"27 December 2017" Archive

Writ Petition not Maintainable against a Show-Cause Notice: HC

Piyara Lal Vs. Principle Commissioner of Income Tax and another (Punjab and Haryana High Court)

In our considered view, no writ petition is maintainable against a show-cause notice. The petitioner, if so advised, may submit objections against the show-cause notice and if any adverse order is passed, he shall have his remedy against the same in accordance with law....

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Bad debts W/o cannot be disallowed for non-filing of suit to recover Bad debts

Pr. CIT Vs. Rajasthan State Beverages Corpn. Ltd. (Rajasthan High Court)

Admittedly, the amounts were lying outstanding for the last couple of years and the assessee has rightly written off the said amount in the books of account and merely because a suit was not filed and that cannot be considered to be a cogent reason to disallow the claim which became bad. One need not incur good money for recovery of the s...

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Abated assessments cannot be disturbed if no incriminating material found during search

Shri Krishna Kumar Singhania Vs. DCIT (ITAT Kolkata)

Legislature had conferred powers on AO to just follow assessments already concluded unless there is an incriminating material found in search to disturb concluded assessment....

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Revision U/s. 264 can be done for Firm’s expenses claimed in individual return after Assessee files revised computation for both

Hitech Analytical Services Vs. Pr. CIT (Gujarat High Court)

Where revision petition was filed by assessee in respect of its individual and also for firm’s return to claim expenses in firm’s return which were claimed in its personal return, CIT was not justified in dismissing revision application without looking into the matter, therefore, it was remanded back to CIT to consider afresh....

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Sales Tax Subsidy will be treated as a non-taxable capital receipt

Sunbeam Auto Private Limited Vs Pr. Commissioner of Income tax (Delhi High Court)

Sunbeam Auto Private Limited Vs Pr. CIT (Delhi High Court) 1. These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8 (Pr CIT) under Section 264 of the Income Tax Act, 1961 (‘Act’), dismissing the […]...

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Traveling Expenses on behalf of Associated Companies for which cost plus mark-up billing is done are allowable

DCIT Vs. M/s. Sherpalo India Advisors (P) Ltd. (ITAT Delhi)

While dismissing the appeal of revenue, the New Delhi bench of Income Tax Appellate Tribunal in its recent order allowed a claim of expenditure by a Company for traveling expenses incurred on behalf of its Associated Companies. ...

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Vacancy for CA for Virtual CFO Profile

An Ahmedabad based Chartered Accountants firm focused on Internal Audit, Business Consulting, Virtual CFO services for SMEs, and Statutory Audit is looking for an experienced Chartered Accountant to lead their Virtual CFO services vertical....

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IT authority cannot direct assessee to maintain its accounts in a particular manner

DCIT Vs. Rustomjee Ever shine Joint Venture Private Limited (ITAT Mumbai)

IT authority has no option/jurisdiction to meddle in the matter either by directing the assessee to maintain its accounts in a particular manner or adopt a different method for valuing the work-in-progress....

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No Penalty If determination of ALP not leads to any TP Adjustment, with no effect on income of assessee

M/s Good Year India Limited Vs. DCIT (ITAT Delhi)

Since, the determination of arm's length price in the appeal effect order has not lead to any transfer pricing adjustment, with no effect on income of the assessee, hence, penalty provisions are not applicable in this case, therefore, we cancel the orders of the authorities below thereby deleting the penalty in dispute....

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The growth of Indian real estate industry and its forward outlook

The real estate market in India is projected to cross USD 180 billion by the year 2020 from USD 126 billion in the year 2015. The rise of nuclear families, quick urbanization, increasing household income and the emergence of prime real estate developers such as the Lodha Group and the likes, are the drivers for […]...

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January 2021