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Archive: 20 June 2022

Posts in 20 June 2022

HC Quashes Cryptic unreasoned order of three line

June 20, 2022 3570 Views 0 comment Print

HC was not satisfied with cryptic unreasoned order three line order Passed by AO and Therefore, quashed and set aside the assessment order

No Section 271(1)(c) penalty on debatable issue with conflicting views

June 20, 2022 2415 Views 0 comment Print

Ajaybhai I Gogia Vs ITO (ITAT Rajkot) From the fact of the case ITAT observed that there are conflicting judicial precedents on the issue under consideration and therefore, it may be inferred that the issue before us is one in which two views are possible. Further, we note that the Hon’ble Gujarat High Court has […]

IEC Code License Mandatory For Export Service

June 20, 2022 3687 Views 0 comment Print

Discover why an IEC code license is mandatory for export services. Learn how to obtain an IEC code and comply with import-export regulations.

During conflict, public interest will outweigh the personal interest

June 20, 2022 3576 Views 0 comment Print

It is a settled position of law that in case of a conflict between public interest and personal interest, public interest will outweigh the personal interest.

Compensation cannot be denied merely because of delay

June 20, 2022 5439 Views 0 comment Print

Ajet Ali Baidya Alias Ajet Baidya And Others Vs The State of West Bengal And Others (Calcutta High Court) Right to property is a valuable right flowing from Article 300A of the Constitution of India, merely on the ground of delay, the State cannot deny its obligation to compensate the petitioners. Facts- The writ petitioners prayed […]

CPC has no jurisdiction u/s 143(1) when decisions are in favour of assessee

June 20, 2022 1428 Views 0 comment Print

I hold that CPC has no jurisdiction of adjustment u/s. 143(1) on this issue where admittedly there were decisions in favour of the assessee from the Hon’ble High Courts

Release of passport not possible on account of lookout circular

June 20, 2022 1314 Views 0 comment Print

Deputy Director of Income Tax Vs  Bhavya Bishnoi & Ors. (Delhi High Court) Application to release passport under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 dismissed on account of Lookout Circular issued against the applicant. Facts- This application has been filed by Mr. Kuldeep Bishnoi, father of the respondent […]

Licensing of software not taxable in India as royalty

June 20, 2022 2727 Views 0 comment Print

CIT Vs Microsoft Corporation (Delhi High Court) The amounts paid by resident Indian end-users/distributors to non­resident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements, is not the payment of royalty for the use of copyright in the computer software, and that the same does not give rise to […]

Order erroneous as intrinsic value accepted without valuation report

June 20, 2022 306 Views 0 comment Print

The admitted position in the present case is that the assessee did not file any valuation report to substantiate the fair market value of shares issued in terms of Sec.56(2)(viib) (a)(i) of the Act and Rule 11UA of the Rules.

No undisclosed income if source of cash Loan was on record

June 20, 2022 1146 Views 0 comment Print

When the issue-in-dispute was in respect of the receipt of loan and source of which was already available on record, it would not become undisclosed income in the hands of the assessee, as source of the same, was already within the knowledge of the Income Tax Department.

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