Important Updates Of Case Laws, Articles And Association News
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Association News
Representation to Hon’ble Finance Minister of India-Pendency of 5,49,042 before Commissioner of Income-tax (Appeals) / National Faceless Appeal Centre- Request for an early disposal of appeals of which some are pending for disposal for more than five years.
Case Laws
Suparshva Swabs (I) v. NFAC (Delhi High Court)Delhi High Court : S. 250: Appeal-Commissioner (Appeals)-Procedure-Delay in disposal-Faceless Appeal-Central Action Plan-Held that the NFAC would endeavour to implement the said remedial measures in all earnest- Writ petition filed seeking time-bound disposal-Direction issued to dispose of appeal within eight weeks. [S.246A, Art.226] The petitioner filed an appeal on 14.10.2022, which remained pending before the Commissioner [CIT(A) for more… Read More ...
Bombay High Court: S. 37(1) : Business expenditure-Community development expenditure-Street lights on the road, ambulance for meeting medical emergencies , developing public garden-The concept of business is not static and over a period of time , it would include within its fold the care and concern for the society at large which would result in a good will… Read More ...
Bombay High Court: S. 147 : Reassessment-After the expiry of four years-Change of opinion-Internal audit-Failure to dispose of objections-Reopening of assessment based on change of opinion and internal audit objections is without jurisdiction-Notice is quashed. [S. 147, 144B, Art. 226] The petitioner, Crystal Pride Developers, a partnership firm engaged in real estate development, filed its original return for… Read More ...
Bombay High Court: S. 69C : Unexplained expenditure-Sales tax department-Non genuine supplier-Failure to produce bank statements-The order of the Tribunal estimating the income at 12.5% of alleged bogus purchases is reversed insofar as the purchases from two parties and order of the Assessing Officer making 100% of addition under Section 69C of the Act is affirmed. [S. 133(6),… Read More ...
Bombay High Court: S. 69C : Unexplained expenditure-Bogus purchases-Information from Sales-Tax Department-Failure to prove genuineness of purchases- Addition is justified-Order of the Appellate Tribunal holding that only profit estimation at 12.5% can be made is set aside-Order of the Assessing Officer is affirmed. [S. 133(6), 143(3), 144, 147, 148, 260A] The respondent-assessee, Kanak Impex (India) Ltd., engaged in… Read More ...
Bombay High Court: S. 279 : Offences and prosecutions-Sanction-Chief Commissioner- Commissioner-Compounding application filed beyond 36 months from the date of filing of complaint-Rejection of application-CBDT guidelines are not statute-Rejection of compounding application is quashed-Commissioner is directed to consider all facts and circumstances and decide whether such facts make out the case for exercising discretion in favour of compounding… Read More ...
Mumbai Tribunal : S. 147 : Reassessment-Limitation-TOLA did not apply as the limitation period expired before 20.03.2020- Notice under section 148 issued in 31-7-2022, which is beyond the prescribed time limit- Reassessment held to be invalid. [S. 68, 133(6), 142(1), 148, 148A(b), 148A(d), 149, 151, 154, 115JB] The scrutiny assessment was completed under Section 143(3) 29 -12 -2017.… Read More ...
Bombay High Court: S. 147 : Reassessment-With in four years-Change of opinion-Alleged double deduction-No failure to disclose material facts-Reassessment is quashed and set aside. [S. 143(3), 148, 149, 151, 36(1)(vii), 37(1), Art. 226] The assessee filed its original return of income in October 2007 and revised it in March 2009, claiming a deduction of ₹69,88,37,464 for inventories, sundry… Read More ...
Bombay High Court: S. 147 : Reassessment-Revision-Notional rent-Income from house property-Change of opinion-Reopening based on issues already examined in revision proceedings-The original assessment order dt. 31.12.2015) is no longer existed, as it was set aside under Section 263- Making the reopening procedurally invalid-Reassessment is quashed. [S. 22, 143(3), 148, 149, 151, 263, Art. 226] The assessee, engaged in… Read More ...
Bombay High Court: S. 132 : Search and Seizure-Ultra vires seizure-Stock in trade-Writ petition disposed of with directions to avail alternative remedy under S. 132B of the Act . [S. 131(1A), 132(1)(iii), 132B, Art. 226] The petitioners’ gold and jewellery were seized at Bhubaneswar Airport on 12 May 2024. They contended that the seizure was illegal and ultra… Read More ...
Satyam Computer Services Limited v. CBDT (Telangana High Court)
Telangana High Court : S. 119 : Central Board of Direct Taxes- Powers of CBDT – Genuine hardship – Reassessment – Fictitious income – CBDT’s refusal to allow re computation despite established fraud – Order quashed and set aside. [S. 10A, 119(2)(b), 139(5), 147, 154,245, 264, 281B, Art. 14, 19(1)(g), 226, 265, 300A] The petitioner, Satyam Computer Services Limited… Read More ...
Bombay High Court: S. 73 : Determination of tax not paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful -misstatement or suppression of facts - Demands and recovery - Mere claim of demand being without jurisdiction does not warrant waiver of statutory pre-deposit requirement for filing… Read More ...
Articles
Appeal to the Income Tax Appellate Tribunal – Territorial Jurisdiction – Filing of an appeal.
By Aayushi Abhay Shivalkar (Law Student): The concept of Jurisdiction is fundamental in any judicial proceeding. It is the authority that a court of law has to decide matters or to take cognizance of matters litigated before it. It indicates the legal capacity of a court of law to adjudicate matters before them. This authority of the courts is subject to… Read More ...
Transactional net margin method- bridging theory and practice in transfer pricing
By Disha Deopura: This paper critically examines the complexities and limitations of the arm's length principle within transfer pricing frameworks, particularly focusing on its susceptibility to manipulation by multinational enterprises (MNEs) for tax advantage. By analyzing the application of the transactional net margin method and exploring the judicial reasoning in the Kellogg India case, the research highlights how… Read More ...
Regards,
Editorial Board