The Income Tax Department carried out search & seizure operations on 28.09.2021 on a real estate developer group and the brokers connected with this group. Total of 22 residential and business premises were covered in the operation.
ACIT Vs Conwood Medipharma Pvt. Ltd. (ITAT Delhi) CIT(A) noted that the assessee had not claimed the said professional expenses in its profit & loss account and had capitalized the same under work in progress i.e. ‘Building under Construction’ in fixed assets schedule. The CIT(A) thus deleted the addition. We find merit in the order […]
Monarch Research & Brokerage P Ltd Vs C.S.T.-Service Tax – Ahmedabad (CESTAT Ahmedabad) The issue involved in this case is whether NSE/BSE transaction charges and SEBI turnover fees paid by the stock brokers to the concerned agencies and recovered from their client is liable to service tax under the category of stock broker service. On […]
Smt. Manorama Singhal Vs ITO (ITAT Indore) The Income Tax Appellate Tribunal (ITAT), Indore bench has held that the denial of opportunity to the assessee to conduct cross-examination of the parties who have stated to have received ‘on money from the sale of land would amount to a violation of natural justice principles. The Tribunal […]
No. 1 World Wide Express Pvt Ltd. Vs Union of India (Delhi High Court) In the present case there was a reference to a unilateral declaration of liability by the petitioner and not a quantification of demand by the Revenue in the letter/notice dated 20.11.2018 and therefore, the same does not make the petitioner eligible […]
DCIT Vs Surbhit Impex Pvt. Ltd (ITAT Mumbai) It is undisputed position that as on the relevant point of time, the proceedings against the assessee for recovery of these amounts were pending before the Hon’ble judicial forums. It was only on 29.01.2018, i.e., which much after the end of the relevant previous year, that Their […]
Michael E Desa Vs ITO (ITAT Mumbai) Undoubtedly, when the object of a contract is illegality or something which would frustrate the law, such a contract will be void, but then minimisation of tax liability, as long as it is through legitimate tax planning and without using colourable devices, is not at all illegal; it […]
Moserbaer India Ltd. Vs DCIT (ITAT Delhi) Section 238 of IBC 2016 will have overriding effect over all other Central and State statutes including the Income-tax Act and all the claims including claim of the Income-tax Department under the Income-tax Act, 1961 shall be entertained by the Official Liquidator u/s 53 (1) of the Code. […]
Jai Balaji Industries Limited (Unit IV) Vs Commissioner of Central Excise, Customs & Service Tax (CESTAT Kolkata) When we apply the user test to the case in hand, we find that the structural steel items have been used for the fabrication of support structures for capital goods. The appellants have argued that the various capital […]
ACIT Vs National Accreditation Board for Testing and Calibration (ITAT Delhi) Expression ‘charitable purpose’, as defined in section 2(15) cannot be construed literally and in absolute terms. It has to take colour and be considered in the context of section 10(23C)(iv) of the said Act. It is also clear that if the literal interpretation is […]
