Interest on refund amount, under section 244A of the Act, is receivable up to the date of issue of refund cheque.
Understand the requirements and provisions of the Annual Return on Foreign Liabilities and Assets (FLA). Avoid penalties by submitting the FLA by the due date.
ACIT Vs Vserve Business Solution Pvt. Ltd. (ITAT Delhi) Assessing Officer has not disputed the fact that the assessee is not a share holder in Intersoft Data Labs Labs Pvt. Ltd. which provided interest free loans to the assessee only because the assessee as well as lender entity are having a common shareholder the Assessing […]
Shri M.L. Patil (Dead) Through LRs Vs The State of Goa and Anr. (Supreme Court of India) High Court has held that action of the State Government in requiring the original petitioners to retire at the age of 58 years or not permitting them to continue in their service upto the age of 60 years […]
ACIT Vs Anand Jayantilal Kharbhari (ITAT Surat) We note that addition of unsecured loans of four parties totaling to Rs.3,65,00,000/- was made by the assessing officer only for want of Income Tax Returns. The assessing officer had mentioned in the assessment order about the confirmation and other details filed but because scrutiny selection through CASS […]
ITAT Chennai allows deduction of interest expenses for abandoned project. Legal principles supported by judicial precedents. Assessment reopened validly
Meenu Chaufla Vs ITO (Delhi High Court) Court is of the view that the petitioner/assessee has the right to get adequate time in accordance with the Act to submit its reply. It is pertinent to mention that Section 148A(b) permits the Assessing Officer to suo moto provide up to thirty days’ period to an assessee […]
Osian’s Connoisseurs of Art Pvt. Ltd Vs DCIT (ITAT Mumbai) ITAT held that once interim resolution professional has been appointed by the NCLT, then earlier Ld. counsel authorized by the Management of the Company has no authority to represent the case and therefore adjournment sought on his behalf was accordingly rejected. The Tribunal in ITA […]
Appellant claimed that order passed under section 148A(d) of the Act and notice dated 31st March, 2022 issued under section 148 of the Act have been passed/issued in gross violation of the principles of natural justice.
Plaza Cable Industries Ltd Vs DCIT (ITAT Delhi) The maintainability of jurisdiction under Section 147 of the Act is central to the controversy in the instant case. On perusal of the reasons recorded under Section 148(2) of the Act qua the alleged escapement as reproduced in paragraph 6 above, it is straightaway noticed that the […]
