Category: High Courts
Once depreciation is claimed, asset cannot move out of the Block of Assets even if no depreciation was claimed for many years thereafter – High Court affirms ITAT order ABCAUS Case Law Citation: ABCAUS 2102 (2017) (10) HC Brief Facts of the Case: The appellant assessee had sold a fixed assets earning profits thereon which was treated by it as …
Question affecting tax liability of assessee can be raised before the Tribunal first time and it is obliged to consider them and pass appropriate orders – High Court ABCAUS Case Law Citation: ABCAUS 2101 (2017) (10) HC In the instant case, the Income Tax Department (Revenue/Department ) had …
Tribunal not justified in remanding the case when documents are available with it. It was the duty of the tribunal to consider the same – High Court ABCAUS Case Law Citation: ABCAUS 2100 (2017) (10) HC The High Court pronounced the common judgment while disposing off bunch …
Deemed Dividend u/s 2(22)(e) do not extend to non-shareholders. The fiction not to be extended further for broadening the concept of shareholders – Supreme Court agrees with High Court ABCAUS Case Law Citation: ABCAUS 2099 (2017) (10) SC Deemed Dividend u/s 2(22)(e) do not extend to non-shareholders In …
Mere non-payment of service tax was not suppression of material facts for invoking extended period of limitation under proviso to Section 73 (1) of the Finance Act-High Court ABCAUS Case Law Citation: ABCAUS 2097 (2017) (10) HC Important Case Laws Cited/relied upon by the parties: P.C. Poulose …
Non speculative business loss can be set off against profits of any business including speculative business carried on by assessee – High Court ABCAUS Case Law Citation: ABCAUS 2096 (2017) (10) HC The Challenge/Grievance: This instant Income Tax Appeal was filed under Section 260(A) of the Income Tax …
ICAI Council had no record of oral discussions in forming prima facie opinion of misconduct against CA. However, Petition of CAs rejected on legal ground of res judicata. ABCAUS Case Law Citation: ABCAUS 2094 (2017) (10) HC Brief Facts of the Case: The petitioners were chartered accountants …
ITAT comment against CA Profession was out of sheer desperation & frustration. Bombay High Court strongly criticises ITAT for its observation made against the CA profession. ABCAUS Case Law Citation: ABCAUS 2091 (2017) (10) HC Approximately three years back in 2014, ITAT Mumbai had made a remark on …
Chartered Accountant though not public servant can be prosecuted under Prevention of Corruption Act as it covers persons other than the public servants- High Court ABCAUS Case Law Citation: ABCAUS 2088 (2017) (10) HC The Challenge/Grievance: The Petitioner was a chartered accountant who was aggrieved by the order …
Only earnest money can be forfeited not the advance given especially when no loss is suffered on account of non transaction or non performance. Showing an amount in the balance sheets amounts to admission-Delhi High Court ABCAUS Case Law Citation: ABCAUS 2084 (2017) (09) HC Important Case Laws …
