Category: Judgments
Let justice be done though the heavens fall-Supreme Court explains the ambit of Article 142 of the Constitution viz-a-viz powers of the Apex Court ABCAUS Case law Citation: 1218 (2017)(04) SC Important Case Law Cited/referred A.R. Antulay v. R.S. Nayak & Another, (1988) 2 SCC 602, Supreme Court …
Slump Sale of entire running business was LTCG us 48(2). Sale in one go with assets and liabilities cannot be considered as STCG for Taxation-Supreme Court ABCAUS Case Law Citation: ABCAUS 1216 (2017) (04) SC The Grievance: The appellant Commission of Income Tax (CIT) was aggrieved by the …
Supreme Court order for Sahara Aamby Valley auction. Subrata Roy warned to be present not to play truancy and honour affidavit or face wrath of Law S.E.B.I. Petitioner(s) VERSUS SAHARA INDIA REAL ESTATE CORPN.LTD.&ORS. (Respondent) CORAM : HON’BLE MR. JUSTICE DIPAK MISRA HON’BLE MR. JUSTICE RANJAN GOGOI HON’BLE …
No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax evasion petition filed against the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1215 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order …
Concealment means positive act on part of the assessee and the onus to prove is on Revenue. Penalty can not be levied on estimate or guess work – ITAT ABCAUS Case Law Citation: ABCAUS 1214 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Sales Promotion expenses allowed based on percentage to sales when such expenses were allowed on similar ratio in preceding year. Sales Promotion expenses allowed based on percentage to sales ABCAUS Case Law Citation: ABCAUS 1213 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus-ITAT ABCAUS Case Law Citation: ABCAUS 1212 (2017) (04) ITAT The …
54EC deduction for investment made after 6 months allowed when sales consideration was received late.The tax-payer cannot be asked to do impossible -ITAT 54EC deduction for investment made after 6 months ABCAUS Case Law Citation: ABCAUS 1211 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved …
Notice us 148 not invalid if assessee do not challenge it. Settled law is that if assessee chooses not to challenge notice issued it is to be treated as valid – ITAT ABCAUS Case Law Citation: ABCAUS 1210 (2017) (04) ITAT The Grievance: The appellant assessee company was …
Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT ABCAUS Case Law Citation: ABCAUS 1209 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of the …
