JCIT Vs Sh. Bhanu Chopra (ITAT Delhi) The only issue involved in the instant case relates to acquiring of bonus shares and applicability of the provisions of section 56(2)(vii)(c) of the Act to the same. It was held by the Tribunal that allotment of bonus shares cannot be considered as received for an inadequate consideration […]
Get a detailed understanding of what a trademark is, the different types of trademarks, and the application process in India. Protect your brand with a registered trademark.
Bangalore Metro Rail Corporation Ltd. Vs DCIT (ITAT Bangalore) We note that Ld. CIT(A) dismissed the appeal in limine due to the delay caused in filing the appeal before him. The affidavit that was filed by the assessee before the Ld. CIT(A) reveals that, assessee was subjected to wrong professional advice on the issues that, […]
Frick India Ltd. Vs DCIT (ITAT Delhi) Assessee had made a claim of depreciation of Rs 60% on UPS but the AO restricted the claim of depreciation @ 15% only on the UPS and disallowed the excess 45% namely, Rs.50,320/-. It was submitted on behalf of the assessee that it is settled proposition of law […]
At the time of initiating the proceedings under Section 147 of the Act, the assessing officer has to only examine whether there is prima facie material on the basis of which the assessment should have been reopened. The Supreme court has held that at this stage the court is only required to see whether there was prima facie some material on the basis of which the department could reopen the case. The sufficiency of the correctness of the material is not a thing to be considered at the stage.
Tvl.G.Sankar Timber Depot Vs State Tax Officer (Adjudication) (Madras High Court) It is the case of the petitioner that despite the aforesaid order, the respondent had proceeded to issue the notice for attachment and for sale of the immovable property under Section 79 of the GST Act, 2017 in Form GST DRC -16 by attaching […]
Union of India Vs Mukesh Kumar Meena (Supreme Court) it is observed that the CBDT introduced the grace marks policy with the purpose of enabling the marginally failing candidates to pass in the examination. Once the respondent – original applicant passed in his own category, there was no question of allowing/granting him any further grace […]
ACIT Vs Keyur Hemant Shah (ITAT Mumbai) Upon perusal, the undisputed facts that emerges are that the assessee has acquired the rights in a duplex flat on 1 2th & 1 3th floor front facing the road admeasuring 1961.75 Square Feets & terrace measuring 881.5 Square Feets as per the attached layout plan along with […]
The Income-tax Act does not authorize levy of tax on the same amount of income more than once. A particular amount of income can be assessed only for once for a particular assessment year.
Agarwal Packers & Movers Ltd Vs DCIT (ITAT Delhi) Merely because if a claim is rejected by Assessing Officer, would not ipso facto made the assessee liable for penalty Now, coming to the penalty confirmed in respect of addition sustained on account of disallowance of claim of depreciation. One of the averments of the assessee […]
