Daily Archive: Sunday, July 30, 2017

If accounts are audited AO has to explain the rejection of profit with sufficient clarity.

Author: | Categories: High Courts, Income Tax, Judgments No comments
If accounts are audited AO has to explain the rejection of profit with sufficient clarity. When there are audited accounts of an entity and the calculation of the GP ratios hinges upon their analysis, the AO should not lightly undertake an exercise that would amount to negating those accounts 

 

Limitation period for Revision Petition 264 starts with service of intimation u/s 143(1)

Author: | Categories: High Courts, Income Tax, Judgments No comments
Limitation period for revision Petition 264 starts with service of intimation u/s 143(1) and not from the date when assessee comes to know about the processing of the return – High Court The expression ‘the date on which he otherwise came to know of it’ as per section 264(3),

 

Rejection of technical bid due to defect of missing notary stamp on some tender documents held as untenable

Author: | Categories: High Courts, Judgments No comments
Rejection of technical bid due to curable defect of missing notary stamp on some of the tender documents held as untenable and bad in law. The Bidder acted in a capricious manner resulting in discrimination. Delhi High Court  ABCAUS Case Law Citation: ABCAUS 2009 (2017) (07) HC The Grievance: