Judiciary

Protective assessment without substantive assessment is invalid

Income Tax Officer Vs M/s Fussy Financial (ITAT Delhi)

In this case we find that AO has not made any substantive assessment. There may be substantive assessment without any protective assessment, but there cannot be any protective assessment without there being a substantive assessment....

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A person can be both trader and investor in respect of shares

The ITO-33(2)(2) Vs. Smt. Kalpana Khandelwal (ITAT Mumbai)

It is a well settled proposition that the question as to whether a person has acted as a trader or as an investor in respect of share transactions, has to be decided on the basis of various factors listed out by the CBDT and Honourable Courts....

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Sale of Leasehold Rights taxable and Section 50C applicable

Income Tax Officer Vs Sh. Chander Shekhar (ITAT Delhi)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Assessee was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of Rs.1,30,000/-. The total purchase price of the plot was Rs. 16,75,000/-. 2. The assessee on 28.02.2004 entered i...

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Text of SC Judgment on Aadhaar Card Linkage With PAN

Binoy Viswam Vs Union Of India & Ors. (Supreme Court of India)

(i) We hold that the Parliament was fully competent to enact Section 139AA of the Act and its authority to make this law was not diluted by the orders of this Court. (ii) We do not find any conflict between the provisions of Aadhaar Act and Section 139AA of the Income Tax Act inasmuch as when interpreted harmoniously, they operate in dist...

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No S. 271(1)(c) penalty unless there is evidence beyond doubt of concealment

DDIT Vs M/s. Metapath Software International Ltd, (ITAT Delhi)

It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the tax alleged to be evaded....

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Technical fee for setting up of new plant for first time to manufacture cars is revenue expenditure

Honda Siel Cars India Ltd Vs CIT (Supreme Court of India)

Assessee in all these appeals is Honda SIEL Cars Ltd. (hereinafter referred to as the Assessee). Question of law that is raised is also identical. Five appeals are filed only because of the reason that same issue has occurred in different Assessment Years, i.e., for the years 1999-2000, 2001-2002, 2002-2003, 2003-2004 and 2005-2006....

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Cheque dishonour – Section 138 complaint not maintainable if Bank A/c was locked by statutory authority

Ceasefire Industries Ltd. Vs State & Ors. (Delhi High Court)

The provision contained in section 138 of the N.I. Act makes it clear that it is not every return of a cheque unpaid which leads to prosecution of an offence under the said provision of law. ...

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Notice U/s. 153A issued without search is bad in law

ACIT Vs. K.G. Finvest Pvt. Ltd. (ITAT Delhi)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II In the instant case, it is the assessment of person allegedly searched, which is disputed before us, unlike the notice issued for the assessment of `other person’ before the Hon’ble Supreme Court. Even otherwise, the issue of invalid...

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No Tax on Capital Gain earned by Singapore-Company on Sale of Debt Instrument in India under Article 13(4) of DTAA

Citicorp Investment Bank Vs DCIT (International Taxation) (ITAT Mumbai)

The ITAT Mumbai in Citicorp Investment Bank (Singapore) Ltd v. DCIT, held that the sale consideration received by a Singapore based Company on sale of debt instrument is not taxable as capital gain under the Income Tax Act in view of article 13(4) of the India-Singapore Double Taxation Avoidance Agreement (DTAA)....

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Payment for technical know-how- Capital or revenue expenditure?

Honda Siel Cars India Ltd Vs CIT (Supreme Court of India)

The issue that a particular expenditure incurred by assessee is a capital expenditure or a revenue one has remained controversial. The facts & circumstances of each case differ. However, the decisions of Hon’ble Supreme Court of India in this respect guide in resolving the issue....

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