Category: Supreme Court
There is no absolute proposition of law that arm’s length price determined by ITAT is final and cannot be subjected to judicial scrutiny in an appeal under Section 260A of the Income Tax Act. ABCAUS Case Law Citation:ABCAUS 3710 (2023) (04) SC Important Case Laws relied upon :PCIT …
No penalty u/s 271C on mere delay in deposit of TDS after deduction – Supreme Court No penalty can be levied u/s 271C of the Income Tax Act 1961 on mere delay in deposit of TDS after its deduction – Supreme Court In a recent judgment, the Hon’ble …
Sale of Agricultural land converted into commercial land held non taxable as agricultural operations were continued – SC dismisses SLP of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3702 (2023) (04) SC Important Case Laws relied upon by parties:CIT vs Murali Lodge (1992) 194 ITR 125 (Ker)CWT vs. …
Arbitration award paid by sale of property not cost of improvement – Supreme Court holds assessment order as erroneous and prejudicial ABCAUS Case Law Citation:ABCAUS 3699 (2023) (04) SC Important Case Laws relied upon by parties:Malabar Industrial Co. Ltd. vs. CIT (2000) 2 SCC 718 (2000) 243 ITR …
Amendment to Section 153C vide Finance Act, 2015 applicable to searches conducted u/s 132 before 01.06.2015 – Supreme Court ABCAUS Case Law Citation:ABCAUS 3698 (2023) (04) SC Important Case Laws relied upon by parties:Pepsico India Holdings Private Limited Vs. Assistant Commissioner of Income Tax, 2014 SCC OnLine Del …
Banks to offer opportunity of hearing to borrowers before classifying their account as fraud – Supreme Court ABCAUS Neutral Case Law Citation:ABCAUS 3693 (2023) (03) SC In the instant case, RBI and various banks had challenged the order passed by the High Court holding that the principles of …
Period of limitation for block assessment u/s 158BC/158BE commences from the date of last Panchnama, not the date of last authorization – SC ABCAUS Neutral Case Law Citation:ABCAUS 3692 (2023) (03) SC Important Case Laws relied upon by parties:C. Ramaiah Reddy v. Assistant Commissioner of Income Tax, (2011)244 …
Validity of Notice u/s 148. It is not necessary that original assessment order should contain discussion to disclose satisfaction. ABCAUS Case Law Citation:ABCAUS 3657 (2023) (02) SC Important Case Laws covered:Aroni Commercials Ltd. vs. Deputy Commissioner of Income Tax 2014] 44 taxmann.com 304 (Bombay) In the instant case, …
Refund of amount wrongly transferred to an entry provider party whose bank account was attached by Income Tax Department declined- SLP dismissed by Supreme Court ABCAUS Case Law CitationABCAUS 3655 (2023) (02) SC As alleged by the petitioner, in the course of its business it sought to invest …
Manner and contents of assessment order framed not determinative whether or not reopening is a case of change of opinion – Supreme Court ABCAUS Case Law CitationABCAUS 3653 (2023) (02) SC Important Case Laws covered:Commissioner of Income Tax v. Kelvinator India Limited reported in 320 ITR 561 SCCommissioner …