"14 August 2022" Archive

Income from hiring of inseparable factory building and Plant & Machinery taxable as Income from Other Sources

Flotherm Engineers Private Limited Vs DCIT (ITAT chennai)

Undisputed facts that emerge are that assessee has ceased its business operations and leased out factory building and Plant & Machinery to one lessee under two separate agreements....

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Interest payable on refund of money deposited by Assessee upon re-computation by Revenue

PCIT Vs Punjab & Sind Bank (Delhi High Court)

Assessee found entitled to refund of money deposited by it upon re-computation by Revenue & interest thereon is liable to be paid under Section 244A(1)(b) ...

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Collector not empowered to revise stamp duty which is already levied & paid

Sukoon Construction Pvt. Ltd. Vs The Collector of Stamp (Bombay High Court)

HC Held that Collector could not revise stamp duty upon Deed of Assignment, when he already once levied the stamp duty and endorsed a certificate to that effect on the Deed and such stamp duty was also paid...

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Cenvat credit available on service tax paid on modernization/renovation/repairs of factory

Jai Balaji Industries Ltd. Vs Commissioner of Central Excise (CESTAT Kolkata)

CESTAT Held that services relating to modernization, renovation or repairs of factory is input service, accordingly cenvat credit available....

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Issuance of notice of proceedings is mandatory – Section 11 of A&C Act

State of M.P Vs Nidhi (I) Industries (Madhya Pradesh High Court)

Held that provisions of section 11(6) are judicial one and hence principal of opportunity of hearing or putting other party to notice is imperative. In absence of issuance of notice u/s 11 of A&C Act, order and proceedings gets vitiate....

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Limited scrutiny – Section 263 cannot be invoked for other reasons

Sahita Construction Company Vs Pr.CIT (ITAT Indore)

Sahita Construction Company Vs Pr.CIT (ITAT Indore) Perusal of records shows that assessee’s case was selected for limited scrutiny through CASS for verification of “contract receipts/fees mismatch, sales turnover mismatch and tax credit mismatch”. The issue of payment to contractors and tax deducted thereon was never a part of reas...

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Posted Under: Income Tax |

GST assessment based on Facebook & social media postings- HC dismisses writ

Vasavi Wedding and Event Planners Vs State of Andhra Pradesh (Andhra Pradesh High Court)

Petitioner explained that they have not conducted any events in respect of documents available on Facebook and that documents were uploaded only for advertisement ...

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Section 54B- Land Re-purchased need not be Agricultural on Re-Investment date

Adit Rathi Vs ITO (ITAT Pune)

Legislature has nowhere incorporated that the lands re-purchased in section 54B deduction claim have to be agricultural on re-investment date...

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Justice cannot be denied to Taxpayers for Mere Technical Lapses

S. Vinod Kumar (Deceased) Rep. By L/R. Karuppaih Sekar Vs ITO (ITAT Chennai)

Appeal dismissed for technical lapse as Legal heir did not register himself as representative assessee along with PAN of deceased assessee ...

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Bad debts written off in books allowable  

PCIT Vs Nilgiri Financial Consultants Ltd. (Delhi High Court)

To claim deduction on account of bad debts, two conditions have to be met by the Assessee i.e. (i) the bad debts must have been taken into account in computing the income of the Assessee of previous year or of an earlier/previous year and; (ii) the bad debts should have been written off in the accounts of the Assessee....

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March 2023