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Archive: 12 June 2023

Posts in 12 June 2023

Section 68: AO Not Obligated for Further Inquiries till Assessees Fulfill Initial Onus

June 12, 2023 522 Views 0 comment Print

Assessees must thoroughly discharge initial onus under section 68. Until assessee does so, AO is under no obligation to conduct further inquiries.

Scrutiny assessment bad in law if Section 143(2) notice was Time-Barred

June 12, 2023 1542 Views 0 comment Print

ITAT Kolkata nullified addition due to late issuance of Notice under Section 143(2) of Income Tax Act. ITAT concluded that Notice was sent beyond specified deadline, making assessment void ab initio.

Customs: Section 112(a) Penalty on overseas supplier imposable as offences committed within Indian territory

June 12, 2023 522 Views 0 comment Print

Delhi High Court held that penalty u/s 112(a) of the Customs Act on overseas supplier duly imposable as alleged offences have been committed within the territory of India.

Bail granted in Religare Finvest Misappropriation of Funds Case after Completion of Investigation

June 12, 2023 1104 Views 0 comment Print

Delhi High Court in the case of alleged misappropriation of funds of Religare Finvest Ltd granted the bail as investigation is complete and main chargesheet as well as supplementary chargesheet filed before the learned Trial Court.

Section 80P(2)(a)(i) deduction on Interest Income on Investments out of Reserve Fund

June 12, 2023 1023 Views 0 comment Print

ITAT Ahmedabad’s decision in case of ONGC Employees Co-op Credit & Thrift Society Limited Vs ITO, provides insight into exemption of interest income under Section 80P(2)(a)(i) of Income Tax Act.

PMLA Case: Delhi High Court Advises Beneficial Property Interest Claimants to Approach Appellate Tribunal

June 12, 2023 1677 Views 0 comment Print

Delhi High Court judgment directing JC. Flowers to appeal to Appellate Tribunal under Section 26 of PMLA for a claim of beneficial interest in property.

Net Profit Margin Meeting Arm’s Length Price: Separate Addition not Sustainable

June 12, 2023 342 Views 0 comment Print

ITAT Bangalore held that if the net profit margin meets the Arm’s length price, then no separate addition needs to be made. Accordingly, TPO directed to delete the adjustment made towards Advertising Marketing Price (AMP) expenses.

Rejection of Resolution Plant for Non-Compliance with Section 29A(G) & Section 240A

June 12, 2023 447 Views 0 comment Print

NCLAT held that that the Adjudicating Authority rightly rejected the Resolution plan as the same didn’t complied with the provisions of Section 29A(G) read with Section 240A of the Insolvency and Bankruptcy Code, 2016.

Section 80P(2)(d) deduction: Co-op Society Eligible to claim on Interest Income from FDR with Co-op Bank

June 12, 2023 981 Views 0 comment Print

ITAT’s ruling affirms that a Co-operative Society can claim deductions for the interest income derived from a Fixed Deposit Receipt (FDR) with a Co-operative Bank.

Capital gain from jointly owned property sale cannot be attributed to single co-owner

June 12, 2023 1725 Views 0 comment Print

ITAT Ahmedabad in Sureshbhai Ashwinbhai Patel Vs ITO clarified that complete sale consideration from such a property cannot be attributed as capital gain of a single co-owner.

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