Penalty proceedings to be stayed for shortfall of Net Foreign Exchange against Nokia seeking exit from SEZ: Delhi HC

EXCISE/ST/VAT : Where petitioner has challenged Rules 53 and 80 of the Special Economic Zone Rules, 2006 (SEZ Rules) inserted by way of Clauses 28 and 33 of the Special Economic Zone (Amendment) Rules, 2018 dated 21-9-2018 as ultra vires the Constitution of India as well as SEZ Act, 2005 and has furnished the Bank Guarantee equivalent to the amount of the penalty imposed for NFE shortfall,

from www.taxmann.com Latest Case Laws https://ift.tt/3yu1p63

‘iPad’ may discharge some computer functions but it isn’t a computer; not eligible for higher dep.: ITAT

INCOME TAX: Depreciation at lower rate is applicable on iPad as it is not a computer. Predominate purpose of iPad is a communication and not a computing device as its main features are email, whatsapp, Facetime calls, calls, music, films etc. Though iPad may discharge some functions of computers, it is not a substitution of computer/laptop, which have various utilities/functions, though some functions may be common with iPad. In common parlance also,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316635/‘ipad’-may-discharge-some-computer-functions-but-it-isn’t-a-computer-not-eligible-for-higher-dep-itat.aspx

Assessee is entitled to claim dep. on windmills even if it had not generated any electricity during year: HC

INCOME TAX : Even trial production machineries kept ready for use are considered to be used for purpose of business and would qualify for depreciation, thus, assessee would be entitled to claim depreciation on windmills which were connected with gird even though it had not generated any electricity during relevant year

from www.taxmann.com Latest Case Laws https://ift.tt/3gPuhQj

Assessee wasn’t entitled to receive interest on delayed payment of interest on refund u/s 244A: Madras HC

INCOME TAX : Assessee could not be allowed interest on delayed payment of interest under section 244A(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314762/assessee-wasn’t-entitled-to-receive-interest-on-delayed-payment-of-interest-on-refund-us-244a-madras-hc.aspx

AO can challenge method adopted for valuation of shares only if it wasn’t a recognized method as per Rule 11UA: ITAT

INCOME TAX : Method of valuation of shares adopted by assessee could be challenged by Assessing Officer only if it was not a recognized method of valuation as per rule 11UA(2)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316103/ao-can-challenge-method-adopted-for-valuation-of-shares-only-if-it-wasn’t-a-recognized-method-as-per-rule-11ua-itat.aspx

Imposing restriction on players from participating in tournaments organized by others are anti-competitive: CCI

COMPETITION LAW : Where OP federation being an apex body in India for promotion and development of baseball game restricted State level players from participating in any of tournaments organized by federation not recognised by it, same was violation to provisions of section 4 as it resulted in denial of market access to other federation

from www.taxmann.com Latest Case Laws https://ift.tt/3jx0iP4

SEBI was justified in imposing penalty on cos. for violation of non-disclosure of encumbrances: SAT

COMPANY LAW/SEBI : Where company YCIPL and MCPL being promoters of YBL, raised money through Non-Convertible Debentures (NCDs) with a condition to maintain cover ratio or borrowing cap at all times; since such condition restricted ability of YCIPL, being an 'encumbrance' and MCPL to dispose shares of YBL held by them, such restriction was required to be disclose to stock exchange and YBL and on failure to disclose same by YCIPL and MCPL, imposition of penalty was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3BlDt6O

CBDT extends due dates for filing of various forms

Due to the difficulties reported by the taxpayers amp; other stakeholders, the CBDT has issued Circular No. 16/2021 for extending the due dates for e-filing of certain forms under the Income-tax Act, 1961. The due date for filing of application for registration or approval under Section 10(23C), 12A, 35 and 80G also stands extended to 31st March 2022.

from taxmann.com News https://ift.tt/3gKl386

Unutilized capital gain lying in capital gain a/c scheme beyond statutory period was liable to be taxed: ITAT

INCOME TAX : Where assessee had sold a flat and earned long-term capital gain which was deposited by him in capital gain account and out of this amount of capital gain assessee had invested a certain sum in new project within 36 months but could not utilize balance sum and Assessing Officer taxed said unutilized gain, though assessee had invested balance sum later, as he had not utilised capital gain amount lying in capital gain account scheme before specified date, said amount was liable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/3gZfdjp

No writ can be filed against notice issued for filing ITR as objections can be raised in reassessment proceedings : HC

INCOME TAX : Writ petition is maintainable in exercising extraordinary jurisdiction under article 226 of the Constitution of India, in challenging order, inter alia, either on ground that it is mala fide or arbitrary or that it is passed on irrelevant and extraneous consideration or if same is in violation of any Statutory Rules in force

from www.taxmann.com Latest Case Laws https://ift.tt/3joST4g

Provisions of Limitation Act is applicable to arbitration proceedings initiated under section 18(3) MSMED Act: SC

CL/ARBITRATION ACT: By virtue of section 43 of Arbitration amp; Conciliation Act, 1996 (1996 Act), Limitation Act, 1963 is applicable to arbitration proceedings under section 18(3) of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) and MSMED Act, 2006 being a special statute, will have an overriding effect vis-a-vis 1996 Act, which is a general Act

from www.taxmann.com Latest Case Laws https://ift.tt/2V02uoM

Order for special audit can’t be quashed just because a few questions raised in questionnaire were unwarranted: HC

INCOME TAX : Where Assessing Officer gave opportunity of hearing to petitioners after search and directed them to get accounts audited, furnish report and provide requisite particulars as prescribed in questionnaire set by him, if few of questions were unwarranted, entire order could not be quashed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316614/order-for-special-audit-can’t-be-quashed-just-because-a-few-questions-raised-in-questionnaire-were-unwarranted-hc.aspx

Electricity Duty under Tripura Electricity Duty Act, 2019 on inter-State sale of electricity is unconstitutional and beyond legislative power of State

EXC/ST/VAT : Section 4(4)(d) of Tripura Electricity Duty Act, 2019 is unconstitutional and beyond legislative power of State

from www.taxmann.com Latest Case Laws https://ift.tt/2UQOMEr

HC dismisses Tamil actor RS Suriya’s request of interest waiver as conditions of Sec. 220(2A) not complied with

INCOME TAX : In order to avail a waiver of interest under section 220(2A), Chief Commissioner or Commissioner of Income Tax has to be satisfied that payment of amount demanded would cause genuine hardship to assessee; that default in payment of amount was due to circumstances beyond assessee's control, and; assessee had co-operated in any inquiry relating to assessment or any proceeding for recovery of any amount due from him

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316617/hc-dismisses-tamil-actor-rs-suriya’s-request-of-interest-waiver-as-conditions-of-sec-2202a-not-complied-with.aspx

Reassessment on info that assessee didn’t disclose commission earned from providing accommodation entries valid : HC

INCOME TAX: Where from inquiry/investigation by Investigation Wing, some tangible material was found to substantiate fact that assessee was provider of accommodation entries and that, income from commission, ranging from 0.5 per cent to 1 per cent was not disclosed in return,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316616/reassessment-on-info-that-assessee-didn’t-disclose-commission-earned-from-providing-accommodation-entries-valid-hc.aspx

Exp. incurred on doctor’s travel isn’t ‘commission’ if he isn’t bound to prescribe medicines suggested by assessee: HC

INCOME TAX : Where assessee pharmaceuticals company incurred expenses for providing services such as taxi services, booking of air-tickets, cost of souvenir, etc. for conferences of doctors, in view of facts that these doctors were not bound to prescribe medicines as suggested by assessee and, therefore, there existed no agency relationship between assessee and doctors,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316615/exp-incurred-on-doctor’s-travel-isn’t-‘commission’-if-he-isn’t-bound-to-prescribe-medicines-suggested-by-assessee-hc.aspx

Another authority of SEBI are not allowed to take a different stand on same issue; impugned order dismissed

COMPANY LAW/SEBI : Where WTM of SEBI debarred appellant-stockbroker from assessing securities market for two years on ground that appellant along with its group entities was indulged in trading amongst themselves by way of executing self trades resulting in no change in beneficial ownership and thereby created artificial volume in scrips of company, in view of fact that against same issue, i.e. on same trades,

from www.taxmann.com Latest Case Laws https://ift.tt/3gEXspb

Supply of river sand and transportation of limestone from mines not falling under Cargo Handling Services: CESTAT

EXCISE/ST/VAT : Where assessee was engaged in providing and laying PCC in foundation of a customer and construction of boundary wall of a solar plant and it claimed that service provided by it was in nature of works contract service and paid service tax under Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007, since 'works contract service' could not be equated either with a contract for sale of goods or a contract for supply of services simplicitor,

from www.taxmann.com Latest Case Laws https://ift.tt/3mDD6QU

Reassessment initiated on statement of hospital manager that doctor didn't disclose full consultancy fees held valid

INCOME TAX : Where AO issued a reopening notice against assessee doctor on ground that a statement of a manager (operations) in hospital in which assessee was practicing was recorded in which he stated that on basis of number of patients visited to assessee, income from consultation fees received by assessee from hospital practice was much more than what was shown by assessee, since impugned notice was issued after following due process of law and reason for reopening was candid and convincing,

from www.taxmann.com Latest Case Laws https://ift.tt/2WunNiW

Applicant arrested in a money-laundering case involving a sum less than Rs. 1 crore was to be released on bail: HC

