Month: January 2018

Income Tax Rule 8D is prospective in operation and not apply prior to AY 2008­-09 – Supreme Court

Income Tax Rule 8D is prospective in operation and could not apply to any assessment year prior to AY 2008­-09 – Supreme Court settles the law ABCAUS Case Law Citation: ABCAUS 2188 (2018) (01) SC Important Case Laws Cited/relied upon by the parties: Commissioner of Wealth Tax, Meerut Vs. Sharvan Kumar Swarup & Sons, …

Creditors not barred by limitation if liability acknowledged in accounts, they can rely on such acknowledgment-High Court

Creditors not barred by limitation if liability acknowledged in accounts, creditors can rely on the said acknowledgment-High Court   ABCAUS Case Law Citation: ABCAUS 2185 (2018) (01) HC Brief Facts of the Case: The assessee, during the course of the assessment proceedings had furnished details of the creditors. …

The High Court explains the law on levy of interest u/s 234B(3) when reassessment is done determing escaped income after issue of refund.

The High Court explains the law on levy of interest u/s 234B(3) when reassessment is done determing escaped income after issue of refund.  Prelude: Section 234B(3) of the Income Tax Act, 1961 (the Act) provides for levy of interest where a reassessment or re-computation under Section 147 or …