division bench of the Supreme Court comprising of Justice Sanjiv Khanna and Justice Dipankar Datta while deciding a Civil Appeal in the case of All India Bank Officers' Confederation Vs The Regional Manager, Central Bank …

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court
10 months, 2 weeks ago

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court

Live Law  

The Bombay High Court, while setting aside the order of the Income Tax Appellate Tribunal, held that the authority should refrain from overanalyzing, which leads to paralysis of justice.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the ITAT failed to appreciate the spirit in which the order dated August 23, 2022, was passed by …

Direct Tax Cases Weekly Round-Up: 14 April To 20 April 2024
10 months, 3 weeks ago

Direct Tax Cases Weekly Round-Up: 14 April To 20 April 2024

Live Law  

Delhi High Court Case Title: M Tech Developers Pvt. To Remove Demands, Penalty From ITBA portal Case Title: Sunshine Capital Limited Versus DCIT The Delhi High Court has held that the Department has failed to comply with Income Tax Appellate Tribunal's Order in passing a fresh assessment order within the stipulated time. Bombay High Court Case Title: Pankaj Kailash Agarwal …

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court
11 months ago

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court

Live Law  

The Allahabad High Court has held that Supreme Court in Union of India v. Ashish Agarwal had not issued a general mandamus quashing all notices issued under Section 148 of the Income Tax Act, 1961. In Union of India v. Ashish Agarwal, the Union Government had challenged the order of the Allahabad High Court quashing the reassessment notices issued by …

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal
11 months ago

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal

Live Law  

The Delhi High Court has held that the Department has failed to comply with Income Tax Appellate Tribunal's Order in passing a fresh assessment order within the stipulated time.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the underlying rationale of the Legislature behind the enactment of Section 153 of the Income Tax Act and …

“Certainly The High Court Should Not Scrutinise An Order Of The ITSC As An Appellate Court,” Says Bombay High Court
11 months ago

“Certainly The High Court Should Not Scrutinise An Order Of The ITSC As An Appellate Court,” Says Bombay High Court

Live Law  

The Bombay High Court has held that interference with the orders of the Income Tax Settlement Commission should be avoided, keeping in mind the legislative intent. The scope of interference is very narrow, and certainly the High Court should not scrutinize an order of the ITSC as an appellate court. The ITSC gave directions to the department to furnish a …

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024
11 months, 1 week ago

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024

Live Law  

Nominal Index Suhas Manohar Wankhede v. Election Commission of India & Others 2024 LiveLaw 176 Kirloskar Pneumatic Company v. Kataria Sales Corporation 2024 LiveLaw 177 Riak Insurance and Financial Services & Ors. 2024 LiveLaw 186 Cardinal Energy and Infra Structure Private Ltd. v. Subramanya Construction and Development Co. Ltd. 2024 LiveLaw 187 Reports/Judgments ECI Has Already Taken Steps: Bombay High …

Direct Tax Cases Quarterly Digest 2024
11 months, 1 week ago

Direct Tax Cases Quarterly Digest 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited vs ACIT 2024 LiveLaw 44 While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. AO Lacks Jurisdiction To Pass Draft Assessment Order …

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 1 week ago

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024
11 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Delhi High Court Case Title: Valley Iron & Steel Co.Ltd Versus PCIT The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act. Case Title: Senapati Santaji Ghorpade Sugar Factory Versus Assistant Commissioner of Income Tax The Bombay High Court has held that retrospective …

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 2 weeks ago

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024
11 months, 3 weeks ago

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024

Live Law  

Delhi High Court Case Title: National Association Of Software And Services Companies Versus Deputy Commissioner Of Income Tax Circle 2 The Delhi High Court has held that a 20% pre-deposit demand is not a precondition for consideration of a stay application during the pendency of the first appeal. Case Title: The Salem Urban Co-operative Bank limited Versus The Income Tax …

Delhi High Court rejects Congress’s plea against tax reassessment
11 months, 3 weeks ago

Delhi High Court rejects Congress’s plea against tax reassessment

The Hindu  

In a huge setback to the Congress ahead of the Lok Sabha elections, the Delhi High Court on Friday rejected its pleas challenging the reassessment proceedings initiated against it by the Income Tax department. The Congress has challenged initiation of proceedings under Section 153C of the Income Tax Act for assessment pertaining to assessment years 2014-15 to 2016-17. The I-T …

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
1 year ago

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Live Law  

While allowing the appeal of assessee in respect of the fact that whether the PCIT had validly assumed his revision jurisdiction u/s 263 of the Income Tax Act, 1961, both in law and on facts, the New Delhi ITAT held that the PCIT erred in assumption of jurisdiction u/s 263 of the Income Tax Act, 1961. The Bench of the …

Reopening Of Income Tax Assessments : Supreme Court Refuses To Interfere With Delhi High Court's Guidelines To Tax Dept
1 year, 1 month ago

Reopening Of Income Tax Assessments : Supreme Court Refuses To Interfere With Delhi High Court's Guidelines To Tax Dept

Live Law  

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed by the Income Tax Department in 2018 against the 2017 High Court verdict.The Delhi High …

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024
1 year, 1 month ago

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

Live Law  

Bombay High Court HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. Case Title: Vodafone India Services Pvt Ltd verses DCIT Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that …

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act
1 year, 2 months ago

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act

Live Law  

The Delhi High Court has upheld the constitutional validity of Section 115BBE of the Income Tax Act.The bench of Acting Chief Justice Manmohan and Justice Mini Pushkarna has observed that Statutory Acts and their provisions are not to be declared unconstitutional on the fanciful theory that power would be exercised in an unrealistic fashion or in a vacuum or on …

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment
1 year, 3 months ago

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment

Live Law  

The Calcutta High Court has quashed the reassessment order on the grounds that the department’s personal opinion is not tangible material for reopening the assessment.The bench of Chief Justice T. S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that unless glaring omissions are demonstrated or conditions precedent for exercise of the power to reopen assessment are not. The Calcutta High …

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