FEMA amp; BANKING : Where complicity of applicant in offence with regard to gaining of an amount by defrauding Government was established but since money laundering sum was less than Rs. 1 crore, in view of proviso to section 45 of PMLA applicant who was arrested for offence of money laundering was to be released on bail

from www.taxmann.com Latest Case Laws https://ift.tt/3kqXxOt

No reassessment if adequate disclosures on sum paid to MD apart from remuneration were made: HC

INCOME TAX : Where AO issued a reopening notice on ground that assessee company had paid a sum of huge amount to his managing director apart from directors remuneration and same was to be disallowed under section 36(1)(ii), since assessee had made adequate disclosures during original assessment and based on same its assessment was completed and, further,

from www.taxmann.com Latest Case Laws https://ift.tt/3BfjHK5

Reassessment based on statement of manager that Dr. shown very less amount of consultancy fees is valid: HC

INCOME TAX : Where AO issued a reopening notice against assessee doctor on ground that a statement of a manager (operations) in hospital in which assessee was practicing was recorded in which he stated that on basis of number of patients visited to assessee, income from consultation fees received by assessee from hospital practice was much more than what was shown by assessee, since impugned notice was issued after following due process of law and reason for reopening was candid and convincing,

from www.taxmann.com Latest Case Laws https://ift.tt/3DpXJ96

No addition due to diff. in stamp duty value if there was no mala fide intention to register property after one year: ITAT

INCOME TAX : Where assessee purchased a property and made part payment of sale consideration by cheque on very next day of execution of purchase agreement and registry was done after a year, since such part payment made by cheque on very next day of execution of agreement was towards fulfilment of terms of purchase contract itself and there was no mala fide or false claim on part of assessee,

from www.taxmann.com Latest Case Laws https://ift.tt/3BeWS9w

Non-consideration of certain information during original assessment is valid ground to reopen assessment: HC

INCOME TAX : Where reasons recorded by Assessing Officer for reopening assessment would reveal that certain relevant informations and materials were not considered by Assessing Officer which would have to be taken into consideration while passing assessment order and relying on certain intricacies in accounting, he has reason to believe that income chargeable to tax escaped assessment and initiated section 147 proceedings, revenue have established reasons to believe for reopening of assessment,

from www.taxmann.com Latest Case Laws https://ift.tt/3kvCWbT

AO can initiate reassessment on basis of new info. arising out of evidences submitted during original assessment: HC

INCOME TAX : Where Assessing Officer was able to trace out new informations/material from and out of materials submitted by assessee, such new informations/materials undoubtedly would provide Assessing Officer for 'reason to believe' to reopen assessment

from www.taxmann.com Latest Case Laws https://ift.tt/3gzMmSs

Gujarat HC granted bail to Applicant in a money-laundering case involving sum of less than Rs. 1 crore

FEMA amp; BANKING : Where complicity of applicant in offence with regard to gaining of an amount by defrauding Government was established but since money laundering sum was less than Rs. 1 crore, in view of proviso to section 45 of PMLA applicant who was arrested for offence of money laundering was to be released on bail

from www.taxmann.com Latest Case Laws https://ift.tt/3gT4GGr

Delhi HC permitted assessee to collect 2 crores from provisionally attached bank accounts to pay salaries of employees

EXCISE/ST/VAT : Where Adjudicating Authority provisionally attached eleven bank account of assessee, assessee was to be permitted to collect from bank accounts Rs. 2 crores to pay salaries of employees and balance amount available in bank accounts will be deposited with department

from www.taxmann.com Latest Case Laws https://ift.tt/3DjJq68

Interest deduction for full-year can’t be allowed if partner has withdrawn major amount of capital from firm: ITAT

INCOME TAX : Where major amount from opening balance in capital account of a partner of assessee partnership firm was withdrawn by said partner and only a meager sum was available with partnership firm for its business purposes,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315642/interest-deduction-for-full-year-can’t-be-allowed-if-partner-has-withdrawn-major-amount-of-capital-from-firm-itat.aspx

Lease rent income received from letting out units of Software Technology park eligible for sec. 80-IA deduction: HC

INCOME TAX : Lease rent income received from letting out modules of software technology park to various lessees would constitute income from business and eligible for deduction under section 80-IA

from www.taxmann.com Latest Case Laws https://ift.tt/3ynvWSZ

CIT couldn’t invoke sec. 263 revision without meeting assessee's objections legally: ITAT

INCOME TAX : Where assessee brought to notice of Pr. Commissioner that no disallowance could be made under section 40(a)(ia) even if there was a violation under section 194C(7), Pr. Commissioner could not have set aside assessment order under section 263 without meeting assessee's objections legally

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315568/cit-couldn’t-invoke-sec-263-revision-without-meeting-assessees-objections-legally-itat.aspx

Excess of income over exp. can’t be a reason to hold that trust isn’t engaged in charitable activities: HC

INCOME TAX : Assessee was a trust established for educational purposes - It established a matriculation school for offering education both in Tamil and English medium - It had also established a Teacher's Training College - It filed an application for registration under section 12AA - Commissioner noted that income of assessee for four financial years was in excess of expenditure for both educational institutions - Thus,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316569/excess-of-income-over-exp-can’t-be-a-reason-to-hold-that-trust-isn’t-engaged-in-charitable-activities-hc.aspx

Revision petition under NI Act was maintainable as no prejudice would be caused to petitioner by restoring complaint

FEMA amp; BANKING : Where complaint filed under section 138 of Negotiable Instruments Act was dismissed for non-appearance of complainant at pre-summoning stage, revision petition filed by complainant was maintainable as no prejudice would be caused to petitioner/accused by restoring complaint

from www.taxmann.com Latest Case Laws https://ift.tt/3yfC1kz

Estimation on basis of packing material consumed unjustified in lack of proof that assessee inflated purchase/sale: HC

INCOME TAX : Where Assessing Officer noted that transactions of purchase recorded in books had not been proved by assessee and he held that assessee was not maintaining proper books of account and details of unaccounted purchase were arrived at by looking into purchase bills of packing materials and made addition on account of unproved purchases, in absence of any material on record that assessee had inflated purchases or sales,

from www.taxmann.com Latest Case Laws https://ift.tt/2XWsjXS

Sec. 43CA applicable even if agreement for sale was entered prior to date when said section came into force: ITAT

INCOME TAX : Where assessee entered into an agreement for sale of flats with customer prior to 1-4-2013, however, sale deeds were executed after 1-4-2013 provisions of section 43CA will be applicable and, merely because an agreement had taken place prior to 1-4-2013 it would not take away transaction from ambit of provisions of section 43CA which were applicable for assessment year 2014-15 under consideration

from www.taxmann.com Latest Case Laws https://ift.tt/3kk4YH7

Concealment penalty justified if assessee filed return belatedly only after survey conducted on him by Deptt.: HC

INCOME TAX : Where assessee had filed its return belatedly only after a survey was conducted upon him and not established reasonable cause for non-submission of his returns within time prescribed under section 153(1), impugned penalty under section 271(1)(c) levied upon it was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3mvJXvV

Penalty of Rs. 200 Crore imposed on ‘Maruti Suzuki’ for restricting discounts by dealers: CCI

COMPETITION LAW : Where a purported MSIL dealer filed an anonymous complaint before Commission alleging that MSIL's sales policy was against interest of customers as well as provisions of Competition Act, 2002 and that dealers of MSIL were not permitted to give discounts to their customers beyond that prescribed by MSIL in announced 'consumer offer',

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316563/penalty-of-rs-200-crore-imposed-on-‘maruti-suzuki’-for-restricting-discounts-by-dealers-cci.aspx

Denying of market access to Indian made foreign liquor producers by licensee of foreign liquor was abuse of dominance

COMPETITION LAW : Where OP being exclusive wholesale licensee for foreign alcoholic beverages in State of Uttarakhand denied market access to producers of certain brands of Indian Made Foreign Liquor (IMFL) despite existence of retailers' demand, same was in violation of section 4

from www.taxmann.com Latest Case Laws https://ift.tt/388RYhQ

Delhi HC set-aside assessment order as procedure laid down by faceless assessment scheme wasn’t followed

INCOME TAX : Where impugned Assessment Order had been passed in case of assessee under E-Assessment Scheme, 2019, however, it was not preceded by issuance of a 'Draft Assessment Order' followed by a 'Revised Draft Assessment Order' and thereby not complying with procedure laid down in Scheme and in violation of principles of natural justice, it was to be set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316049/delhi-hc-set-aside-assessment-order-as-procedure-laid-down-by-faceless-assessment-scheme-wasn’t-followed.aspx

Rental income received from letting out gym equipment not taxable as ‘income from house property’ : ITAT

INCOME TAX : Where Assessing Officer made addition under section 68 to total income of assessee on account of cash deposited in two bank accounts, since amounts were received from parents, brother and spouse respectively as gifts and father had withdrawn substantial cash amount from bank before giving gift on various dates to his son and balance gifts from brother, mother and from spouse were not huge amounts,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315346/rental-income-received-from-letting-out-gym-equipment-not-taxable-as-‘income-from-house-property’-itat.aspx

