Boutique International Pvt Ltd Vs DCIT (Delhi High Court) Court finds that the information furnished to the Petitioner and the impugned order do not specify in which bank account or account number, the alleged amount have been received by the Petitioner. Though the impugned order states that the asset is represented by bogus accommodation entries in […]
PCIT Vs Rajdarbar Heritage Venture Ltd. (Formerly Known As Global Heritage Venture Ltd.) (Delhi High Court) High Court held that till the final award was passed by the Arbitral Tribunal determining the ownership of the fixed deposits (FDS) and interest, it could not be said that the interest income had crystallized in the respondent’s hands […]
Dy.C.I.T Vs Ashok Developers & Builders Ltd (ITAT Hyderabad) It is an admitted fact that a search & seizure operation took place in the premises of the assessee on 18.02.2016 and certain incriminating documents were found and seized. We find the AO in the order passed u/s 143(3) r.w.s. 153A of the Act determined the […]
AO had wrong assumption of facts and by applying incorrect law without due application of mind allowed claim of interest paid on borrowed capital u/s. 24(b). Therefore, in our opinion, PCIT correctly exercised its jurisdiction
Jain Cooperative Bank Limited Vs ACIT (Delhi High Court) As per the notice issued under Section 148A(b) the reassessment proceedings were initiated on the basis of suspicious transactions flagged by the FIU [Financial Intelligence Unit]. It is pertinent to mention that the petitioner is registered as a non-scheduled Urban Cooperative bank who ‘maintained current accounts […]
It is strange that that the order dated 26th May, 2022, has not been implemented till date. The interest on the refund continues to run at the cost of the exchequer.
फर्जी आनलाइन पाठ्यक्रमों और विदेशी मुद्रा ट्रेडिंग के नाम पर गठित कंपनियां कर रही काले धन को सफेद बनाने का खेल हाल में ही कोलकाता स्थित केनरा बैंक की ब्रांच की शिकायत पर पुलिस द्वारा कार्यवाही की गई तो चौंकाने वाले तथ्य सामने आए: १. आनलाइन पाठ्यक्रमों के काम में लिप्त दो कंपनियों के खाते […]
Understand Section 44BB of the Income Tax Act 1961 and its implications for non-resident businesses providing services or facilities in connection with mineral oils.
Manikgarh Cement Vs Commissioner of Central Excise (CESTAT Mumbai) As could be noticed from para 24 of the Order-in-Original, the adjudicating authority had observed that Welding Electrodes and D.A. Gas were used in the cement manufacturing plant of the Appellant for the purpose of repair and maintenance of its plant and machinery. This being observation […]
Individual affairs are conducted and business decisions are made in expectation of consistency, uniformity and certainty and to detract from those principles is neither expedient nor desirable.
