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Archive: 17 December 2022

Posts in 17 December 2022

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5370 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4581 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Deduction u/s 54 was allowable in case capital gains were utilized within time specified but sale deed was not registered

December 17, 2022 5439 Views 0 comment Print

Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54, notwithstanding fact that new asset was registered beyond period specified under section 54, which according to assessee was beyond her control and was to be liberally construed.

No Penalty leviable merely on basis of Speculations

December 17, 2022 1230 Views 0 comment Print

Since none of the orders of the authorities below was at any discussion or finding regarding mensrea or unlawful gain to the appellant or attributing any knowledge on his part, therefore, the orders denying the duty exemption benefit and confirmed the differential duty of Rs.26,12,902/- with interest and imposed a penalty of Rs.26,12,902/- along with interest under Section 114A was merely proceed on basis of speculations which was not justified.

Purchaser would have no liability to pay Taxes before the date of the execution of Slump Sale Agreement: SC

December 17, 2022 1716 Views 0 comment Print

The Honble Supreme Court held that in the event of Slum Sale, the appellant would not be liable for any tax obligations before the date on which Agreement was executed as the appellant was neither a dealer nor a manufacturer before the date of execution of Agreement.

Compensation under Land Acquisition Act would not be determined on the date of issue of Notification at a later date

December 17, 2022 8790 Views 0 comment Print

The Honble Supreme Court while decreasing the awarded compensation under Land Acquisition Act, held that the compensation determined on the basis of the Notification 5 years later, cannot be a yardstick for determining the compensation for the land which is acquired five years before and therefore, the claimants shall not be entitled to the same compensation as awarded with respect to the lands acquired after 5 years from the date of acquisition.

Insurance Company cannot refuse to process claim when all formalities was completed: SC

December 17, 2022 10653 Views 0 comment Print

The Honble Supreme Court directed Insurance Company to process the complainants insurance claim and remit the payable sum as all formalities on behalf of deceased was completed. Further, a complete malafide intention was deciphered out from the sequence of events through which Insurance Company was trying to deny all benefits.

Workers employed by the Contractor do not automatically become the employees of the principal employer in absence of any legal provision

December 17, 2022 7296 Views 0 comment Print

The Honble Supreme Court while allowing appeal observed that there is no provision under Section 10 of the Contract Labour (Regulation and Abolition) Act, 1970 that the workers/employees employed by the contractor automatically become the employees of the appellant and/or the employees of the contractor shall be entitled for automatic absorption and/or they become the employees of the principal employer.

Transfer valid in absence of Conditions prescribed under Section 23(1) of the Maintenance and Welfare of Parents and Senior Citizens Act, 2007

December 17, 2022 3393 Views 0 comment Print

The Honble Supreme Court observed that effecting transfer subject to a condition of providing the basic amenities and basic physical needs to the transferor – senior citizen is sine qua non for applicability of sub-section (1) of Section 23. In the present case, it was not even pleaded by respondent no.1 that the release deed was executed subject to such a condition.

Reliance upon ITR shall be made while determining compensation under Motor Vehicles Act

December 17, 2022 2532 Views 0 comment Print

The Hon’ble Supreme Court determined compensation under Motor vehicles Act, 1988 on basis of Income Tax Return which was held to be a statutory document on which reliance be placed, where available, for computation of annual income.

Section 68 not applicable to remittance made by non-resident

December 17, 2022 4821 Views 0 comment Print

ITAT Bangalore held that provisions of section 68 of the Income Tax Act are not applicable to the remittance made in India by non-resident.

‘Security Premium Reserve’ not part of accumulated profits u/s 2(22)(e)

December 17, 2022 5349 Views 0 comment Print

ACIT Vs Bhagwati Coal Movers (P) Ltd. (ITAT Delhi) ITAT Delhi held that the ‘Security Premium Reserve’ cannot be regarded as part of accumulated profits under Section 2(22)(e) of the Income Tax Act. Facts- AO observed that the assessee has obtained loan amounting to Rs.5,52,50,000/- from M/s. Ajmala Stationery Ltd. A part of the loan […]

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