ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable.
Bombay High Court held re-opening of assessment under section 148 of the Income Tax Act for mere change of opinion is without jurisdiction and unsustainable in law.
Calcutta High Court held that considering the provisions, order passed u/s 148A(d) is within three years and accordingly, Principal CIT (PCIT) and not the Principal Chief CIT (PCCIT) is ‘Specified Authority’ for approval of the same. Thus, AO rightly took approval from Principal CIT.
The Madras High Court recently dismissed Writ Petitions filed by Ambika Timber Depot, Sree Ashapura Saw Mill & Sree Laxmi Narayana Timbers Private Ltd seeking a legal opportunity for virtual cross-examination in a Personal Hearing due to non-appearance of transporters.
ITAT Nagpur held that the assessee is undoubtedly entitled to hold two different portfolios in respect of the same kind of asset i.e. stock in trade and investment. Since, the land was held as investment the same is assessable to tax under the head ‘capital gain’.
ITAT Chennai held that CIT(A) deleted disallowance of interest made u/s 36(1)(iii) based on the fresh evidences furnished by the assessee. However, CIT(A) failed to afford an opportunity to AO to verify the fresh evidence which is in violation of Rule 46A and hence order remanded back to AO to verify the evidences.
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Kolkata has upheld the seizure of Betel Nuts and the imposition of penalties, dismissing the appeal by Sunil Kumar Yadav, who claimed ownership of the goods.
The CESTAT quashes penalty against SAB Industries Limited, ruling that service tax cannot be levied under ‘Works Contract Service’ once demanded under ‘Commercial Construction Service’.
According to Section 137(1) (Copy of financial statement to be filed with Registrar) of the Company Act, 2013, A copy of the financial statements, including consolidated financial statement duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting.
Every listed company and every other public company having a paid-up share capital of Five crore rupees or more shall have whole-time key managerial personnel. And Further this Limit Increased to Ten Crore or More & Applicable in respect of FY Commencing on or after 01-04-2020.