ST leviable on Venture Capital Funds established as trust amp; rendering portfolio management services to non-contributors

EXCISE/ST/VAT : Where Venture Capital Funds (VCFs) established as trust were managing funds of contributors and thereby rendering service to contributors in view of fact that they had violated principles of mutuality by concerning themselves in commercial activities and had discretion over distribution of dividend/profit to entities other than subscribers, they could no longer be treated as trusts for purposes of taxation statutes and thus,

from www.taxmann.com Latest Case Laws https://ift.tt/3rnOS2r

Delhi HC remanded matter back as an order passed by committee was devoid of reasons

FEMA, BANKING amp; INSURANCE : Where Default Identification Committee of bank declared borrower company and its directors as wilful defaulters and same was confirmed by review committee, since decision of both committees was devoid of reasons, in as much representation of borrower company and directors had not been dealt with at all, decision of both committees was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2UCVZYE

Delhi HC requested Attorney General to assist in matters related to pending application filed before AAR

INCOME TAX : Where there was a complete logjam because of number of pending applications filed before AAR, not only by petitioners, but by other persons/entities as well, Attorney General was to be requested to assist in these matters so that way forward could be found

from www.taxmann.com Latest Case Laws https://ift.tt/3kjfDSb

Amalgamating Co. liable to pay advance tax on income declared till Tribunal approved scheme of amalgamation: HC

INCOME TAX : Where scheme of amalgamation dated 1-4-2016 entered into by assessee with a company was approved by Tribunal on 20-4-2017, assessee company was liable to pay advance tax for period between 1-4-2016 to 20-4-2017 as income declared for said period was current income of assessee in its individual capacity and not as an amalgamated company

from www.taxmann.com Latest Case Laws https://ift.tt/2WfZEfS

Instead of challenging the assessment, importer can amend Bill of entry and claim refund of excess tax paid

EXCISE/ST/VAT : Where at time of import of mobile phones in Bills of Entry (BoE), petitioner/importer could not claim any exemption under Sl. No. 263A(ii) of Notification No.12/2012-CE, dated 17-3-2012 (Exemption Notification) which allowed a payment of C.V.D. at 1% due to non-availability of Exemption Notification in Respondents' EDI system, petitioner's application to amend BoE to enable it to claim refund of excess duty paid could not have been rejected by Assessing Authority;

from www.taxmann.com Latest Case Laws https://ift.tt/3kdaX0j

Assets installed at collection centers of laboratory situated at multiple locations eligible for additional dep.: ITAT

INCOME TAX : Where assessee company, engaged in business of providing referral laboratory services and diagnostic services etc., had set up various collection centers at multiple locations, since such collection centers were also integral part of whole process of business of diagnostic and report making facilities of assessee, additional depreciation was to be allowed on assets used in those collection centres

from www.taxmann.com Latest Case Laws https://ift.tt/2XER4aJ

No perversity in order of CIT(A) amp; ITAT if they allowed exp. after considering remand report submitted by AO: HC

INCOME TAX : Where assessee-company claimed prior period expenditure made towards coal transport and surface transport charges paid to coal suppliers, since Commissioner (Appeals) and Tribunal after considering a remand report submitted by AO regarding said expenses and considering audited books of account of assessee allowed said expenses, there was no perversity in said order of Commissioner (Appeals) and Tribunal and same was to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/3gn2Blz

AO can’t initiate reassessment on issues that are already pending in appeal before Tribunal: Madras HC

INCOME TAX : Where AO issued a reopening notice against assessee on ground that assessee gave self-cheques to various agents who encashed them and made further payments in cash to agriculturists from whom assessee purchased copra and, thus, there was mischief under section 40A(3), since issue in question was already pending in appeal before Tribunal and, further, all relevant materials were very much available before AO during original scrutiny proceedings, impugned reopening notice issued after

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315382/ao-can’t-initiate-reassessment-on-issues-that-are-already-pending-in-appeal-before-tribunal-madras-hc.aspx

No reassessment just because firm didn’t pay interest amp; remuneration to partner if same wasn’t mandatory as per deed

INCOME TAX : Where assessment in case of assessee-firm was sought to be reopened on ground that, assessee had claimed excessive deductions under section 80-IB(10), without providing interest on capital and remunerations to partners for respective years under consideration, however, record indicated that interest and remuneration was not to be paid to partners mandatorily, reopening was unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315665/no-reassessment-just-because-firm-didn’t-pay-interest-amp-remuneration-to-partner-if-same-wasn’t-mandatory-as-per-deed.aspx

HC allows appeal against sale of property as entire procedure was subjected to challenge on frivolous grounds

FEMA, BANKING amp; INSURANCE : Where in a matter of recovery of dues by bank, borrower created hurdles by taking shelter on technicalities and when secured property of borrower was sold for realization of dues, entire procedure was subjected to challenge on frivolous grounds, appeal against impugned order passed by Single Judge setting aside sale of property was to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/3k5ukbq

Forfeiture of debentures was unjustified when Co. had option to file civil suit for recovery of outstanding amount

COMPANY LAW : Since provisions of section 122 provide for specific performance of contract to subscribe for debentures and same can be enforced by a decree, action pertaining to allotment or forfeiture of debentures can be questioned before civil courts and, therefore, action of company in forfeiting right of debenture holder on ground of non-payment of instalment was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3xYeJ2l

Reassessment based on info. that assessee earned exempt LTCG on sale of penny stocks by manipulating price is valid: HC

INCOME TAX : Where AO issued a reopening notice against assessee on ground that an information was received from AIMS module that shares sold by assessee were of penny stock, since such information with regard to transactions of penny stock entered into by assessee was specific and AO had made independent enquiry and applied his mind to said information and upon due satisfaction, formed an opinion that LTCG on sale of penny stock shares had escaped assessment,

from www.taxmann.com Latest Case Laws https://ift.tt/3xXcQDe

Membership fee paid to stock exchange for acquiring right in membership is capital expenditure: ITAT

INCOME TAX : Where Assessing Officer computed disallowance of expenses incurred on earning exempt income by invoking provision of rule 8D by having regard to books of account of assessee and considering fact that although assessee had made investment in shares and securities which yield exempt income, no disallowance was made in relation to expenses relatable to such exempt income, impugned disallowance was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3k6C6SI

‘SGPC’ eligible for Sec. 80G benefit as its charitable activities are open for all religions: ITAT

INCOME TAX : Where assessee, a statutory body created under Sikh Gurudwara Act, 1925 was enacted for administration of Sikh Gurudwaras was also engaged in numerous charitable activities like running School, colleges, Medical colleges, Hospitals, Library, Sarai, Lunger, flood relief camps etc., for benefit of all communities/religions, activities of assessee could not be termed as being done only for benefit of particular community/religion, hence,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316481/‘sgpc’-eligible-for-sec-80g-benefit-as-its-charitable-activities-are-open-for-all-religions-itat.aspx

NCLT allows one more opportunity to respondent-directors to protect interests of shareholders and to revive Co.

COMPANY LAW : Where pursuant to investigation by SFIO into affairs of respondent company, NCLT suspended its existing board of directors and directed Central Government to appoint nominee directors, but, nominee directors were unable to run affairs of respondent company, thus, they filed an application to wind up respondent company, since, passing of winding up order is civil death of company, in order to protect interest of shareholders of company,

from www.taxmann.com Latest Case Laws https://ift.tt/2VZjNqB

Provisions for NPA made by Co-op. Bank in terms of RBI guidelines allowable as deduction: HC

INCOME TAX : Provision for non-performing assets made by assessee-bank in terms of RBI guidelines was allowable as deduction

from www.taxmann.com Latest Case Laws https://ift.tt/3y0Hmfe

Exp. on partner's foreign education allowable as firm secured several contracts due to expertise acquired by partner

INCOME TAX : Expenditure incurred by assessee-firm on partner's foreign education was to be allowed when post graduate course underwent by said partner was directly related to profession carried on by firm and several important contracts were secured by firm, which firm attributed to educational qualification and expertise acquired by said partner abroad

from www.taxmann.com Latest Case Laws https://ift.tt/3AQG7RO

UK first-tier Tribunal allows unilateral credit for US withholding taxes as treaty relief wasn’t available

INCOME TAX (UK LAW) : Where taxpayer received interest payments from US but UK-US treaty relief did not apply, unilateral credit for US withholding tax would be allowed under UK legislation

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316461/uk-first-tier-tribunal-allows-unilateral-credit-for-us-withholding-taxes-as-treaty-relief-wasn’t-available.aspx

Appellant wasn't entitled to protection of his possession of secured asset as he failed to produce rent receipts in support of his claim

FEMA, BANKING amp; INSURANCE : Where appellant claimed that he was tenant of Secured Asset from 12-6-2012, however, documents produced in support of his claim were xerox copies of rent receipts and first xerox copy of rent receipt was of 12-5-2013 which was after date of creation of mortgage, appellant would not be entitled to protection of his possession of Secured Asset

from www.taxmann.com Latest Case Laws https://ift.tt/3mew3Oj

ITAT directed AO to disallow 10% of land development exp. as assessee failed to prove its genuineness

