Important Updates Of Case Laws, Articles And Association News
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Association News
Income Tax Appellate Tribunal Invites Applications for One Full-Time Legal Consultant on One-Year Contract Basis
Case Laws
Kalpana Dilip Mehta as Legal Heir of Dilip Dalpatlal Mehta v. ACIT (ITAT Mumbai)Mumbai Tribunal : S. 148 : Reassessment-Unexplained money-Undisclosed foreign bank account-Notice u/s 143(2) was not issued within specified time limit-Reassessment was completed beyond period of limitation, exchange of information came into operation from the first day of April, 2011 whereas the relevant financial year corresponding to the assessment year 2007-08 is from 01.04.2006 to 31.03.2007-Reassessment order is quashed… Read More ...
Supreme Court: S. 263 Revision: There is a distinction between the failure or absence of investigation and a wrong decision/ conclusion. If the AO has reached a wrong decision/conclusion, the CIT cannot remand the case to the AO but must correct it with a decision on merits. A remand is justified only if the AO has made… Read More ...
Supreme Court: If a judgement is overruled, the overruling judgement operates retrospectively. Any transaction would then be covered by the law declared by the overruling decision. If the Court desires that the overruling judgement should operate prospectively, it must be expressly stated (i) A judicial decision acts retrospectively. It is not the function of the court to… Read More ...
Bombay High Court (Nagpur Bench): GST is not applicable to the transfer of development rights (TDR) or Floor Space Index (FSI) as part of a development agreement (i) Entry 5B of the Notification dated 28.6.2017 relates to services which can be said to be supplied by any person by way of transfer of development rights or Floor Space Index (FSI)… Read More ...
Supreme Court: Directions regarding reporting and probe of cash transactions in excess of ₹2 Lakh Section 269ST of the Income Tax Act, was introduced to curb black money by digitalising the transactions above Rs.2,00,000/- and contemplating equal amount of penalty under Section 271DA of the Act. When a suit is filed claiming Rs.75,00,000/- paid by cash, not… Read More ...
ITAT Mumbai: 1. The approval taken u/s 153D of the Act before passing order u/s 153A of the Act cannot be taken in a mechanical manner. The approval must reflect materials/findings/reasoning to show that the higher authority has applied his mind before granting approval. AO is duty bound to submit draft assessment order well in advance for… Read More ...
Supreme Court: Framework for distinguishing between works protected under the Copyright Act, 1957, and designs eligible for protection under the Designs Act, 2000 (i) The expression ‘artistic work’ under Section 2(c) of the Copyright Act has a very wide connotation and may also include abstract work(s) comprising a few lines or curves arbitrarily drawn, which could be… Read More ...
Gujarat High Corurt: The assessee filed a return declaring income of ₹1.27 crore for AY 2015–16. The Assessing Officer (AO) passed an order under Section 143(3), making three key additions: ₹3.97 crore: Difference in profit from Futures & Options (F&O) transactions. CIT(A) deleted ₹3.97 Cr, upheld ₹60,088. ₹5.60 crore: Increase in capital, considered unexplained. CIT(A) deleted the entire… Read More ...
Gujarat High Corurt: The petitioner filed its income tax return on 24/09/2018, claiming a refund of ₹38,08,115 and inadvertently disclosed the disallowances of expenditures in the wrong colums. The Centralized Processing Center (CPC) issued an intimation on 03/09/2019, pointing out a mismatch for not reportig certain disallowances as per the Audit Report. Such Intimation was received by the… Read More ...
Articles
THE CHAMBER’S JOURNAL – REFERENCE TO SPECIAL ISSUES FROM 1987 TO APRIL 2025
By Neelam Jadhav, Advocate: The Chamber of Tax Consultants, one of the oldest tax consultant associations in the country, will be celebrating its centenary during the year 2025–2026. The Chamber publishes one of the most prestigious journals in the field, The Chamber’s Journal, aimed at benefiting both members and taxpayers. On April 25, 2025, the Chamber will mark the… Read More ...
Regards,
Editorial Board