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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
The present appeals arise from a batch of judgments dealing with cases which come from Maharashtra and West Bengal. Insofar as the civil appeals relating to Maharashtra are concerned, the subsidy scheme of the State Government took the form of an exemption of entertainment duty in Multiplex Theatre Complexes newly set up
Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai) The AOs case is that the assessee has received money without any consideration which is taxable under the provisions of section 56(2)(vi) of the Act. The AO has brought out number of reasons to come to the conclusion that money is taxable u/s 56(2)(vi) of the Act. […]
This Court is of the opinion that the ITAT’s impugned order is unexceptionable because it is premised upon the circumstance that in the absence of any fresh tangible material, it was not open, on mere re-appreciation of the existing circumstances, to reopen the concluded scrutiny assessment. The ITAT’s reasoning cannot, therefore, be faulted.
Noor M. Saied Vs. The Commercial Tax Officer (Madras High Court) Petitioner has purchased the property for valuable consideration and in the absence of charge over the property by the Sales Tax Department, the petitioner cannot be made liable to pay alleged arrears of Sales Tax for the defaulting dealer and for such reason, the […]
M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) As AO has not passed the speaking order in disposing of the assessee ‘s objections against the notice u/s. 148 of the I. T. Act, before proceeding with the assessment, hence subsequent assessment order is bad in law and deserving of being quashed. Full […]
Unless, a debt due by somebody has been created in favour of assessee, it cannot be said that he has acquired a right to receive the income or that income has accrued to him. An amount can accrue to assessee if he acquires a legally enforceable right to receive it from the debtor.
Tax ability of subsidies: Supreme Court stays judgement of the Delhi High Court in CIT vs. Bhushan Steels And Strips which held that if the recipient has the flexibility of using it for any purpose and is not confined to using it for capital purposes, the subsidy is revenue in nature and is taxable as profits
Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset
Currently UAN (Universal Account Number) has become mandatory for every employee and UAN remains portable throughout the lifetime of an employee and they don’t have to apply for PF transfer claims at changing jobs, because merely providing your UAN number to your new employer shall be sufficient so the employees starting their career afresh have the benefit of UAN which was launched in 2015.
The law needs to be transparent & implemented in a just manner & there are no two ways about it. However, the miraculous Indian bureaucracy does not believe in this basic tenet. The law is written in such a difficult manner that the lawmakers in themselves are not clear that what is the true intention […]