INCOME TAX : Where assessee failed to establish that land development expenses claimed by it were genuine as most of vouchers produced by it were self-made and also not in proper order for verification, Assessing Officer was to be directed to disallow 10 per cent of total expenditure claimed by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/37RywGb

HC upholds acquittal of accused for offence u/s 138 on non-performance of an event by the complainant

FEMA amp; BANKING : Where complainant filed complaint under section 138 of Negotiable Instruments Act on dishonour of cheque issued by accused for performance in a musical event but show was not performed and complainant had failed to establish that accused was personally liable under any debt or liability towards complainant on date of issue of cheque in question, accused was not guilty of offence under section 138 and was rightly acquitted by Trial Court

from www.taxmann.com Latest Case Laws https://ift.tt/3mdmXBq

SLP granted against ruling that sec. 234B interest can’t be charged if entire tax of NR was to be deducted at source

INCOME TAX : SLP granted against High Court's ruling that where assessee was non-resident company, entire tax was to be deducted at source on payments made by payer to it and there was no question of payment of advance tax by assessee; therefore, revenue could not charge any interest under section 234B from assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316208/slp-granted-against-ruling-that-sec-234b-interest-can’t-be-charged-if-entire-tax-of-nr-was-to-be-deducted-at-source.aspx

Giving of loans by bank to borrower is not a service but an activity to give money in real terms to borrower which is akin to goods: Delhi CESTAT

EXCISE/ST/VAT : Giving of loans by banking-company to borrower is not a service, rather it is an activity of bank in which money in real terms which is akin to goods, is given to borrower

from www.taxmann.com Latest Case Laws https://ift.tt/3k0xv4g

Gratuity Amendment Act has no retro-effect; no exemption u/s 10 if enhanced gratuity received before 24-5-10

INCOME TAX : Payment of Gratuity Act was amended by Central Act No. 15 of 2010 which received assent of President on 17-5-2010. In terms of sub-section (2) of section 1 of Amending Act, a Notification was issued by Government of India on 24-5-2010 appointing said date as date on which Amending Act came into force

from www.taxmann.com Latest Case Laws https://ift.tt/3xTjvyh

HC quashes reassessment initiated on legal heirs of deceased without following procedure laid down by Sec. 159

INCOME TAX: Where proceedings are initiated under section 148 for reassessment relating to escapement of income of assessee (Kurkal) in year 2018 by when Kurkal had already died (on 11-11-2014), since in terms of section 149(1)(b), read with section 159(2)(b), reassessment proceedings ought to be initiated till 31-3-2018, but department has issued notice to legal representatives on 19-11-2018 and on 21-12-2018 under section 142,

from www.taxmann.com Latest Case Laws https://ift.tt/3g74dA0

Delhi HC grants bail to a politician on medical grounds on furnishing a bond of Rs. 10 lakh in money laundering case

FEMA, BANKING amp; INSURANCE : Petitioner was arrested and remanded to judicial custody for offence of fertilizer scam under PMLA as it had fraudulently imported fertilizers and other materials for fertilizer production at inflated prices and claimed higher subsidy from Government of India causing loss of several crores of rupees and allegedly siphoned off commission received from suppliers through a complex web of fake commercial transactions through multiple companies owned by accused persons,

from www.taxmann.com Latest Case Laws https://ift.tt/3k4oW8w

HIMUDA-lessor wasn’t entitled for unearned increase as there was no transfer of leasehold rights on acquisition of co.

COMPANY LAW : Where respondent-authority leased two industrial plots to petitioner/lessee company with a condition that petitioner could not transfer said plots without its previous consent, in view of fact that pursuant to acquisition of another company by petitioner, assets of petitioner had not been transferred to any other company but assets of another company have been transferred in favour of petitioner, there being no transfer of leasehold property,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198749/himuda-lessor-wasn’t-entitled-for-unearned-increase-as-there-was-no-transfer-of-leasehold-rights-on-acquisition-of-co.aspx

ITAT can grant extension of stay of demand beyond 365 days in deserving cases; SC dismissed SLP

INCOME TAX : SLP dismissed against High Court's ruling that where delay in disposal of appeal is not attributable to assessee in any manner, Tribunal can grant extension of stay of demand beyond 365 days in deserving cases

from www.taxmann.com Latest Case Laws https://ift.tt/3mdoIyC

Cartage challan is not Consignment Note and thus no Service Tax: CESTAT Delhi

EXCISE/ST/VAT : Since cartage Challan issued by Forest Department for transportation from inside forest to depot is only for internal control of forest department, such carting Challan is not equivalent to a consignment note which is issued by transporter as consignment note is a negotiable instrument and transporter is bound to deliver goods to bona fide holder of title, as mentioned in consignment note and such element of 'consignment note' are absent in 'carting Challan' thus,

from www.taxmann.com Latest Case Laws https://ift.tt/37NPZ2f

Gujarat HC justified reassessment initiated on info. that assessee was beneficiary of accommodation loan entries

INCOME TAX : Where Assessing Officer issued a reopening notice against assessee on ground that an information was received from investigation wing that during a survey under section 133A conducted in case of a person, several material was impounded which revealed accommodation entries of tax bills and bogus loan connected to assessee, impugned reopening notice issued against assessee on basis of said information was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3CSZBqP

HC allows defendant broker unconditional leave to defend suit as issues raised were fair and reasonable

COMPANY LAW/SEBI : Where in a suit filed by applicant for recovery of amount invested by it with defendant-brokerage house, defendant filed an affidavit raising triable issues such as, there was no privity of contract between parties, no amount was invested by applicant with defendant and documents, which had been relied upon by applicant to buttress their case of contract with defendant, were forged, since, defence of defendant appeared to be a fair and reasonable defence,

from www.taxmann.com Latest Case Laws https://ift.tt/3CUB3NZ

No ST on transportation services of timber/firewood for forest dept. issuing cartage challan

EXCISE/ST/VAT : Since cartage Challan issued by Forest Department for transportation from inside forest to depot is only for internal control of forest department, such carting Challan is not equivalent to a consignment note which is issued by transporter as consignment note is a negotiable instrument and transporter is bound to deliver goods to bona fide holder of title, as mentioned in consignment note and such element of 'consignment note' are absent in 'carting Challan' thus,

from www.taxmann.com Latest Case Laws https://ift.tt/3iNojRu

Tax is to be deducted at source from salary paid to teachers, who are nuns or priests of religious congregation: HC

INCOME TAX : Tax is liable to be deducted at source under section 192 from salary paid to teachers, who are nuns or priests of religious congregation

from www.taxmann.com Latest Case Laws https://ift.tt/3snTN3z

Writ petition filed by bank against director of Co. who was yet to be classified as wilful defaulter was to dismissed

FEMA, BANKING amp; INSURANCE : Where director of company was proposed to be classified as a wilful defaulter by a Bank, in view of fact that Default Identification Committee of bank was yet to give a hearing to said director and reach a final decision and subsequent to decision of Identification Committee, petitioner would have an opportunity of making a representation to review committee, writ petition would fail

from www.taxmann.com Latest Case Laws https://ift.tt/3m4aFeD

No denial of exemption just because trust failed to produce necessary records as same got destroyed during floods: HC

INCOME TAX : Where there was contemporaneous record available with assessee-trust to show that it was granted registration under section 12A said record should be looked into minutely by department so as to satisfy itself that trust had been issued a registration certificate under section 12A and had been availing benefit of exemption over a period of time under section 11

from www.taxmann.com Latest Case Laws https://ift.tt/3xQS1JE

Hon’ble President nods to the Deposit Insurance And Credit Guarantee Corporation (Amendment) Act, 20

The Hon’ble President nods to the Deposit Insurance And Credit Guarantee Corporation (Amendment) Act, 2021. The Act mandates Corporation to pay insured amount to depositors within 90 days of date such liability arises. Within first 45 days, insured bank must furnish details of all outstanding deposits to Corporation. Within 30 days of receipt of details, Corporation will verify authenticity of claims and check with each depositor if they are willing to receive the insured deposit amount.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021502/hon’ble-president-nods-to-the-deposit-insurance-and-credit-guarantee-corporation-amendment-act-2021.aspx

Reopening notice issued in name of deceased mother unjustified if fact of her demise communicated to AO: HC

INCOME TAX : Where factum of demise of mother of assessee was communicated to Assessing Officer by assessee, impugned reopening notice issued and subsequent reassessment order passed thereafter in name of mother of assessee and bringing on record assessee as a legal representative for all tax dues were invalid

from www.taxmann.com Latest Case Laws https://ift.tt/2VRQ9D4

Application seeking review of CCI’s order which had attained finality was gross abuse of process of law: CCI

COMPETITION LAW : Application filed by informant seeking review/recall of order passed by Commission which had attained finality was gross abuse of process of law and was to be dismissed as statutory appeals filed against above order, first before Appellate Tribunal and subsequently before Supreme Court already stood dismissed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315472/application-seeking-review-of-cci’s-order-which-had-attained-finality-was-gross-abuse-of-process-of-law-cci.aspx

Reassessment held justified as share application money was found to be received from shell Cos during investigation

