"31 December 2022" Archive

Pendency of Rectification application – Immunity from prosecution & penalty – HC grants interim relief

Kusharaj Madhav Bhandary Vs ITO (Bombay High Court)

Kusharaj Madhav Bhandary Vs ITO (Bombay High Court) It is the case of the Petitioner that the Order of the assessment was passed on 30 March 2022, in which a demand was raised against the Petitioner. The said Order of assessment was not challenged by the Petitioner. With a view to seek benefit of immunity […]...

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Amount shown in 26AS only should be taken into consideration instead of TDS certificate: HC

PCIT Vs Smt. Nirmali Bhadra (Calcutta High Court)

Whether the Learned Income Tax Appellate Tribunal erred in law in holding that the amount shown in 26AS only should be taken into consideration even when the TDS certificate indicates a higher receipt ?...

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Mere incorrect claim based on full disclosures cannot be reassessed after four years

Tumkur Minerals Pvt. Ltd. Vs Joint Commissioner of Income Tax (Bombay High Court)

AO could have taxed the accrued income or re-opened the assessment within four years. A mere incorrect claim based on full disclosures cannot be reassessed after four years by invoking sections 147 and 148 of the IT act....

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Tax from dealer/ manufacturer of motor vehicles based on total vehicles possessed and registered is ultra vires of OMVT Act

Sushree Automotives Vs State of Odisha and others (Orissa High Court)

Orissa High Court held that circular dated 29th March 2016 issued by the Transport Commissioner-cum-Chairman, State Transport Authority is ultra vires of Odisha Motor Vehicles Taxation Act, 1975 OMVT Act and liable to be quashed. The circular directed to collect tax from the dealers/manufacturers of motor vehicles on the basis of total nu...

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Refund claim should not be rejected due to deficiency of GST network/software

HC held that the Assessees are not to be dragged to the Court when in fact there is nothing for the Court to adjudicate except pointing out to the limitation of the software of the Revenue Department, in a matter challenging the non-issuance of the refund. Further held that, refund claim should not be rejected due to the deficiency of GST...

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Posted Under: Income Tax |

A Poetic Tribute to Landmark Judgments of Supreme Court in Year 2022

Friends, the Year 2022 will be remembered for some of the landmark, unprecedented and peculiar judgements passed by the hon’ble Supreme Court in Tax Laws. As we bid adieu to the Year 2022, and Welcome the New Year 2023, I take pleasure in sharing my Poetic Tribute to the Landmark Judgements passed by Hon’ble Supreme […]...

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Posted Under: Income Tax |

Money Laundering Activities in India and outside India

Under Prevention of Money Laundering Act (PMLA) 2002 in India  1. Definition of PMLA, 2002 in India  Definition of PMLA under section 3 of PMLA, 2002 is including the alleged activity of Money Laundering for converting the Non legitimize money into legitimize money as earned through schedule offence. 2. Mandatory 3 conditions for applic...

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Posted Under: Income Tax |

Capital Gains Arising In The Event of Liquidation – Analysis

Provision of Section 46 of The Income Tax Act ,1961 related to Liquidation is quite confusing. Let’s make it easier to understand. Capital Gains treatment for the Liquidated Company There are possibly two cases 1. If the Liquidator has distributed all the assets of the company to its shareholder without selling it that is a […]...

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Posted Under: Income Tax |

Classification of Custom made silos based on purchase orders placed by customers

B.G. Shirke Construction Technology Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

B.G. Shirke Construction Technology Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai) Appellant manufactures silos for storage of food grains. Custom made silos based on purchase orders placed by customers. It classified under chapter heading 84379090. Revenue contended it is a “prefabricated building” falling under chapter ...

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CCI cannot direct further investigation where DG has reported contravention of Competition Act

Amit Mittal Vs DLF Ltd. (NCLAT Delhi)

NCLAT Delhi held that Competition Commission of India (CCI) can only direct further investigation in a case of closure and not where DG has submitted report showing contravention of Competition Act 2002 by parties....

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Posted Under: Income Tax | |

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