Fair Market Value Of Shares Determined By Statutory Methods Can't Be Rejected By Income Tax Department: Karnataka High Court
3 days, 11 hours ago

Fair Market Value Of Shares Determined By Statutory Methods Can't Be Rejected By Income Tax Department: Karnataka High Court

Live Law  

The Karnataka High Court stated that fair market value of shares determined by statutory methods can't be rejected by the income tax department. The Division Bench of Justices Krishna S Dixit and Ramachandra D. Huddar was addressing a case where the revenue has challenged the order passed by the Tribunal where the Tribunal held that the valuation report on DCF Method produced during assessment proceedings was a valid report justifying valuation of shares. The Tribunal observed that the lower authorities have not gone into the details used by the assessee under DCF method to arrive at the valuation and rejected the entire methodology as adopted by the assessee. The bench observed that the Tribunal has construed the subject provision of the Act keeping in view the fair market value of the shares in question and not the premium amount.

Income Tax Income Tribunal Method Shares Valuation Fair Market Value Dcf Assessee Dcf Method  method  income  rejected  value  tax  dcf  methods  shares  bench  tribunal  valuation  high  market  karnataka  assessee  statutory

History of this topic

Burden Is On Assessee To Show Entitlement For Capital Gains Tax Exemption On Sale Of Agricultural Land: Kerala High Court
3 days, 8 hours ago

Burden Is On Assessee To Show Entitlement For Capital Gains Tax Exemption On Sale Of Agricultural Land: Kerala High Court

Live Law  

The Kerala High Court stated that burden of proof is on assessee to prove that he is entitled to capital gains tax exemption on sale of agricultural land. Jayasankaran Nambiar and Easwaran S. observed that “it is significant in this regard to observe that the claim of the assessee, being for exemption from the levy of income tax as applicable …

Income Tax | Whether There Was Proper Notice Or Not Is Disputed Question Of Fact, Can't Be Challenged Under Article 226: Kerala High Court
1 week, 3 days ago

Income Tax | Whether There Was Proper Notice Or Not Is Disputed Question Of Fact, Can't Be Challenged Under Article 226: Kerala High Court

Live Law  

The Kerala High Court stated that the issue as to whether there was a proper notice or not is a disputed question of fact and cannot be challenged under Article 226 of the Constitution of India. “…….As rightly observed by the learned Single Judge, the question as to whether there was a proper notice or not is certainly a disputed …

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 …

Proceedings Initiated Against Income Tax Assessee After His Death Cannot Be Continued Against Legal Representative: Karnataka HC
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1 month, 3 weeks ago

Proceedings Initiated Against Income Tax Assessee After His Death Cannot Be Continued Against Legal Representative: Karnataka HC

Live Law  

The Karnataka High Court has said proceedings initiated against an Income Tax Assessee by issuing notice after his demise cannot be continued against his/her legal representative. A division bench of Justice Krishna S Dixit and Justice G Basavaraja said, “Had the proceedings been initiated against the Assessee during his lifetime, they could have continued against the legal representatives of the …

[Income Tax] Assessing Officer Not Only An Adjudicator But Also An Investigator, Cannot Remain Oblivious To Claim Without Enquiry: Kerala HC
1 month, 3 weeks ago

[Income Tax] Assessing Officer Not Only An Adjudicator But Also An Investigator, Cannot Remain Oblivious To Claim Without Enquiry: Kerala HC

Live Law  

The Kerala High Court stated that the Income Tax Commissioner can exercise Revisional Jurisdiction under Section 263 of the Income Tax Act, 1961. Jayasankaran Nambiar and Easwaran S. observed that “The role of the assessing officer under the Income Tax Act, 1961 is not only that of an adjudicator but also of an investigator and he cannot remain oblivious in …

Tax Monthly Digest: December 2024
2 months, 2 weeks ago

Tax Monthly Digest: December 2024

Live Law  

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 …

Tax Weekly Round-Up: December 02 - December 08, 2024
3 months, 1 week ago

Tax Weekly Round-Up: December 02 - December 08, 2024

Live Law  

SUPREME COURT Subsequent Purchaser Of Imported Vehicle Cannot Be Asked To Pay Customs Duty; Liability On Importer : Supreme Court Case Title: NALIN CHOKSEY VERSUS 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 …

