Category: Judgments

Capital generation capability not profit generation ability to be seen for investment – ITAT deleted addition u/s 68  In a recent judgment, ITAT Delhi deleted addition u/s 68 and held that tax authorities erred in believing that new investment can be made only on the basis of profit …

In case of loss of vehicle, the Road Tax authorities have power to write off the demand from the date the vehicle is lost In a recent judgment Hon’ble Allahabad High Court noted that in case the petitioner establishes the loss of vehicle, the authority has the power …

ITAT followed recent decision of High Court to held that approval u/s 151 by JCIT by merely recording as ‘yes’ was bad in law.  In a recent order, ITAT Delhi following a recent decision of the High Court held that approval u/s 151 by JCIT by merely recording …

Order us/ 148A(d) set aside as it was a reproduction of notice showing AO had not considered the petitioner’s response.  In a recent judgment, Hon’ble Delhi High Court has set aside order us/ 148A(d) as the order was a reproduction of the notice indicating that the AO had …

No service tax was payable on income from bowling alley as it is covered under section 66D(j) of the Finance Act under negative list – SC  In a recent judgment, the Hon’ble Supreme Court has affirmed that income received from bowling alley earmarked separately was covered as amusement …

Section 5A of Income Tax Act is applicable only to division of income between spouses governed by Portuguese Civil Code. Section 5A does not deal with the division of assets. In a recent judgment, Bombay High Court has held that Section 5A of Income Tax Act 1961 is …

In case of difference in dates of birth between Aadhar Card and School Leaving Certificate, later is to be taken as proof of age – SC In a recent order involving claim under a motor accident case, Hon’ble Supreme Court has held that in case of conflict of …

Mere disclaimer of opinion not enough-NFRA holds CA guilty of professional misconduct In a recent order, NFRA has held that though the chartered accountant issued a disclaimer of opinion both on Financial Statements and on the Internal Financial Controls, he was guilty of professional misconduct on account of …

Orders passed u/s 73 of CGST Act 2017 quashed as notice uploaded on ‘Additional Notices and Orders’ Tab of GST Portal In a recent judgment, Hon’ble Allahabad High Court has quashed the orders passed u/s 73 of CGST Act 2017 as the notices were uploaded on ‘Additional Notices …

CIRP can be initiated even if name of financial creditor not specifically mentioned in balance sheet, an entry in the balance sheet coupled with the note of the accounts to acknowledgement of the liability – SC  In a recent judgment, Hon’ble Supreme Court has held that for initiation …