On finding that assessee had made bona fide mistakes in the computation of its total income while filing its original return, which were later corrected by filing revised computation during assessment proceedings, the Mumbai ITAT deleted the penalty levied u/s 271 of the Income Tax Act. The Bench of the ITAT comprising of Sandeep Singh Karhail and Prashant Maharishi observed …
The Mumbai ITAT ruled that the date of the agreement by no stretch of imagination could be the date of sale of the shares by the assessee to the purchaser, for purpose of computation of capital gains. The assessee had shown capital gain on sale of shares as long-term capital gain as date of acquisition of shares and date of …
The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in M K Overseas Export Pvt. Ltd. v Sapan Mohan Garg, has held that the duration of summer vacation of NCLAT cannot be excluded from computation of limitation period, since filing facility was not …
The Delhi High Court has ruled that in a suit filed by a party, the time spent by the opposite party in pursuing its application under Section 8 of the Arbitration and Conciliation Act, 1996, cannot be excluded for the purpose of computation of the limitation period for filing the counter-claims by the opposite party before the Arbitral Tribunal. Section …
