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Tax Monthly Digest: November 2024
3 weeks ago

Tax Monthly Digest: November 2024

Live Law  

SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could …

Delhi Supreme Court Writ Petition Writ Jurisdiction Tax Court Uttar Pradesh
Tax Weekly Round-Up: November 11 To November 17, 2024
1 month ago

Tax Weekly Round-Up: November 11 To November 17, 2024

Live Law  

HIGH COURTS Allahabad HC 1. : ITA 1092/2018 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. Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court Case Title: Kings Infra Ventures Ltd. v. The Assistant …

Delhi Court Customs Income Tax Title Income Tax Act Kerala High Court
[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
1 month, 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 …

Court Income Tax Case Interest Revenue Held Commissioner
Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court
1 month, 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 …

Tax Income Tax Kerala High Court Order Act Commissioner Issues
Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court
5 months, 1 week ago

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court

Live Law  

The Meghalaya High Court has held that once the revision order becomes final, no question of passing another order will arise.The bench of Chief Justice S. Vaidyanathan and Justice W. Diengdoh has observed that the Assessing Officer had passed an order under Section 263 of the Income Tax Act, 1961, which was set aside by the Principal Commissioner of Income …

Tax Court Income Tax Order Income Revision Company
ITAT Half Yearly Digest: January To June 2024 - PART II
5 months, 2 weeks ago

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

Live Law  

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …

India Delhi Mumbai Kolkata Hyderabad Tax Customs
Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
9 months, 1 week 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 …

Reassessment Assessment Income Tax Order Income Case Act
Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding
10 months, 3 weeks ago

Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding

Live Law  

The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding.The bench of Chief Justice T.S. The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific …

Tax Order Income Stock Tribunal Finding Closing
Allahabad High Court Imposes 10K Cost On Income Tax Authority For Violation Of Principles Of Natural Justice
1 year, 4 months ago

Allahabad High Court Imposes 10K Cost On Income Tax Authority For Violation Of Principles Of Natural Justice

Live Law  

The Allahabad High Court on Wednesday imposed a cost of Rs. 10,000 to be paid by an erring officer of the Income Tax Department for violating the principles of natural justice while cancelling the earlier Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. Counsel for Petitioner contended that the impugned order was passed …

Justice Tax Court Natural Justice Income Tax Order Income
Addition Made By AO Despite Issue Pending Before AAR; Assessment Order Not Void: ITAT
2 years, 3 months ago

Addition Made By AO Despite Issue Pending Before AAR; Assessment Order Not Void: ITAT

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has ruled that an assessment order passed by an Assessing Officer, deciding on an issue pending before the AAR, in contravention of the mandate laid down in Section 245R of the Income Tax Act, 1961, would not make the entire assessment order void. The Bench of N. V. Vasudevan and Chandra …

Tax Assessment Income Tax Order Income Tribunal Issue
ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid
2 years, 4 months ago

ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid

Live Law  

The Kolkata Bench of the ITAT has quashed the revisionary order passed by the Income Tax Authority without quoting the Document Identification No. The Bench, consisting of Mr. Sanjay Garg and Mr. Girish Agrawal, held that since the order passed by the Income Tax Authority failed to mention the DIN in its body, therefore, the said order was "invalid and …

Tax Income Tax Order Income Department Passed Issued