Category: Judgments

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

January 31, 2018 Income Tax, Judgments, 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

January 29, 2018 High Courts, Income Tax, Judgments
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.

January 28, 2018 High Courts, Income Tax, Judgments
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 …

At admission stage, Settlement Commission not expected to call records invoking Section 245D(3)/Rule 9 or utilize the machinery available

January 24, 2018 High Courts, Income Tax, Judgments
At the stage of admission, Settlement Commission not expected or be compelled to utilizing the machinery available to call records invoking Rule 9 or Section 245D(3). The petitioner should satisfy the Settlement Commission that there has been full and true disclosure ABCAUS Case Law Citation: ABCAUS 2178 (2018) …