> Longevity is a fact– we elders live longer. In 2018, in one of our retirement communities, based on eleven of CovaiCare family members who left for their heavenly abode, their average age was 83 years.
M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore) We have held that the sole basis of reopening of the assessment is the information received from the CBI. It is an undisputed fact that AO did not supply those materials to the assessee and also did not confront them with the assessee. Hence, we are […]
Pankaj Advertising Vs State of U.P. (Allahabad High Court) Allahabad High Court has held that levy and collection of Advertisement Tax by Nagar Palika Parishad, Hathras is without legislative/statutory competence and is ultra-vires Article 265 of the Constitution. The High Court observed that by 101st Amendment to the Constitution, Entry-55 of List-II of Seventh Schedule […]
As per the discussion held during Judicial Conference held on 04.01.2019, a committee is being constituted to examine the suggestions/issues on litigation management emerging out of the Conference. The composition or the Committee is as follows:
Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assessee, along with other two co-owners, entered […]
In cases, where the promoter of a MahaRERA registered project is unable to complete the project in the extended time of one year, granted under Section 6, further extension may be given only in those cases where the concerned association of allottees resolve that instead of revoking the registration, the existing promoter be permitted to complete the project in a specific time period and on payment of same fees as prescribed under the Rules for extension.
In addition to the existing schedule of stock derivatives moving to physical settlement, if a stock satisfies any of the following criteria, then derivative on such stock shall be moved to physical settlement from the new expiry cycle.
ACIT Vs Shri Punit J. Patel (ITAT Mumbai) In application u/s.154 of the Act, the assessee has asked for rectifying the addition made of long term capital gains on sale of shares of Tripex overseas as undisclosed income. It is the assessee’s claim that the AO has made addition of Rs.3,86,192/- alleged to be bogus […]
Cheryl J. Patel Vs ACIT (Bombay High Court) While discussing various issues, the Tribunal has not given any independent reasons showing consideration of the submissions made on behalf of the assessee. We are conscious of the fact that an appellate order which affirms the order of the lower authority need not be a very detailed […]
Where assessee-company had advanced interest-free loan to its sister concerns out of interest bearing fund, the disallowance under section 36(1)(iii) was proper because the loan could not be said to have been given out of commercial expediency, when the two concerns had independent lines of manufacturing and were manufacturing different products.
