Category: Judgments
Reopening us 147 for accommodation entries quashed. AO did not describe how and what manner assessee received entries from operators and paid cash. In a recent judgment, ITAT Delhi quashed the reopening u/s 147 for accommodation entries . AO did not describe how and what manner assessee received …
Basic Maxims-Principles of Natural Justice. Audi alteram partem, nemo judex in re sua Quoting the above maxim of natural justice as laid down by the Supreme Court, ITAT, New Delhi in a recent judgment set aside order passed by CIT(A) without confronting the assessee with the remand report …
Juridical seat of Arbitration attracts law of the location. In such cases Part I of the Arbitration Act would not have any application-Supreme Court Case Law Details: Civil Appeals Nos. 5131-5133 of 2016 Eitzen Bulk A/S …. Appellants vs. Ashapura Minechem Ltd. & ANR. ..Respondents Civil Appeal No. 5136 of 2016 Ashapura …
Section 40(a)(i) is discriminatory not applicable to DTAA. This was held by the Delhi High Court, in a recent judgment as under: Case Law Details: ITA 7/2007 Commissioner of Income Tax ….. Appellant vs. Herbalife International India Pvt. Ltd. (HII) …. Respondent Date of Judgment: 13/05/2016 Coram: Justice S. Muralidhar and Justice …
No difference between gift and settlement for capital gains purposes. In a recent judgment, ITAT, Chennai has held that there is no difference between a gift and settlement and for the purpose of computing capital gains, the holding period of the capital asset (Trade Mark) transferred, the holding period …
No mandatory show cause notice requirement us 263-SC. Only reasonable opportunity of hearing to be afforded to the assessee The Supreme Court in its latest judgment delivered in the case of legendary Indian Movie actor Amitabh Bachchan (Big-B) has upheld and restored the CIT revisionary order u/s 263 …
15% deduction for CPWD and State PWD rate variation allowable when AO estimated the cost of building construction based on the report of the valuation cell. This was stated by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: I.T.A.No.430/Vizag/2014 Assessment Year: 2007-08 B. Madhusudhana Reddy vs. ACIT Date …
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake. Meaning of the word “record” was clarified by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: ITA No.727/Vizag/2013 Assessment Year: 2008-09 M/s. Y.V.R. & …
No Violation us 269SS-loan accepted passing journal entries. When the loan is accepted by acknowledgement of debt by passing journal entries in the books of accounts it cannot be considered as acceptance of loan in violation of the provisions of section 269SS of the Act, consequently, no penalty …
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment in the case of 68 years aged retired scientist not very much conversant with the provisions of the Income Tax Act by ITAT Kolkata in its recent judgment as under: Case Law Details: ITA No.1900/Kol/2014 Assessment year : 2006-07 Dr.S.N.Ganguly vs. ACIT Date …
