Category: Judgments

Cost Accountant misconduct for claiming Bogus TA Bills. Appellate Authority stayed the punishment due to lack of enquiry and examination by the Disciplinary Committee The allegation against the guilty cost accountant was levelled by another cost accountant alleging defalcation of funds of Eastern India Regional Council (EIRC) of …

Interest earned on share application money kept in fixed deposit was liable to be set off against the public issue expenses-Supreme Court The question for consideration was whether in the facts and circumstances of the case, interest accrued on account of deposit of share application money was taxable …

Satisfaction u/s 158BD can not be arrived without examination, verification of seized books documents. SC uphelds validity of notice issued by AO The appellant assessee had filed the instant appeal against the impugned judgment passed by the High Court by which it dismissed the appeal of the appellant …

The disciplinary committee of IBBI debars a CA (hereinafter ‘IP’) from practicing as an Insolvency Professional.  Earlier, vide an interim order dated 18th March, 2018, the disciplinary committee of the Insolvency and Bankruptcy Board of India (IBBI), had debarred a Chartered Accountant from practicing as an Insolvency Professional. Please note …

Supplying blue prints can be considered as technical services u/s 80-O but deduction rightly denied as they were not produced before lower authorities-Supreme Court   The instant appeal had been filed against the judgment passed by the High Court of Delhi whereby the Division Bench dismissed the appeal filed …

Reassessment on change of opinion on the same facts and  circumstances already in AO’s knowledge during the original assessment proceedings invalid-SC ABCAUS Case Law Citation: ABCAUS 2301 (2018) (04) SC The appellant Revenue had filed the instant appeal against the judgment of Delhi High Court quashing the notice …

Prosecution u/s 276C for late deposit of self assessment tax. Late deposit of tax after the expiry of stipulated period would not wipe out the offence The instant revision petition had been filed before the Additional Sessions Judge (ASJ) against the order passed by Chief Judicial Magistrate, (CJM/Trial …

Conversion of limited scrutiny to complete scrutiny is question of fact. High Court dismisses the writ as petitioner had a right to appeal against the assessment order The Petitioner assessee was aggrieved by the assessment order passed u/s 144 by converting limited scrutiny to complete scrutiny. The impugned …

Damages paid for violation of agreement to sell allowed as incurred in connection with the transfer of property for computing long term capital gains-High Court The question framed by the Hon’ble High Court was as to whether the ITAT, was correct in holding that the amount paid by …

Market value of shares quoted in stock exchange can not be taken as a basis for computing capital gains under Section 48 of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2297 (2018) (04) HC Important Case Laws Cited/relied upon by the parties K.P. Verghese versus Income …