ITAT Chandigarh held In the case of M/s HMM Coaches Ltd. vs. ACIT that according to the Arbitration and Conciliation Act, the Arbitral Award is like a decree of the Court and is executable by the Courts. It is, therefore, like an order/judgement enforceable at law and as such, could not be construed as document or evidence.
ITAT Delhi held In the case of G. E. Money Financial Services Ltd. vs. DCIT that where AO has not verified either (a) the allowability of the loss in principle or (b) where the claim is factually correct as quantification of the loss has not been verified by the AO, in both cases exercise of powers u/s 263 is in accordance with law.
ITAT Mumbai held In the case of ICICI Ltd. vs. ACIT that in assessee’s own case for the AY 1995-96, the ITAT referred the case of S.B.I. Home Finance Ltd. v. CIT (2006) 280 ITR 6 in which the Hon’ble Calcutta High Court has held that the leased transactions were genuine.
ITAT Delhi held In the case of ITO vs. M/s Shakti Securities Pvt. Ltd. that merely based on investigation wing information without surveillance of substantiation and without any statement being mentioned therein and without nature of transaction being narrated therein and without tangible material
The introduction of form DS-2 was an important step taken by Delhi Govt. few months back to curb the practice adopted by some tax evaders. The level of pollution has grown manifold in last year but the collection of taxes especially VAT is 40% short of its annual target of Rs. 24000 crores.
Advocate Rajnish R. Singla State of Uttarakhand must have mistaken the figures of E-Commerce and dreaming for higher revenues. Any way, they are going to tax everything until one’s last breath and thereafter too for funerals, so not surprised in their decision. That’s the governance, to tax, tax over tax, additional tax, entry tax, cess […]
