Faqir Chand Vs National E-Assessment Centre (Delhi High Court) this Court is of the view that final assessment order has been passed in violation of principles of natural justice inasmuch as the petitioner did not have a reasonable opportunity to file a reply to the Show Cause Notice and draft assessment order dated 09th June, […]
JMW India Pvt. Ltd. Vs DCIT (ITAT Delhi) If receipt was not in the nature of income it could not be included in the book profits for the purpose of computation u/s 115JB. Therefore, the interest and the power subsidies received by the assessee under the Government schemes would have to be excluded while computing […]
North Eastern Carrying Corporation Ltd. Vs ACIT (ITAT Delhi) ITAT held that assessee was not liable for deduction of tax at source on the bank guarantee fee/commission during the relevant period in absence of any principal agent relationship between the assessee and the bank. FULL TEXT OF THE ORDER OF ITAT DELHI This appeal by […]
INTRODUCTION AND PURPOSE OF LEGAL ENTITY IDENTIFIER The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is designed to enable the identification and linking of parties to financial transactions to manage […]
Dr Swati Mahesh Vinchurkar Vs DCIT (ITAT Surat) No addition of amount shown in form 26 AS for taxation If assessee is not the actual beneficiary such amount In Dr Swati Mahesh Vinchurkar v. Deputy Commissioner of Income-tax, Bangalore [ IT APPEAL No. 43 (SRT) OF 2021 dated June 28, 2021], Dr Swati Mahesh Vinchurkar […]
ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai) Assessing Officer rejected the claim of the assessee for deduction u/s. 24(b) of the Act for the reason that the assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings. However, this claim of the assessee was entertained by the Ld.CIT(A). […]
Dhanyata Enterprises Vs DCIT (ITAT Delhi) A.O. in the instant case disallowed expenses of Rs. 9,94,872/- on the ground that assessee has not carried-out any business activity and no business income has been declared and the assessee failed to produce the complete books of account, bills and vouchers etc. I find the Ld. CIT(A) upheld […]
Jagat Janani Services Vs Goods & Service Tax Council (Orissa High Court) Service tax recovered in excess of amount approved by resolution plan is to be refunded by GST department In M/s. Jagat Janani Services v. Goods & Service Tax Council and Others [W.P.(C) No.17196 of 2020 dated September 21, 2021], M/s. Jagat Janani Services […]
Ahinsha Chemicals Ltd Vs Union of India (Gauhati High Court) In the instant case, it is the case of the petitioner that the requirement of requesting for fixation of a special rate in respect of the value addition to the manufactured goods had arisen only after the final judgment of the Supreme Court on 22.04.2020, […]
Understanding the provisions of Sections 115QA & 115F of the Income Tax Act, 1961. Explore Q&A on tax effects of share buybacks and more.
