Category: Judgments
Assessee not permitted to change head of income as per his own sweet will and convenience. ITAT upheld addition following consistency rule ABCAUS Case Law Citation:ABCAUS 3341 (2020) (07) ITAT Important case law relied upon by the parties:Chennai Properties & Investments Ltd. v/s CIT, 373 ITR 673 (SC)Rayala …
Non compete fee paid under deed of covenant held not taxable. Revenue has no business to second guess commercial or business expediency – SC ABCAUS Case Law Citation:ABCAUS 3340 (2020) (07) SC Important case law relied upon by the parties:Guffic Chem (P) Ltd. v. CIT (2011) 4 SCC …
Project office used as auxiliary office for liaison not a PE unless core business is carried on therefrom – SC ABCAUS Case Law Citation:ABCAUS 3339 (2020) (07) SC Important case law relied upon by the parties:Commissioner of Income Tax and Another v. Hyundai Heavy Industries Co. Ltd., (2007) …
NFRA imposes penalty of Rs. 25 lakhs and debars CA for 7 years for professional misconduct in statutory audit of ILFS Financial Services Ltd ABCAUS Case Law Citation:ABCAUS 3338 (2020) (07) NFRA The National Financial Reporting Authority (NFRA / Authority) helds CA guilty of professional misconduct for performance …
Concealment Penalty cannot be levied on rejection of a bonafide claim. Even assessee with great expertise could make silly mistake ABCAUS Case Law Citation:ABCAUS 3337 (2020) (07) ITAT Important case law relied upon by the parties:Price Waterhouse Coopers (P) Ltd vs. CIT 348 ITR 306 SCCIT vs. Somany …
Services of web promotion, social media management held not liable to withholding tax u/s 195 as per the provisions of the DTAA ABCAUS Case Law Citation:ABCAUS 3335 (2020) (07) ITAT Important case law relied upon by the parties:ITO vs. B. A. Research India Pvt. Ltd.ITO vs. Cadila Health …
Interest on FDR pledged as security for obtaining contract is business income and profits to be computed by applying NP rate ABCAUS Case Law Citation:ABCAUS 3334 (2020) (07) ITAT In the instant case the appeal was filed by the assessee against the orders passed by CIT(A) in holding …
CPC-TDS established procedure for refund of excess TDS deposited ABCAUS Case Law Citation:ABCAUS 3333 (2020) (07) HC In the instant case, a writ petition had been filed seeking a direction to the Income Tax Department to remove technical glitches and enable the TRACES portal so that petitioner could …
Section 292BB not applicable to legal representative. High Court quashed reopening notice issued in the name of deceased assessee. ABCAUS Case Law Citation:ABCAUS 3332 (2020) (07) HC Important case law relied upon by the parties:Pr. Commissioner of Income Tax vs. Maruti Suzuki India Limited, (2019) 416 ITR 613 …
Land received on HUF partition was itself stock in trade, hence there was no conversion of capital assets u/s 45(2) of Income Tax Act ABCAUS Case Law Citation:ABCAUS 3331 (2020) (07) HC Important case law relied upon by the parties:Kalooram Govindaram vs. CIT (1965) 57 ITR 335 (SC)Udarshan …