INCOME TAX : Where assessee company received share application money from several companies and Assessing Officer issued a reopening notice against assessee on ground that an information was received from investigation wing that companies from which share application money was received by assessee were shell/paper concerns, since during investigation it was established that no business was carried on at registered addresses of these companies and same were actually residential premises,

from www.taxmann.com Latest Case Laws https://ift.tt/2VK8TF1

No additions towards professional fee if same was offered to tax in subsequent year amp; tax effect is same: HC

INCOME TAX : Where professional fee received by assessee was offered to tax by it in subsequent year, no addition could be made on account of said fee during relevant assessment year as same would amount to double addition which would be contrary to provisions of law

from www.taxmann.com Latest Case Laws https://ift.tt/3fZUjQl

Question relating to the status of directorship of a person issuing a post-dated cheque is a triable issue: HC

FEMA, BANKING amp; INSURANCE : Question as to whether petitioner who had issued post-dated cheques in capacity of director of accused company had already resigned on date of presentation of cheque or whether there was sufficient balance in account of company to honour legally enforceable debt, were triable issues which could be agitated during trial

from www.taxmann.com Latest Case Laws https://ift.tt/3iI92kJ

ITAT allowed deduction of premium paid towards employee gratuity fund if such fund was duly approved in later year

INCOME TAX : Where AO disallowed deduction under section 36(1)(v) to assessee company on account of payment of premium made directly to LIC towards employees gratuity fund created by it with LIC on ground that such gratuity fund was not approved, since undisputedly approval under section 2(5) was granted to gratuity fund subsequently by Commissioner, deduction was to be allowed

from www.taxmann.com Latest Case Laws https://ift.tt/3iGeCnK

Property acquired in relinquishment of tenancy right in another property eligible for dep.: HC

INCOME TAX : Assessee entitled to depreciation in respect of property acquired in exchange of relinquishment of tenancy right in another property

from www.taxmann.com Latest Case Laws https://ift.tt/3iFniLd

SAT gives split verdict over shareholder’s right versus Investors interest in the case of PNB Housing Finance Ltd.

COMPANY LAW/SEBI : Where SEBI by impugned communication restrained appellant-company from holding Extraordinary General Meeting (EGM) with regard to allotment of shares by way of preferential allotment on private placement basis for cash consideration, one of members of SAT out of coram of two members held that in view of section 24 of Companies Act read with rules 3(c) and 13(2) of Companies (Share Capital and Debenture) Rules, 2014,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316367/sat-gives-split-verdict-over-shareholder’s-right-versus-investors-interest-in-the-case-of-pnb-housing-finance-ltd.aspx

Issuing debentures in lieu of interest liability under rehabilitation plan eligible for Sec. 43B relief

INCOME TAX : Assessee, claimed deduction under section 43B based on issue of debentures in lieu of interest accrued and payable to financial institutions which was disallowed by Assessing Officer but allowed by Commissioner (Appeals) and said order was confirmed by Tribunal. High Court based on Explanation 3C to section 43B disallowed deduction under section 43B and held that to claim deduction under section 43B,

from www.taxmann.com Latest Case Laws https://ift.tt/3fVIWc7

HC justified reassessment initiated on info. that assessee provides accommodation entries for shell Co.

INCOME TAX : Where information disseminated by Investigation Wing in case of 'J', who was managing and controlling multiple companies which were involved in providing accommodation entries, showed that petitioner-company had taken accommodation entries and reassessment was initiated, and assessee challenged said reassessment,

from www.taxmann.com Latest Case Laws https://ift.tt/3CGZPRD

No reassessment to disallow provision for bad debts if AO duly called for all details during original assessment: ITAT

INCOME TAX : Where AO issued a reopening notice on ground that assessee bank had debited Rs. 2 crores to profit amp; loss account towards provision for bad and doubtful debts, however, it had claimed deduction of Rs. 2.50 crores under section 36(1)(viia), since AO had called for all details regarding such provision made for bad debts during original scrutiny assessment proceedings and after considering details he had accepted claim made under section 36(1)(viia),

from www.taxmann.com Latest Case Laws https://ift.tt/2Xg0Xvj

Doctrine of mutuality not applicable on park charges amp; rent received by club from telecommunication tower: HC

INCOME TAX : Income earned by assessee-club by way of park charges, rent received from Vodafone, BSNL and Idea towers and interest earned on fixed deposits would not be exempt from tax on basis of doctrine of mutuality

from www.taxmann.com Latest Case Laws https://ift.tt/3CJJVWC

Reassessment initiated on basis of info. that assessee sold penny stock to earn exempt LTCG is justified: HC

INCOME TAX : Where AO issued reopening notice against assessee on ground that an information was received from AIMS module that shares sold by assessee were of penny stock, since such information was specific with regard to transactions of penny stock entered into by assessee and AO made independent enquiries and applied his mind to information and upon due satisfaction formed a belief that income had escaped assessment, impugned reopening notice was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2UeHwSG

Sec. 12A registration can’t be rejected just because assessee was generating huge revenue; ITAT remanded matter

INCOME TAX : Where assessee-company was incorporated by State Government with objects of providing re-employment to ex-servicemen, impugned order passed by CIT (Exemption) rejecting registration under section 12A to assessee on ground that it was a commercial organization merely because it was generating huge revenue from year to year with mark-up on cost of 10 per cent to 12 per cent, without considering matter in proper perspective, was to be set aside and matter was to be remanded

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315572/sec-12a-registration-can’t-be-rejected-just-because-assessee-was-generating-huge-revenue-itat-remanded-matter.aspx

Share premium formed part of share capital amp; shareholders funds can’t be brought to tax as revenue receipt: ITAT

INCOME TAX : Share premium amount received by assessee company) could not be brought to tax as revenue receipt and consequently same could not be treated as income under section 56(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315080/share-premium-formed-part-of-share-capital-amp-shareholders-funds-can’t-be-brought-to-tax-as-revenue-receipt-itat.aspx

HC can’t go into disputed facts at initial stage of reopening of assessment which was challenged before it

INCOME TAX : Where AO sought to initiate reassessment proceedings on ground that notes of financial statements accompanying return of income showed that assessee had incurred expenditure during relevant assessment year in foreign currency under heads of interest, professional fees, consulting fees, etc.,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316348/hc-can’t-go-into-disputed-facts-at-initial-stage-of-reopening-of-assessment-which-was-challenged-before-it.aspx

HC remanded matter back as assessment order was passed by AO in gross violation of principles of natural justice

INCOME TAX : Where assessment orders passed in case of assessee under section 153A, pursuant to search operation were passed in gross violation of principles of natural justice as revenue had not given all panchnamas to assessees, copies of all materials seized which were used for framing assessment had not been supplied to assessee, no opportunity for cross examination had been provided and section 65B of Evidence Act had not been complied with before admitting electronic evidence,

from www.taxmann.com Latest Case Laws https://ift.tt/3lSfkQQ

Payment for surrogacy charges which to be paid to surrogate mothers is not liable to TDS u/s 194J: ITAT

INCOME TAX : Where assessee company, running an infertility clinic, made a payment towards surrogacy charges to a person to be paid to surrogate mothers without deducting TDS, since payee had himself admitted that he had not maintained any accounts of payments made to surrogate mothers, Assessing Officer was justified in invoking section 194C and making disallowance under section 40(a)(ia)

from www.taxmann.com Latest Case Laws https://ift.tt/3CNC2zM

MCA mandates Cos to disclose details of Crypto Currency and CSR in financial Statements: Union MoS C

Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha stated that, in order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April 2021 to mandate various disclosures by companies relating to virtual currency and CSR in their financial statements.

from taxmann.com News https://ift.tt/3fRXdH8

Sec. 68 additions valid if assessee failed to produce doc. to establish genuineness of loan transaction; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that where assessee took loan from an entity, however, failed to produce any confirmation from such entity or produce its owner in person for cross-examination and also failed to produce any document to establish identity of such creditor or genuineness of alleged loan transaction, impugned addition made under section 68 in respect of such loan amount was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3iyeRBk

Amount not recoverable due to abrupt embargo on trading at NSEL allowed as bad debts if written off: ITAT

INCOME TAX : Where Assessing Officer had not disputed fact that assessee had carried out trading of commodities at NSEL and there were outstanding amounts that remained to be recovered by assessee on account of abrupt embargo on trading at NSEL and same were written off by assessee as bad debts, assessee was to be allowed to write off said bad debts during year without expecting assessee to establish that such debt had became irrecoverable

from www.taxmann.com Latest Case Laws https://ift.tt/3lU45rg

Architect fees claimed as statutory deduction from rental income can’t be allowed as deduction u/s 37(1): ITAT

INCOME TAX : Where assessee received a loan of certain amount and had placed on record relevant details such as complete address and PAN in order to prove identity and creditworthiness of loan party and assessee had received amount by account payee cheque and said amount was also refunded to said party by crossed account payee cheque, impugned addition under section 68 made on account of said loan amount received by assessee only on ground of non-compliance with section 133(6), was unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315053/architect-fees-claimed-as-statutory-deduction-from-rental-income-can’t-be-allowed-as-deduction-us-371-itat.aspx

