"29 July 2022" Archive

Section 50C not attracted in case of transfer of leasehold rights

DCIT Vs Envair Electrodyne Ltd. (ITAT Pune)

DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclu...

No addition for Typographical Error in Share Valuation Report

Sara Investments Vs ACIT (ITAT Delhi)

Sara Investments Vs ACIT (ITAT Delhi) The contentions of the assessee are that the assessee firm was holding less than 10% of shares in SSPL. It had paid for 9.38% of the shares only which are held in the name of partner Mr. V.K. Dhawan and the partners are holding the shares in their personal […]...

Enhancement of income without giving any opportunity of hearing not valid

Mayank Kumar Garg Vs ITO (ITAT Delhi)

Mayank Kumar Garg Vs ITO (ITAT Delhi) It was submitted by the ld Counsel for the Assessee that the addition of Rs. 16,82,836/- has been made without giving any opportunity of hearing for enhancement of the income. The ld DR could not controvert this arguments. In the light of the aforesaid irregularity and violation of […]...

Section 263 order not sustainable if no error in Assessment Order

Sopan Developers Vs PCIT (ITAT Rajkot)

Sopan Developers Vs PCIT (ITAT Rajkot) Amendment for charging the tax on the notional rent with respect to the properties held as stock in trade was applicable from the assessment year 2018-19 and subsequent assessment year. As such, the amended provision is not applicable for the year under consideration. Thus the question of calculating...

Operational Circular for LODR requirements for regulation of corporate bond market

SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 29/07/2022

For effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get access to all the applicable circulars at one place, this Operational Circular has been prepared....

Selection of foreign-seated institutional arbitration doesn’t exclude applicability of section 9 of A&C Act

Shanghai Electric Group Co Ltd Vs Reliance Infrastructure Ltd (Delhi High Court)

Held that just because the parties have chosen a foreign-seated institutional arbitration under the UNCITRAL Law, it cannot be presumed that an agreement is excluded from the applicability of Section 9...

Criminal proceedings not invokable against independent director U/s. 141 of NI Act

Satvinder Jeet Singh Sodhi Vs State of Maharashtra (Bombay High Court)

Held that an independent director, not in charge or not responsible for day to day conduct of the business, is not liable for offence by invoking section 141 of Negotiable Instrument Act....

CC accepts apology offered by ITO for not following principle of judicial discipline

Deccan Holdings B V Vs ITO (Delhi High Court)

ITO admits that principle of judicial discipline mandates that the lower authorities are bound to follow the orders passed by the higher authorities. He expresses his unconditional apology and regret for the aforesaid observations/findings and prays that the said observations in the impugned order be expunged/deleted....

Expression ‘tobacco & tobacco products’ includes ‘bidi’: HC

Patel Brothers & Co Vs State of Odisha (Orissa High Court)

Patel Brothers & Co Vs State of Odisha (Orissa High Court) Admittedly, the Petitioner Assessee is a manufacturer of Bidis. The short question is whether it is included within the entry Tobacco and Tobacco products in item 16 of the Schedule under the Orissa Entry Tax Act (OET Act). Learned counsel for the Petitioner seeks […]...

GST Refund rejection on ground of Forged ITC: SCN is premature if appeal is pending adjudication

Abhishek Gumber Vs Commissioner of GST (Delhi High Court)

Abhishek Gumber, Proprietor of M/S AG Enterprises  Vs Commissioner of GST (Delhi High Court) It is clear that once the petitioner‟s refund claim was rejected on the ground that it was founded on forged ITC, the petitioner would be liable to pay tax, interest and perhaps also penalty, in the event the adjudication order is […]...

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October 2023