Category: Judgments

In a recent judgment Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional. As a result, all the proceedings initiated by the respective Jurisdictional Assessing Officers (JAOs) under Sections 148A and 148 are without jurisdiction and are liable to be set …

Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals to builder – SC In a recent judgment, the Hon’ble Supreme Court confirmed the award of compensation to be paid to borrower by the bank holding that the …

No timeline mentioned in PMLA to forward the arrest order and the material in possession to the Adjudicating Authority. It has to be expeditiously and simultaneously – SC In a recent judgment, Hon’ble Supreme Court has held that there is no timeline mentioned in PMLA to forward the …

Whether the release of seized assets is mandatory upon completion of 120 days –High Court refers the case to a Larger Bench. In a recent judgment, the Hon’ble High Court has referred the question as to whether the release of seized assets is mandatory upon completion of 120 …

Earlier acceptance of investment is a relevant evidence in evaluating subsequent allegation that investments were fictitious from inception – High Court In a recent judgment, Hon’ble High Court has dismissed appeal of the Income Tax Department alleging fictitious investment observing that the earlier acceptance of the investments does …

A bald statement recorded during survey would not in itself be a foundation for any addition – ITAT In a recent judgment, ITAT Delhi has held that a bald statement recorded during the course of survey would not in itself be a foundation for any addition, especially if …

A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding judicial order a statutory default In a recent judgment, ITAT Agra has held that a subsequent order passed by the Hon’ble Apex Court in respect of the substantive …

Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A – ITAT Interest payment on mobilisation advance made by the assessee to NHAI not liable for deduction of tax at source u/s 194A of the Income Tax Act, 1961 (the Act). …

Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO during assessment accepted the same after enquiry- ITAT In a recent judgment ITAT has held that where difference in sales declared in ITR and VAT return arose only …

Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence of any proof otherwise – High Court In a recent judgment Hon’ble High Court while condoning the delay of eight years in filing appeal has held that the …