Sec. 43B not applicable on provision for leave salary: Mumbai ITAT

INCOME TAX : Provision for leave salary could not be disallowed under section 43B(f)

from www.taxmann.com Latest Case Laws https://ift.tt/3iBC0Tp

SC rejects Amazon, Flipkart’s plea to stop CCI’s investigation into their alleged anti-competitive practices

COMPETITION LAW : SLP dismissed against impugned order of High Court by which it had refused to interfere with preliminary enquiry ordered by Competition Commission of India (CCI) into alleged anti-competitive practices of petitioners Flipkart and Amazon Sellers on ground that CCI could have directed an enquiry based upon complaint made by informants, if a prima facie case was in existence

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316328/sc-rejects-amazon-flipkart’s-plea-to-stop-cci’s-investigation-into-their-alleged-anti-competitive-practices.aspx

Cost of land purchased by Co. to provide parking space to shop owners of its mall eligible for deduction: ITAT

INCOME TAX : Where assessee-builder had constructed a mall and had sold shops/offices of mall by making a promise to buyer to provide parking space, but DMRC had acquired plot kept for parking space, for construction of metro station, since parking space was one of such conditions based on which approval was granted to shopping mall and assessee had met its obligation by providing a plot of land to be used as a parking space,

from www.taxmann.com Latest Case Laws https://ift.tt/3yC8jHw

Assessee entitled to exemption until it adheres parameters required to be satisfied u/s 10(23C); SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that so long as assessee adheres to parameters required to be satisfied under section 10(23C) to avail exemption, it is entitled to said exemption; exemption claimed by assessee cannot be denied on ground that it does not have independent Memorandum of Association, Bye laws, etc.

from www.taxmann.com Latest Case Laws https://ift.tt/3yCwrd5

No sec. 263 revision just because AO’s didn’t mention his conclusion in Assessment Order: ITAT

INCOME TAX : Where during scrutiny assessment, assessee had submitted all relevant details regarding loans and advance given by it to a person and explained that said advance was returned back in next year and also furnished copy of ledger account and Assessing Officer after due verification of same passed an assessment order, impugned invocation of revision by Pr. CIT was unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315406/no-sec-263-revision-just-because-ao’s-didn’t-mention-his-conclusion-in-assessment-order-itat.aspx

Copy of the Taxation Laws (Amendment) Bill, 2021 as passed by the Lok Sabha

The Lok Sabha has passed the Taxation Laws (Amendment) Bill, 2021. No amendments have been proposed in the Bill which was originally in the Lok Sabha. Find below the Copy of the Taxation Laws (Amendment) Bill, 2021.

from taxmann.com News https://ift.tt/2VCalbW

Key highlights of the SEBI Board Meeting held on 06.08.2021

The SEBI Board held its meeting in Mumbai on 06.08.2021 under the chairmanship of Shri Ajay Tyagi. The Part-Time Members joined the meeting through video conferencing. The key decisions taken by the Board include as viz. i) relaxation of the lock-in requirements for promoter shareholding in terms of IPO/FPOs, ii) the merger of Share Based Employee Benefits and Sweat Equity Regulations, iii) Reduction in disclosure requirement at the time of IPO, iv) Review of SEBI (LODR) Regulations, 2015.

from taxmann.com News https://ift.tt/3yxU5Yc

Issues related to disputes of shareholders to be tried before NCLT and not before Civil Court: rules HC

COMPANY LAW : Application for enforcing right of shareholder under board resolution is to be made before NCLT and not before Civil Court

from www.taxmann.com Latest Case Laws https://ift.tt/3jvwwss

No rectification just because a different view is taken by same ITAT in another case: HC

INCOME TAX : Where Tribunal allowed rectification application of revenue on ground that there was a contradiction in orders of Tribunal in respect of case of assessee and its sister concern in which judgment was rendered two days apart and that such a contradiction ought to be removed so as to have clarity in decisions, different view taken by very same Tribunal in another case on a later date could not be a ground for rectification of order passed by Tribunal, thus, impugned order of Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2Vulxb7

CIT(E) can’t disapprove evidence filed by trust to prove genuineness of its creation without any verification: ITAT

INCOME TAX : Order of CIT (E) denying application u/s. 12AA on ground that assessee cloth merchant association failed to file documentary evidences so as to satisfy him about genuineness of its creation and its activities to be set aside if documents filed by assessee in this regard were not verified by him

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315231/cite-can’t-disapprove-evidence-filed-by-trust-to-prove-genuineness-of-its-creation-without-any-verification-itat.aspx

ITAT allows sec. 11 exemption as nothing on record suggested that AIFTP’s activities are confined only to its members

INCOME TAX : Where AO denied exemption under section 11 to assessee educational charitable society on ground that its activities were confined only to members, hence, it was a mutual concern, since it was seen from material on record that assessee was continuously engaged in holding seminars, conferences, workshops, etc. which were not confined to its members only and it also maintained a free website accessible to all and there was nothing on record to suggest that assessee's activities

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315600/itat-allows-sec-11-exemption-as-nothing-on-record-suggested-that-aiftp’s-activities-are-confined-only-to-its-members.aspx

ITAT deleted CIT’s order rescinding Sec. 10(23C) approval as he can’t approve/reject exemption before 5-11-2019

INCOME TAX : Notification No. SO 3015(E), dated 5-11-2019 came into effect from 5-11-2019

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314706/itat-deleted-cit’s-order-rescinding-sec-1023c-approval-as-he-can’t-approvereject-exemption-before-5-11-2019.aspx

No legal requirement to intimate assessee before transferring its case to another AO within same city: ITAT

INCOME TAX : Where case of assessee was transferred from one Assessing Officer to another Assessing Officer within same city, in view of provisions of sub-section (3) of section 127, there was no statutory requirement for notice or prior intimation to be given to assessee before order of transfer

from www.taxmann.com Latest Case Laws https://ift.tt/3fYxSeH

SC dismissed SLP as withholding refund under sec. 241A without giving any cogent reasons wasn’t justified

INCOME TAX : SLP dismissed against High Court ruling that in absence of any cogent reasons justifying withholding of refund due to assessee under section 143(1), approval granted by Principal Commissioner for withholding such refund under section 241A was unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315928/sc-dismissed-slp-as-withholding-refund-under-sec-241a-without-giving-any-cogent-reasons-wasn’t-justified.aspx

Undisclosed income of Co. admitted by Director during search operation not taxable in hands of Director: ITAT

INCOME TAX : Where post search operation upon company in which assessee was a director, assessee admitted certain undisclosed income of company on basis of incriminating material found and seized during search, since income/entries in such seized material belonged to company, impugned additions made in hands of assessee on account of such undisclosed income of company was unjustified and same was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/2X4yZCR

NFAS is required to consider assessee’s request for personal hearing, if requested, before passing final order: HC

INCOME TAX : Where assessee requests for a personal hearing before passing final assessment order under section 143(3), read with section 144B, officer in-charge, under provisions of clause (viii) of section 144B(7), would have to, ordinarily, grant a personal hearing

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315282/nfas-is-required-to-consider-assessee’s-request-for-personal-hearing-if-requested-before-passing-final-order-hc.aspx

ITAT was justified in treating cash deposits as turnover as assessee failed to prove correct nature of receipts

INCOME TAX : Where assessee had received certain amount in cash in her bank account, since assessee had not given any evidence to prove that this was not her turnover, Assessing Officer was justified in treating entire deposits as assessee's turnover and assuming net profit thereupon at rate of 5 per cent

from www.taxmann.com Latest Case Laws https://ift.tt/3fYkJST

Sec. 69A additions on sum received from broker valid as there were discrepancies in statements of assessee amp; broker: HC

INCOME-TAX : Where assessee contended that cash found and seized during search upon his premise was received by him as an anadvance for sale of an agricultural land from buyer through a broker, since there was glaring discrepencies in statement made by assessee vis-a-vis statements of broker and buyer even as to basic facts such as area of land and agreed price, thus, explanation offered by assessee regarding such cash seized same was not found to be satisfactory, Assessing Officer was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3AaUujq

Income earned from letting out of building along with other amenities is taxable as business income: HC

INCOME TAX : Where agreements for letting out of commercial building and provision of services are entered into contemporaneously and object is to enjoy entire property, viz., building, furniture and accessories as a whole which is necessary for carrying on business, then income derived therefrom cannot be separated based on separate agreements entered into between parties and income from such letting should ordinarily fall within head 'Profits and gains of business or profession'

from www.taxmann.com Latest Case Laws https://ift.tt/3fE7ZjQ

Limitation period for filing an application u/s 59 will be 3 yrs from when right to apply accrues: NCLT

COMPANY LAW : Even if no limitation is provided for filing an application under section 59 of Companies Act, limitation will be three years from when right to apply accrues

from www.taxmann.com Latest Case Laws https://ift.tt/3ClP6vX

Analysis of The Taxation Laws (Amendment) Bill, 2021

The Govt. has introduced the Taxation Laws (Amendment) Bill, 2021 (TLA, 2021) in the parliament to propose revocation of the amendments made in Section 9. In this article, we have analysed the changes proposed by the TLA, 2021.

from taxmann.com News https://ift.tt/37rpUWo

FM introduces TLA Bill, 2021; no tax on indirect transfer of Indian assets made before 28-05-2012

