"23 October 2014" Archive

Cash seized during search cannot be adjusted against advance-tax liability

DCIT Vs Spaze Tower Pvt. Ltd (ITAT Delhi)

As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any "existing liability". The Explanation 2 attach to section 132B of the Act clarifies that for removal of doubts it is hereby declared that the "existing liability"...

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AO can issue notice u/s 148 despite non expiry of time limit for issuing notice u/s 143(2)

Malwinder Singh Vs ITO (ITAT Chandigarh)

condition precedent for proceeding under section 147/148 of the Act was that the Assessing Officer should have reason to believe that income had escaped assessment. The Hon'ble jurisdictional High Court further held, The notice under section 147/148 issued to the petitioner was not vitiated merely for the reason that notice under section...

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Deemed dividend applies only where there is 'actual payment' & not on transaction in kind

Parag Desai Vs Addl. CIT (ITAT Indore)

The Assessee was a significant shareholder in a company - The company sold building to shareholder on credit - Department treated it as 'loan' or 'advance' for invoking Section 2(22)(e). CIT(A) upheld the addition on the ground that since the unpaid purchase price has not been paid...

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Refund cannot be denied for failure of Tax Department

Shanti Enterprise Vs ACIT (Gujarat High Court)

There is no dispute about the fact that the order of penalty at annexure A dated 12.3.2010 was made against the petitioner on the basis of the assessment of income of the petitioner done by the assessing officer under section 143(3) of the Act....

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November 2020