Judiciary

ITAT explains Change of opinion vs. Failure to apply mind

M/s Crescent Construction Co. Vs ACIT (ITAT Mumbai): ITA NO.658/Mum/2014

The assessee as well as the Revenue is in cross appeal against the impugned order dated 29/11/2013 of the First Appellate Authority, Mumbai. In the appeal of the assessee (ITA No.658/Mum/2014), the first ground raised pertains to confirming the reopening u/s 147 of the Income Tax Act, 1961 ...

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Appeals Filed U/s. 10F of Companies Act 1956 cannot be condoned after 60 days

Santosh Kumar Hegde Vs. Parimala Hospitality (P.) Ltd. & Ors. (Bombay High Court)

In view of Companies Act, 1956 being a special statute and upon considering the language of section 10-F, in my view it is clear that the Company Court has no power to condone delay beyond the period of 60 days....

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Assessee can challenge Assessment order if AO not accepted consent of assessee in toto

Sri Patil Kadpakal Garjan Vs Addl. CIT (ITAT Bangalore)

When the Assessing Officer has not accepted the consent of the assessee in toto then the said consent cannot be applied as a Doctrine of estoppels against the assessee and the assessee has a legal right to challenge the assessment order before the appellate authority. ...

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Purchase of Sales Tax Exemption Certificate is Revenue Expense

DCIT Vs. M/s. Orient Paper & Industries Ltd. (ITAT Kolkata)

In this appeal the only issue that is to be decided as to whether the CIT-A justified in holding that the purchase of sales tax exemption certificates is a revenue expenditure in the facts and circumstances of the case....

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Assessee not liable for delay in TDS credit due to system/ connectivity issues

ACITVs M/s. Nokia Siemens Networks (P)Ltd. (ITAT Delhi)

Amount of TDS was debited from the bank account of the assessee on the due date i.e. 7.10.2009 and the delay in deposit of such tax by a day was on account of system and connectivity issues at the bankers' end, which were beyond the control of the assessee....

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No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore)

In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

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AO cannot tax Notional interest on interest-free advance if advance is made out of interest free funds

DCIT Vs. ETHL Global Capital Ltd. (ITAT Mumbai)

Since assessee had not claimed any expenditure in its computation of income, there was no scope for dis allowance under section 14A as dis allowance under the section can be made only when deduction of certain expenditure is claimed....

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Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi)

NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being in force....

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Posted Under: Income Tax |

Trust Cannot File Complaint under Consumer Protection Act,1986: SC

Pratibha Pratisthan & Ors. Vs Manager, Canara Bank & Ors. (Supreme Court of India)

Section 2 (c) of Consumer Protection Act, 1986 provides for a complainant making a complaint, inter alia, for an unfair trade practice or a restrictive trade practice adopted by any trader or service provider; a complaint in respect of goods (bought by a complainant) suffering from one or more defects; ...

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Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata)

NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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Posted Under: Income Tax | |
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