The Finance Minister, Smt. Nirmala Sitharaman has introduced, the Taxation Laws (Amendment) Bill, 2021, in the parliament to amend the income-tax Act, 1961 and the Finance Act, 2012. The Bill proposes to amend the section 9 so as to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28-05-2012

from taxmann.com News https://ift.tt/3jtuTLW

Limitation period for filing an application u/s 59 will be 3 yrs from when right to apply accures: NCLT

COMPANY LAW : Even if no limitation is provided for filing an application under section 59 of Companies Act, limitation will be three years from when right to apply accrues

from www.taxmann.com Latest Case Laws https://ift.tt/3lyBdVl

Circular 23/2019 providing that monetary limit for filing appeal not applicable on tax evasion has no retro effect: HC

INCOME TAX : CBDT Circular No. 23/2019 dated 6-9-2019 and Office Memorandum No. 279 dated 16-09-2019 issued by CBDT both providing that cases involving organized tax evasion scam through bogus long term capital gain/short term capital loss on penny stocks were not subjected to monetary limits prescribed for filing appeals, would apply prospectively to appeals filed on or after 16-09-2019

from www.taxmann.com Latest Case Laws https://ift.tt/3xrDiVk

Exp. incurred by ‘Farah Khan’ on office-cum-residence premises are allowable on proportionate basis: ITAT

INCOME TAX : Where assessee, a professional choreographer, produced photographs and a video recording of office and residence to prove that a clearly demarcated part of premises was used as office by her, deduction of interest on loan, depreciation on office premises and furniture and fixture relating to office premises to be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316276/exp-incurred-by-‘farah-khan’-on-office-cum-residence-premises-are-allowable-on-proportionate-basis-itat.aspx

Sec. 115BBE not applicable on income surrendered by assessee if AO didn’t find unexplained credit in books: ITAT

INCOME TAX : Where director of assessee-company surrendered a certain sum during search, and Assessing Officer treated said sum as income from unexplained sources and invoked provisions of section 115BBE and charged tax at a higher rate, since Assessing Officer had not pointed out any unexplained credit in books of account, provisions of sections 68, 69, 69A, 69B, 69C and 69D were not attracted on surrendered amount and aforesaid surrender not being covered under provisions of sections 68, 69, 6

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315285/sec-115bbe-not-applicable-on-income-surrendered-by-assessee-if-ao-didn’t-find-unexplained-credit-in-books-itat.aspx

Rajya Sabha approves of Limited Liability Partnership (Amendment) bill, 2021

The Rajya Sabha has passed the Limited Liability Partnership (Amendment) Bill, 2021. The Amendment Bill seeks to facilitate greater ease of living to law-abiding corporates and to decriminalise certain provisions of the Act. Key changes as proposed in the bill includes as viz. introduction of the concept of ‘small companies’, de-criminalisation of certain offences, empowering Govt. to establish special courts, Authorisation to Regional directors.

from taxmann.com News https://ift.tt/3yq4Cob

Circular 23/2019 providing that monetary limit for filing appeal not applicable on tax evasion has retro effect: HC

INCOME TAX : CBDT Circular No. 23/2019 dated 6-9-2019 and Office Memorandum No. 279 dated 16-09-2019 issued by CBDT both providing that cases involving organized tax evasion scam through bogus long term capital gain/short term capital loss on penny stocks were not subjected to monetary limits prescribed for filing appeals, would apply prospectively to appeals filed on or after 16-09-2019

from www.taxmann.com Latest Case Laws https://ift.tt/3Ck94av

No second revision u/s 263 if income determined in earlier revision was less than income determined originally: ITAT

INCOME TAX : Where AO in revision order passed under section 263 reduced income of assessee by deleting addition on account of share application and share premium amount received by it on ground that source of fund, identity, genuineness and creditworthiness of share applicants were verified and found in order,

from www.taxmann.com Latest Case Laws https://ift.tt/3jFvD0T

Owning a farm and Owning a land are two different expressions; Poultry farm on leased land entitled for sales tax exemption: KER. HC

EXCISE/ST/VAT : Where assessee was conducting its own poultry farms within State and chicks were reared into broiler birds under complete supervision of assessee, conditions for eligibility for exemption as per prevailing notification SRO.No.1090/99 as amended by SRO.No.291/2000 and SRO.No.877/2000 were satisfied and assessee will be entitled to benefit of exemption for assessment year 2000-01 even though land on which farm was conducted was a leased land as without owning any land, one can own

from www.taxmann.com Latest Case Laws https://ift.tt/3fAmRQj

Assessment order passed by jurisdictional AO in pursuance of notice issued by non-jurisdictional AO is null and void

INCOME TAX : Where case of assessee was transferred by ITO, Ward- 4 to ITO, Ward-5, impugned order under section 143(3) passed by ITO, Ward-5 without issuing notice under section 143(2) and only in pursuance with notice issued by ITO, Ward- 4, who did not enjoy jurisdiction over assessee, was null and void

from www.taxmann.com Latest Case Laws https://ift.tt/3AbUvnj

Assessment u/s 153A can be made even if no incriminating material was found during search action: ITAT

INCOME TAX-I: Once search is conducted under section 132, AO is bound to issue notice under section 153A and has to frame assessment order thereafter and that being so, assessment under section 153A could not be quashed merely because no incriminating material was found during search

from www.taxmann.com Latest Case Laws https://ift.tt/3fuN56Q

Exemption from payment of sales tax granted to poultry farmers available even if farm is on leased land: Kerala HC

EXCISE/ST/VAT : Where assessee was conducting its own poultry farms within State and chicks were reared into broiler birds under complete supervision of assessee, conditions for eligibility for exemption as per prevailing notification SRO.No.1090/99 as amended by SRO.No.291/2000 and SRO.No.877/2000 were satisfied and assessee will be entitled to benefit of exemption for assessment year 2000-01 even though land on which farm was conducted was a leased land as without owning any land, one can own

from www.taxmann.com Latest Case Laws https://ift.tt/3AeZ7JD

HC directed AO to allow ‘Karti P. Chidambaram’ to cross-examine persons who have given statement against him

INCOME TAX : Assessing Authority is bound to afford reasonable opportunity, enabling petitioners/assessees to defend their case in manner prescribed. Where assessment had been issued under section 153C in case of assessee, however, directions issued by Court to afford opportunities to assessees had not been complied with by Assessing Authority before passing final assessment order

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316270/hc-directed-ao-to-allow-‘karti-p-chidambaram’-to-cross-examine-persons-who-have-given-statement-against-him.aspx

Non-consideration of HC ruling couldn’t be construed as a mistake apparent on record for rectification by ITAT: HC

INCOME TAX: Non consideration of a judgment of High Court cannot be construed as mistake as contemplated under section 254(2)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315167/non-consideration-of-hc-ruling-couldn’t-be-construed-as-a-mistake-apparent-on-record-for-rectification-by-itat-hc.aspx

Additions made u/s 69A were justified as assessee made a bold statement without producing any supporting evidences

INCOME TAX : Where assessee contended that out of total cash credit in its bank account certain sum was introduced as capital which could not be taxed and certain sum was re-deposited in cash out of his own cash withdrawals from another bank account and certain sum was in respect of sales booked in advance for subsequent assessment year, since assessee had not supported his submissions by filing any material evidences, impugned addition made on account of such entire amount credited in its bank

from www.taxmann.com Latest Case Laws https://ift.tt/3fqgChW

Cancellation/deactivation of DIN is not provided u/r 11 of Appointment and Qualification of Directors rules,2014: HC

COMPANY LAW : In terms of rule 11 of Companies (Appointment and Qualifications of Directors) Rules, 2014 neither cancellation nor deactivation of DIN is provided for upon disqualification of director under section 164(2)

from www.taxmann.com Latest Case Laws https://ift.tt/2VdJtPT

Cancellation/deactivation of DIN is not provided under rule 11 of appointment and qualification of directors: HC

COMPANY LAW : In terms of rule 11 of Companies (Appointment and Qualifications of Directors) Rules, 2014 neither cancellation nor deactivation of DIN is provided for upon disqualification of director under section 164(2)

from www.taxmann.com Latest Case Laws https://ift.tt/3Cc7KpT

Pharmacy income of trust cannot be treated as charitable income without considering conditions mentioned u/s 11(4A)

INCOME TAX : Where Tribunal held that pharmacy income of assessee trust was charitable income and not business income, however, had not recorded any reasons whether or not assessee had complied with conditions mentioned in section 11(4A), order passed by Tribunal was cryptic and suffered from vice of non-application of mind and therefore, finding of Tribunal could not be sustained

from www.taxmann.com Latest Case Laws https://ift.tt/3lsNtqd

Sum received on settlement of case of property usurped by relatives was taxable as capital gain; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that sum received on settlement of case of property usurped by relatives was taxable as capital gain

from www.taxmann.com Latest Case Laws https://ift.tt/3A3cbRW

Key highlights of report of ‘Standing Committee on Finance-MCA’ on Insolvency and Bankruptcy Code