[Income Tax] No Substantial Question Of Law Arises If Perversity Cannot Be Shown In Order Passed By Tribunal: Allahabad High Court
3 months, 2 weeks ago

[Income Tax] No Substantial Question Of Law Arises If Perversity Cannot Be Shown In Order Passed By Tribunal: Allahabad High Court

Live Law  

The Allahabad High Court has held that no substantial question of law arises in a case where no perversity can be shown in the order passed by the Income Tax Tribunal in appeal under Section 260A of the Income Tax Act, 1961. had passed orders without inquiries or verification and thus the present situation stood covered under Explanation 2 to …

[Deemed Dividend] Accumulated Profits Of Company U/S 2(22)(e) Of Income Tax Act Are Computed After Adjusting Depreciation: Telangana HC
4 months ago

[Deemed Dividend] Accumulated Profits Of Company U/S 2(22)(e) Of Income Tax Act Are Computed After Adjusting Depreciation: Telangana HC

Live Law  

The Telangana High Court has held that for purposes of taxation, “accumulated profits” of a company are to be calculated after adjusting depreciation as per the Income Tax Act, 1961. In ruling so, a division bench of Chief Justice Alok Aradhe and Justice J. Sreenivas Rao cited two rulings of the Bombay High Court which held that “depreciation as granted …

[Income Tax] Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court
4 months, 1 week ago

[Income Tax] Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court

Live Law  

The Kerala High Court stated that while determining the assessment of relevant years assessing authority cannot determine the assessment for earlier years without enquiry. observed that “…….we fail to understand how the assessing authority, as well as the First Appellate Authority, while considering assessment proceedings for the assessment years 2011-12 could have embarked upon an enquiry with regard to the …

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 …

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
7 months, 1 week ago

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing.The bench of Anikesh Banerjee and B.R. The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing. The AO …

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 …

Tax Effect In Appeals Below Monetary Limit Of Rs.1 Crore; Kerala High Court Dismisses ​​Dept's Appeal
8 months ago

Tax Effect In Appeals Below Monetary Limit Of Rs.1 Crore; Kerala High Court Dismisses ​​Dept's Appeal

Live Law  

The Kerala High Court has held that the tax effect in the appeals filed by the income tax department pertaining to assessment years 2006–07, 2007–08, 2008–09, 2009–10, and 2010–11 is well below the monetary limit of Rs. 3 of 2018 issued by the Central Board of Direct Taxes, appeals cannot be maintained by the revenue before the High Court if …

Indirect Tax Cases Monthly Round Up: June 2024
8 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 …

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 …

Direct Tax Cases Weekly Round-Up: 21 April To 27 April 2024
10 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 21 April To 27 April 2024

Live Law  

Bombay High Court Case Title: PCIT Versus Tata Steel The Bombay High Court has held that Tata Steel is entitled to treat the contribution of Rs. Rajasthan High Court Case Title: The Income Tax Officer Versus Rajendra Prasad Vaish The Rajasthan High Court has held that for holding an assessee guilty of the offence of filing delayed income tax returns, …

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 …

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT
11 months, 2 weeks ago

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT

Live Law  

On finding that the facts of the case do not warrant application of section 263 of the Income Tax Act, the Indore ITAT set aside the revision order passed by PCIT and restored the original assessment-order passed by the AO. In the light of those rulings, the AO has rightly assessed the income at normal rates of tax, hence there …

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court
1 year, 1 month ago

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court

Live Law  

The Karnataka High Court has held that the Assessing Officer has to be prima facie satisfied that there is “escapement of income”, unlike earlier law which permitted action based on mere reason to believe. Now mere reason to believe, cannot be a ground for carrying out assessment under section 147 of the Income Tax Act.The bench of Justice Krishna S …

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 …

Direct Tax Cases Monthly Round Up: January 2024
1 year, 1 month ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited verses ACIT 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. Madras High Court Case Title: Anamallais Bus Transports P. Ltd verses …

