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.
Income Tax Department carried out search and seizure operations on 23.09.2021 on two private Syndicate Financing groups based in Chennai. The search operation was carried out at 35 premises located in Chennai.
The primary analysis of data reveals that the assessee has made unaccounted purchase and sale of small polished diamonds of about Rs. 518 crore over the period.
Financial Year 2020-21 was a year of turmoil and total disruption of normal business for the Indian corporate and business world. While the first few months saw a complete standstill of business, the revival over the next few months was fast considering the damage caused in initial months. The Government of India, in order to […]
Bharat Electronics Limited Vs Commissioner of GST & Central Excise (Madras High Court) Section 120A grants only one opportunity to the petitioner to rectify the Form TRAN-1 and there is, in my view, no basis for such restriction. In this case, the last dates for filing of TRAN-1, and seeking revision of the same are […]
In the present case, the error is seen to be inadvertent, constituting a human error. The Revenue does not dispute this either. Moreover, the era of GST is nascent and I am of the view that a rigid view should not be taken in procedural matters such as the present one.
ITAT held that in case A comparable having an extraordinary financial event of Merger and Acquisition (M& A) during the year the same cannot be considered as functionally comparable for transfer pricing (TP) comparability analysis.
Mobileum Inc Vs DCIT (ITAT Mumbai) since transactions between the assessee and its AE have been found at arm’s length prices no further income chargeable to tax in India can be said to be attributable for the PE of the assessee. FULL TEXT OF THE ORDER OF ITAT MUMBAI This appeal by the Assessee is […]
Magadh Sugar & Energy Ltd. Vs State of Bihar & Ors. (Supreme Court of India) Writ petitions were filed in the High Court challenging the levy. The writ petitions were dismissed on the ground that an alternative remedy of a statutory appeal was available. An appeal against these orders was filed before this Court. The […]
Income Tax Act, is the only Act in which there are bound to change in Budget of Central Government, every year. We know that there are FIVE heads of Income under the Income Tax Act since so many years and accordingly income is to be calculated. These heads are as under: 1. Salary Income: Under […]
DCIT Vs Singhania Buildcon Pvt. Ltd. (ITAT Raipur) 1. AO has not made any attempt to rebut the claim of the assessee. The confirmations were filed by the assessee to support the factual position. The assessee has placed the facts which are apparent in nature for which no rebuttal has been done. 2. The Hon’ble […]
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