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Archive: 05 October 2022

Posts in 05 October 2022

No section 68 addition for Loan Received and repaid vide cheque

October 5, 2022 4986 Views 0 comment Print

Manibhadra Securities Services P.Ltd Vs ITO (ITAT Ahmedabad) he assessee in the present case is a private limited company and engaged in the business of trading of Shares and Securities. The assessee in the year under consideration has received the Loan to the tune of Rs. 4,08,01,000/-from M/s Ken Securities Limited. The assessee has repay […]

Compensation for Settlement of Encroachment on Property not allowable without Evidence

October 5, 2022 1503 Views 0 comment Print

ACIT Vs Precision Realtors P. Ltd. (ITAT Delhi) A perusal of the sale deed show that the seller was the absolute owner and was in actual possession of the impugned property. Nowhere in the sale deed, there is a mention of encumbrance / encroachment in the impugned property. This fact has been completely ignored by […]

ITAT deletes addition for TDS payable at year end made to Income of Legal Firm

October 5, 2022 714 Views 0 comment Print

Anand And Anand appeal success against ACIT order. ITAT Delhi ruling on TDS provisions. Key legal insights by Anand Bhattacharya, tax expert.

Section 30 of Advocates Act Confers no Right to Park Vehicle Inside Court Premises

October 5, 2022 2421 Views 0 comment Print

Section 30 of the Advocates’ Act confers the right on the Advocates to practice. The same does not confer any right on any advocate to park his/her vehicle inside Court premises. There is no element of public interest involved in this petition. The petition is misconceived. In the result, the same is dismissed.

Mere notice Issuance Not Attracts Doctrine of ‘Stare Decisis’

October 5, 2022 678 Views 0 comment Print

Keshav Kanshkar A Class Electrical Contractor Vs Principal Secretary Department of Energy (Madhya Pradesh High Court) ‘Precedent’, refers to a court decision that is considered as authority for deciding subsequent cases involving identical or similar facts, or similar issues. ‘Precedent’, is incorporated into the doctrine of ‘stare decisis’, and requires courts to apply the law […]

Every partner is liable, jointly, and severally, for all acts of the firm

October 5, 2022 3432 Views 0 comment Print

Liability of a partner for acts of the firm. Every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner.

NCLAT Imposes Rs. 2 Lakhs Cost on appellant for indulging in frivolous litigation

October 5, 2022 999 Views 0 comment Print

SGA Fashion Pvt. Ltd. Vs CMA Sandeep Kumar Bhatt (NCLAT Delhi) The documentary evidence on record establishes that the Appellant herein contended before the Learned Adjudicating Authority that pre-bidding qualification will not bind the bidders and sought for relief to be granted under the eligibility criteria at Clause 1.15 of the tender document. Having sought […]

GST Refund Application: Period From 01.03.2020 to 28.02.2022 excludable in Limitation calculation

October 5, 2022 1524 Views 0 comment Print

Gandhar Oil Refinery (India) Ltd. Vs Assistant Commissioner of Sales Tax (Andhra Pradesh High Court) A perusal of material on record would show that GST refund application came to be made by the petitioner was on 22.09.2021, for the Tax period May, 2018 to May, 2019. Though, learned Government Pleader would contend that the said […]

No penalty on expenses disallowed on Notional/estimated basis

October 5, 2022 2043 Views 0 comment Print

Bhartiya City Developers Pvt. Ltd Vs Addl. CIT (ITAT Delhi) A conspectus of Explanation-1 to Section 271(1)(c) of the Act, makes it clear that the statute visualizes the assessment proceedings and penalty proceedings to be wholly distinct and independent of each other. While the Assessing Officer may be justified in making estimated disallowance in quantum […]

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