Direct Tax Weekly Round-Up: 14 To 20 January 2024
1 year, 1 month ago

Direct Tax Weekly Round-Up: 14 To 20 January 2024

Live Law  

Direct Tax Weekly Round-Up: 14 To 20 January 2024 Supreme Court Case Title: Herbicides India Limited verses ACIT 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. Madras High …

Tax Cases Weekly Round-Up: 17 To 23 December, 2023
1 year, 2 months ago

Tax Cases Weekly Round-Up: 17 To 23 December, 2023

Live Law  

Delhi High Court High-End KPO Services Provider Can't Be Compared With ITeS, Which Is BPO Services Provider: Delhi High Court Case Title: PCIT Versus Future First Info. Case Title: CIT Versus Hersh Washesher Chadha Citation: 2023 LiveLaw 1305 The Delhi High Court has held that Section 69A of the Income Tax Act can only be invoked where books of account …

Investments Made Through Banking Channels Can't Be Disbelieved, Onus On Revenue To Prove Otherwise: Allahabad HC
1 year, 3 months ago

Investments Made Through Banking Channels Can't Be Disbelieved, Onus On Revenue To Prove Otherwise: Allahabad HC

Live Law  

Recently, the Allahabad High Court held that investments made through banking channels and show in regular returns cannot be disbelieved unless proven otherwise by the department. The bench comprising of Justice Saumitra Dayal Singh and Justice Shiv Shanker Prasad held there was “no room” to disbelieve investments made in the assesee company if they have been made through banking channels …

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023
1 year, 7 months ago

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Eltek Sgs Pvt. Case Title: Anokhi Realty Private Limited vs. Income Tax Officer 2023 LiveLaw 132 Case Citation: 2023 LiveLaw 132 The Gujarat High Court has quashed the income tax reassessment notice against a non-existent entity. Case Title: Commissioner Of Income Tax Versus Star Rays The Gujarat High Court has held that …

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition
1 year, 9 months ago

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the additions could not have been made in the absence of any incriminating material.The bench of Kavitha Rajagopal and B.R. Baskaran observed that the additions made by the Assessing Officer under Section 68 of the Act towards the sale of shares and also estimated. The Mumbai Bench of …

Tax Cases Weekly Round-Up: 18 December to 24 December 2022
2 years, 2 months ago

Tax Cases Weekly Round-Up: 18 December to 24 December 2022

Live Law  

Supreme Court Small Tax Effect: Monetary Limit To Prefer An Appeal Before The Supreme Court Is Rs. Bombay High Court Case Title: The Principal Commissioner of Income Tax Versus M/s. Bombay High Court Case Title: M/s Bhatewara Associates Versus Union Of India The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine hardships." …

Tax Cases Weekly Round-Up: 04 December To 10 December 2022
2 years, 3 months ago

Tax Cases Weekly Round-Up: 04 December To 10 December 2022

Live Law  

Supreme Court Case Title: State of Jharkhand and others Versus Linde India Limited and Another The Supreme Court has held that the main function of oxygen in manufacturing steel is to reduce the carbon content; therefore, it can be considered a refining agent but not a raw material, so the concessional rate of sales tax is not available on oxygen. …

Tax Cases Monthly Round-Up: November, 2022
2 years, 3 months ago

Tax Cases Monthly Round-Up: November, 2022

Live Law  

Indirect Taxes Supreme Court Case Title: OCL India Limited vs State of Orissa Citation: 2022 LiveLaw 911 The Supreme Court upheld States' power to impose entry tax from Industrial Township/Areas. Bombay High Court Case Title: Asit C. Mehta Financial Services Limited versus The Customs Excise and Service Tax Appellate Tribunal The Bombay High Court has ruled that the time limit …

Section 260A IT Act -Appeal Only Lies Before High Court Within Whose Jurisdiction The Assessing Officer Is Situated: Supreme Court
2 years, 3 months ago

Section 260A IT Act -Appeal Only Lies Before High Court Within Whose Jurisdiction The Assessing Officer Is Situated: Supreme Court

Live Law  

The Supreme Court reiterated that an appeal under Section 260A of the Income Tax Act against orders of Income Tax Appellate Tribunal lies only before the High Court within whose territorial jurisdiction the assessing officer is located.As per Section 260A of IT Act, an appeal shall lie to the High Court from every order passed in appeal by the Appellate …

