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 […]
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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.
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 […]
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
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 […]
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 […]
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.
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.
Merely because one of the clauses of trust deed of assessee trust provided that trust could carry on other businesses as decided by trustees, it would not per se disentitle trust from being considered for registration under section 10(23C)(vi) of the Act.
