Important Updates Of Case Laws, Articles And Association News
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Association News
All India Federation of Tax Practitioners announce a webinar under series of online lectures on Income Tax Bill 2025 : Speaker : Dr. Rakesh Gupta, Advocate, New Delhi
Announcement All India Federation of Tax Practitioners announce a series of online lectures on... [Read more]
Case Laws
Dadha Pharma LLP Vs The Deputy Commissioner of Income Tax (Madras High Court)Madras High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Central Circle-Notice issued by jurisdictional Assessing Officer (JAO ) rather than the Faceless Assessment Officer (FAO)- Notice and consequential order under section 148A(d) is quashed and set aside - Liberty is granted to the Revenue to seek revival if the Supreme Court later reverses the… Read More ...
Bombay High Court: Companies Act, 2013. S. 2(62) : One person company–The separate legal personality and limited liability shield of an One Person Company (OPC) under Indian corporate law-The separate legal personality and limited liability shield of an OPC under Indian corporate law- Set aside the direction of the Arbitration Tribunal against Mr. Savan Prasad. [S. 3(1), Arbitration… Read More ...
Mumbai Tribunal : S. 2(22)(e) : Deemed Dividend - Advance received from closely held company by its shareholder - Holding more than 10% -Commercial transaction - Not assessable as deemed dividend. Assessee was holding 35% shares in the company, which had two subsidiary companies. A foreign entity wanted to purchase stake in the company but was not interested… Read More ...
Bombay High Court: S. 271(1)(c) : Penalty-Concealment-Notice must specify the charge- Notice must be precise and there should be no room for ambiguity- Veena Estate (P.) Ltd. v. CIT [2024] 158 taxmann.com 341 / 461 ITR 483 (Bom.)(HC), distinguished- Order of Tribunal is affirmed. [S. 260A] The ITAT held that the penalty show cause notice was ambiguous, as… Read More ...
Hon'ble Mumbai ITAT: Hon’ble Mumbai ITAT held that addition of alleged penny stock shall not be made in case of a regular investor on the basis of information from investigation wing. Facts: Assessee’s case has been reopened on the basis of information received from investigation wing that allegedly the assessee has done trading in penny stocks namely M/s.… Read More ...
Supreme Court: Section 42 of the Partnership Act, 1932: In the case of a firm with more than two partners, if one of the partners dies or retires, there is change in the constitution of the firm but there is no dissolution (i) It is settled in law by virtue of Section 42 of the Partnership Act,… Read More ...
Regards,
Editorial Board