Income Tax Assessment made by a non-jurisdictional officer is void: Kolkata ITAT
2 years, 3 months ago

Income Tax Assessment made by a non-jurisdictional officer is void: Kolkata ITAT

Live Law  

The Kolkata Income Tax Appellate Tribunal has held that the income tax assessment made by a non-jurisdictional officer is null and void.The two-member bench of Sonjoy Sarma and Rajesh Kumar has observed that in the case of a non-corporate assessee in non-metro cities, the ITR filed up to Rs. The Kolkata Income Tax Appellate Tribunal has held that the income …

Statutory Authorities, Professional Bodies Like ICAI Entitled To Income Tax Exemption If Amounts Charged By Them Are Nominal To Cover Costs : Supreme Court
2 years, 5 months ago

Statutory Authorities, Professional Bodies Like ICAI Entitled To Income Tax Exemption If Amounts Charged By Them Are Nominal To Cover Costs : Supreme Court

Live Law  

The Supreme Court has pronounced a significant judgment on the scope of exemption for "charitable purposes" under Section 2 of the Income Tax Act 1961 in relation to statutory authorities and professional bodies.With effect from 01.04.2009, after the Finance Act 2009, a proviso was added to the section to state : "Provided that the advancement of any other object of …

Tax Cases Weekly Round-Up: 28 August To 3 September, 2022
2 years, 6 months ago

Tax Cases Weekly Round-Up: 28 August To 3 September, 2022

Live Law  

Delhi High Court Case Title: Rithala Education Society Versus Union Of India Citation: 2022 LiveLaw 816 The Delhi High Court held that the significance of issuing a show cause notice prior to issuing a re-assessment notice has been lost because the order under Section 148A of the Income Tax Act was made without taking into account the detailed reply filed …

Tax Cases Monthly Round-Up: July 2022
2 years, 7 months ago

Tax Cases Monthly Round-Up: July 2022

Live Law  

Indirect Tax Supreme Court Case Title: Commissioner of Customs And Central Excise, Amritsar v. M/s. Madras High Court Case Title: M/s.Anantham Retail Private Limited Versus State Tax Officer Citation: 2022 LiveLaw 283 While quashing the assessment order, the Madras High Court held that a demand for GST, interest, and penalty on Form DRC-01A cannot be made without the issuance of …

Tax Cases Weekly Round-Up: 24 July To 30 July, 2022
2 years, 7 months ago

Tax Cases Weekly Round-Up: 24 July To 30 July, 2022

Live Law  

Supreme Court Case Title : Union of India vs. M/s Filco Trade Centre Pvt. The Karnataka High Courthas directed the Income Tax Department to issue a 'Nil Tax Deduction at Source' Certificate to Flipkart under Section 195 of the Income Tax Act, 1961, with respect to the reimbursements made by it to Walmart Inc. Madras High Court Case Title: M/s.Gharpure …

Twin Conditions In Section 10B (8) Income Tax Act Has To Be Fulfilled To Claim Exemption Relief: Supreme Court
2 years, 8 months ago

Twin Conditions In Section 10B (8) Income Tax Act Has To Be Fulfilled To Claim Exemption Relief: Supreme Court

Live Law  

For claiming the benefit under Section 10B of the Income Tax Act, the twin conditions of furnishing a declaration before the assessing officer and that too before the due date of filing the original return of income under section 139 are to be satisfied and both are mandatorily to be complied with, the Supreme Court observed in a judgment delivered …

Just Because The Ratio For Payment Of Service Tax Not Adhered To, Assessee Not Liable To Pay Double Tax As Penalty: Karnataka High Court
2 years, 9 months ago

Just Because The Ratio For Payment Of Service Tax Not Adhered To, Assessee Not Liable To Pay Double Tax As Penalty: Karnataka High Court

Live Law  

The Karnataka High Court has ruled that merely because the ratio in which service tax was required to be paid by the service recipient and the service provider was not strictly adhered to, the assessee cannot be made liable to pay double tax by denying him the CENVAT Credit. The revenue department averred that with effect from 20.06.2012, the ratio …