The Standing Committee on Finance’- MCA has issued a 32nd report titled ‘Implementation of IBC-pitfalls and solutions’ whereby it has recommended for a benchmark for the quantum of ‘haircut by Financial creditor to be comparable to global standards. The committee proposed establishment of ‘Institute of Resolution Professionals’ to oversee and regulate the functioning of RPs. It also proposed more transparency in the appointment of RPs by the Committee of Creditors, among others recommendations.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021481/key-highlights-of-report-of-‘standing-committee-on-finance-mca’-on-insolvency-and-bankruptcy-code.aspx

No additions towards gifts if assessee duly produced declarations of donors confirming gifts: ITAT

INCOME TAX : Where assessee received gift in cash of certain amount from four persons, since assessee had produced relevant documents such as declarations of donors confirming gifts and tax particulars of donors so as to prove identity and creditworthiness of donors and all gifts were given to assessee by account payee cheques, impugned addition made by Assessing Officer on account of said gift received by assessee under section 68 was to be deleted

from www.taxmann.com Latest Case Laws https://ift.tt/2VsF1MS

AO rightly cancelled registration granted u/s 12AA amp; 80G to trust as it was receiving bogus donations: SC

INCOME TAX : Where answers given to questionnaire by Managing Trustee of assessee-Trust showed that donations were received by way of cheques out of which substantial money was ploughed back or returned to donors in cash and thus registration conferred upon it under sections 12AA and 80G was completely being misused by Trust, Income-tax authorities were right and justified in cancelling registration under sections 12AA and 80G to Trust

from www.taxmann.com Latest Case Laws https://ift.tt/3A80CJj

AO rightly cancelled registration granted u/ss 12AA amp; 80G to trust as it was receiving bogus donations: SC

INCOME TAX : Where answers given to questionnaire by Managing Trustee of assessee-Trust showed that donations were received by way of cheques out of which substantial money was ploughed back or returned to donors in cash and thus registration conferred upon it under sections 12AA and 80G was completely being misused by Trust, Income-tax authorities were right and justified in cancelling registration under sections 12AA and 80G to Trust

from www.taxmann.com Latest Case Laws https://ift.tt/3rOSuuv

ITAT remanded matter to conduct inquiry against real owner who sold his property in assessee’s name to avoid LTCG

INCOME TAX : Assessee was working as an assistant at a salary of Rs. 12000/- per month and, hence, he was not filing any return of income - An information was received that assessee had entered into a transaction for purchase of a land from one SR and made a payment of huge amount in cash for same - On basis of same, Assessing Officer issued a reopening notice against assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316239/itat-remanded-matter-to-conduct-inquiry-against-real-owner-who-sold-his-property-in-assessee’s-name-to-avoid-ltcg.aspx

Sec. 10(23C) exemption isn’t a perpetual relief; assessee can seek to surrender approval granted u/s 10(23C)

INCOME TAX : Revenue was to be directed to withdraw approval granted to petitioners/assessees under section 10(23C) with effect from date of applications made by petitioners for being notified under section 10(46) and process petitioners applications for being notified under section 10(46) in accordance with provisions of Act, from previous year relevant to date of applications, filed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316226/sec-1023c-exemption-isn’t-a-perpetual-relief-assessee-can-seek-to-surrender-approval-granted-us-1023c.aspx

Transferee Co. amalgamating with WoS need not hold meeting with members as no rights of stakeholders were affected

COMPANY LAW : Where transferor company is wholly-owned subsidiary of transferee company and amalgamation is not affecting rights of equity shareholders creditors of transferee company, transferee company need not to hold any meeting either with its equity shareholders or creditors

from www.taxmann.com Latest Case Laws https://ift.tt/3lmkNiJ

No denial of exemption if surplus earned on incidental activities was ploughed back for use towards trust’s object: ITAT

INCOME TAX : Where assessee society, registered under section 12AA, was engaged in providing educational facilities through various educational institutions, since surplus earned by assessee was incidental while carrying out main objects of trust and same was ploughed back for educational purposes only, it could not be said that assessee was existing for profit purposes and, accordingly, it could not be denied exemption under section 11

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314675/no-denial-of-exemption-if-surplus-earned-on-incidental-activities-was-ploughed-back-for-use-towards-trust’s-object-itat.aspx

SC granted SLP against ruling that trust’s registration can’t be cancelled if it is donating to another trust

INCOME TAX : SLP granted against High Court ruling that where assessee-trust, engaged in business of publishing newspaper, did not run any school or college but utilized surplus of income from business for donation to a trust which was running educational institution, earnings of assessee being spent for charitable purpose, registration granted to it could not be cancelled

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315831/sc-granted-slp-against-ruling-that-trust’s-registration-can’t-be-cancelled-if-it-is-donating-to-another-trust.aspx

Parliament passes the Marine Aids to Navigation Act, 2021

Parliament has enacted the Marine Aids to Navigation Bill 2021. The Act intends to replace the nearly 90-year-old Lighthouse Act of 1927. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal introduced the bill in the Rajya Sabha. The new Act will allow for the efficient and unified operation of maritime navigation aids and Vessel Traffic Services along India's coastline.

from taxmann.com News https://ift.tt/3xlFrSv

Interest earned on FDs eligible for sec. 80-IA relief if such FDs was incidental to core business of assessee: ITAT

INCOME TAX : Provisions of section 254(2) have narrow application and envisage rectification of mistakes which are apparent from record and there is power to rectify but not to review order

from www.taxmann.com Latest Case Laws https://ift.tt/3fpBhmk

HC stayed notice issued under FAS 2019 as assessee willing to appear before AO as directed by remand order of ITAT

INCOME TAX : Where assessee submitted that he was ready and willing to appear before original Assessing Officer as directed in order of Appellate Tribunal for consideration of his assessment order, and, nature of case required production and explanation of various documents and Faceless Assessment in Delhi may not be satisfactory in circumstances, notice issued under Faceless Assessment Scheme, 2019 was to be stayed

from www.taxmann.com Latest Case Laws https://ift.tt/3lqKkHC

Faceless assessment not made in accordance with procedure laid down under section 144B would be non est: HC

INCOME TAX : 'Faceless Assessment' commences vide its sub-section (1) with a non-obstante clause and compulsively requires assessment under sections 143(3) and 144 shall be by prescribed procedure contained in sub-section (1) of section 144B in cases referred to in sub-section (2) thereof. Faceless assessment not made in accordance with procedure laid down under section 144B would be non est

from www.taxmann.com Latest Case Laws https://ift.tt/3xjDYvJ

Writ plea challenging auction proceedings not maintainable on ground of availability of another remedy before DRT

FEMA, BANKING amp; INSURANCE : Where there was an alternate statutory remedy available to petitioner to challenge auction proceedings conducted by secured creditor before DRT, writ petition against same would not be maintainable

from www.taxmann.com Latest Case Laws https://ift.tt/3fmhRyH

No additions to be made for share application merely on grounds of non-appearance of directors of subscriber co. before AO

INCOME TAX : Where Assessing Officer made an addition under section 68 on account of share capital and share premium amount received by assessee on ground that directors of share subscriber companies did not appear for personal attendance, since assessee had filed an affidavit and submitted that it undertook to produce directors of subscriber companies and also file all necessary evidence as required by Assessing Officer, impugned addition was to be set aside and matter was to be remanded

from www.taxmann.com Latest Case Laws https://ift.tt/3fjibyk

HC set aside order as AO didn’t consider adjournment request of assessee who was quarantined due to COVID-19

INCOME TAX : Where Assessing Officer failed to deal with request of assessee, for according an adjournment in matter and in view of difficulty faced by assessee in filing response/objection to show cause notice-cum-draft assessment order because of his son and wife having been admitted to hospital, impugned assessment order passed by revenue as well as notices for initiating penalty proceedings were to be set aside

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315708/hc-set-aside-order-as-ao-didn’t-consider-adjournment-request-of-assessee-who-was-quarantined-due-to-covid-19.aspx

Transfer of business under scheme of arrangement approved by HC isn’t slump sale; SLP dismissed

INCOME TAX : SLP granted against High Court ruling that transfer of assessee's non-transmission and distribution business in exchange of issuance and allotment of equity shares under a scheme of arrangement approved by High Court is not a slump sale exigible to capital gains tax under section 50B

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315829/transfer-of-business-under-scheme-of-arrangement-approved-by-hc-isn’t-slump-sale-slp-dismissed.aspx

Income from letting-out building along with other amenities in an industrial park is taxable as business income: HC

INCOME TAX : Income earned by assessee from letting out building along with other amenities in industrial park was chargeable to tax under head 'income from business and profession'

from www.taxmann.com Latest Case Laws https://ift.tt/2WzIfyr

No addition if assessee undertook to produce directors of subscriber Cos though they didn’t appear: ITAT

INCOME TAX : Where Assessing Officer made an addition under section 68 on account of share capital and share premium amount received by assessee on ground that directors of share subscriber companies did not appear for personal attendance, since assessee had filed an affidavit and submitted that it undertook to produce directors of subscriber companies and also file all necessary evidence as required by Assessing Officer, impugned addition was to be set aside and matter was to be remanded

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315109/no-addition-if-assessee-undertook-to-produce-directors-of-subscriber-cos-though-they-didn’t-appear-itat.aspx