Subsequent amendment to section 149, by Finance Act, 2012 which extended limitation for initiation of reassessment proceedings to sixteen years could not be resorted for reopening concluded proceedings and the notice issued under Section 149 was time barred and thus could not have been acted upon. Consequently, the impugned re-assessment order passed in consequence of the illegal notice under Section 148 was a nullity and bad in law.
A Limited Liability Partnership is a business that requires at least two partners and there is no upper limit for number of partners in the firm. It is an alternative corporate business form.
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ITAT Delhi held that depreciation in respect of the assets shared with the sister concern under the license agreement cannot be claimed u/s. 32 of the Income Tax Act, 1961.
ITAT Delhi held that profit sharing as provided in MOU cannot be treated as deemed dividend and accordingly outside the purview of section 2(22)(e) of the Income Tax Act.
Exemption under section 11 was allowable and there was no violation of section 13(1)(c) in case the civil contract awarded to a firm in which managing trustee of the trust was the proprietor as the civil contract had been included in the definition of services as per GST laws and also as per Erstwhile Service Tax laws and payment made in under services rendered by the interested persons was not more than the consideration paid for relevant work.
Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cases, in the light of communication sent by ITBA. The Board is of the view that such cases have to be completed by 31.05.2023
ITAT Raipur held that warehousing charges received by the assessee is taxable under the head Income from Business and not under the head Income from house property.
ITAT Chennai held that factoring charges could not be termed as Interest under section 2(28A) of Income Tax Act, 1961. Accordingly, disallowance of the same u/s 40(a)(ia) unsustainable.
CAAR Rule that ata Projector (Model — ZH 350, ZW350e, ZX 350e) are classifiable under sub-heading 8528 62 00 of the first schedule to the Customs Tariff Act, 1975 and would be eligible to avail benefit of Sr. No. 17 of Notification No. 24/2005-Customs, dated 01.03.2005, as amended.