Setting Aside Of Assessment Orders By ITAT On Technical Grounds Will Not Lead To Automatic Quashing Of Criminal Complaint: Madras High Court
2 years, 9 months ago

Setting Aside Of Assessment Orders By ITAT On Technical Grounds Will Not Lead To Automatic Quashing Of Criminal Complaint: Madras High Court

Live Law  

The Madras High Court recently held that when an assessment order is quashed by the Income Tax Appellate Tribunal on technical grounds, the same cannot be made a ground to evade criminal prosecution before the concerned court under the Income Tax Act. ii)The assessment order passed by the Assessing Officer, confirmed by the CIT have been set aside by the …

Weekly Round Up Of Tax Cases : 1 May To 7 May, 2022
2 years, 10 months ago

Weekly Round Up Of Tax Cases : 1 May To 7 May, 2022

Live Law  

Supreme Court Supreme Court Saves Over 90,000 Income Tax Reassessment NoticesIssued After 2021 Amendment By Deeming Them As Notices Under Section 148A Case Title: Union of India v. Ashish Agarwal Citation : 2022 LiveLaw 444 The Supreme Court, on Wednesday, directed that reassessment notices under Section 148 of the unamended Income Tax Act which were issued beyond 01.04.2021 to be …

Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can't Be Denied: Delhi High Court
2 years, 11 months ago

Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can't Be Denied: Delhi High Court

Live Law  

The Delhi High Court has upheld the factual findings made by the CIT and ITAT that the merit-cum scholarship/financial assistance provided by Hamdard National Foundation was not confined to students of a particular religious community, and therefore exemption under Section 11 of Income Tax Act, 1961 cannot be denied to it. The AO ruled that the Assessee had given merit-cum …

Introduction of Artificial Intelligence For Assessment Proceedings: CBDT Notifies Faceless Inquiry Or Valuation Scheme, 2022
2 years, 11 months ago

Introduction of Artificial Intelligence For Assessment Proceedings: CBDT Notifies Faceless Inquiry Or Valuation Scheme, 2022

Live Law  

The Central Board of Direct Taxes has notified the Faceless Inquiry or Valuation Scheme, 2022 in order to introduce the Artificial Intelligence for Assessment Proceedings under section 142 of the Income Tax Act, 1961. The Faceless Inquiry or Valuation Scheme, 2022, covers the following: issuance of notice under section 142 of the Income Tax Act; making inquiry before assessment under …

Income Disclosed Under Voluntary Disclosure Scheme Cannot Be Included With Regular Income ;Madhya Pradesh High Court
2 years, 11 months ago

Income Disclosed Under Voluntary Disclosure Scheme Cannot Be Included With Regular Income ;Madhya Pradesh High Court

Live Law  

The Madya Pradesh High Court has ruled that income disclosed under Voluntary Disclosure Scheme cannot be included with the regular income declared under Income Tax Act as the tax paid under the Scheme cannot be refunded at any cost. The Bench added that an assessee cannot be permitted to disclose part of his income under Voluntary Disclosure Scheme and other …

LTCG On Penny Stock Transaction Cannot Be Denied Exemption In Absence Of Incriminating Material: ITAT Mumbai
3 years ago

LTCG On Penny Stock Transaction Cannot Be Denied Exemption In Absence Of Incriminating Material: ITAT Mumbai

Live Law  

The Mumbai Bench of ITAT, consisting of members Rahul Chaudhary and Shamim Yahya, has ruled that long term capital gains arising from a penny stock transaction cannot be denied exemption under the Income Tax Act, 1961 on the ground that the said transaction is bogus and pre-arranged in the absence of any incriminating material. The AO therefore had made additions …

Income-Tax Appellate Tribunal finds no error in Jagan firm\'s value
3 years, 2 months ago

Income-Tax Appellate Tribunal finds no error in Jagan firm\'s value

Deccan Chronicle  

Hyderabad: A recent order of the Income-Tax Appellate Tribunal, Hyderabad, dealing with the flow of investments into Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy’s media house Sakshi, though indirectly, exposed the chinks in the armour of the Central Bureau of Investigation’s quid pro quo cases against him and investors in the companies. Much to the delight of the YSR …

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