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Archive: 18 August 2023

Posts in 18 August 2023

CIT rightly Invoked Section 263 for Oversight in examining Composite Property Agreement

August 18, 2023 426 Views 0 comment Print

ITAT Kolkata held that AO failed to examine the agreement as composite agreement and hence non-examination of AO with that angle has caused prejudice to the interest of Revenue and hence CIT rightly set aside the assessment order by exercising powers under section 263 of the Income Tax Act.

Incriminating Material found during search of third party: Section 153C vs. 147

August 18, 2023 1614 Views 0 comment Print

ITAT Delhi held that addition based on incriminating material found during the search carried out of ‘some other person’ i.e. third person/ party and assessing the same by invoking provision of section 147 instead of section 153C is unsustainable.

Calcutta HC Dismisses Unjust Non-Speaking Assessment Order

August 18, 2023 1005 Views 0 comment Print

Durga Trading Company & Anr. Vs Deputy Director of Income Tax & Ors. (Calcutta High Court) Introduction: In the case of Durga Trading Company & Anr. v. Deputy Director of Income Tax & Ors., the Calcutta High Court examined the validity of an income tax assessment order, focusing on the violation of natural justice. This […]

E-way Bills & Tax Invoices Reuse: P&H HC Validates Astt ETO Order

August 18, 2023 999 Views 0 comment Print

Punjab and Haryana High Court Upheld order of Assistant Excise and Taxation Officer’s order, citing mala fide intent to evade taxes in Bright Road Logistics v. State of Haryana.

GST: Deposits made during search cannot Be Kept if Proceedings Not Initiated: HC

August 18, 2023 1023 Views 0 comment Print

Read about the Punjab and Haryana High Court’s verdict in the case of M/s Parsvnath Traders v. Principal Commissioner, CGST, which ruled that deposited GST amounts collected during search proceedings should be refunded along with interest.

HC Quashes Section 263 Order and Imposes Rs 10,000 Cost on PCIT

August 18, 2023 10368 Views 0 comment Print

Allahabad High Court quashes Section 263 order and imposes cost of Rs 10,000 on PCIT for lack of proper opportunity. Analysis of the judgment in M.L. Chains Vs PCIT case.

Incriminating document found during search of third party needs to be provided to assessee

August 18, 2023 1266 Views 0 comment Print

ITAT Mumbai remanded the matter back to the file of Assessing Officer as incriminating document found against the Assessee during search operation of third party is not provided to the Assessee.

Tour operator Services for carrying out Hajj Pilgrimage is exempt from service tax

August 18, 2023 1455 Views 0 comment Print

CESTAT Delhi held that service tax is not chargeable on the services provided in respect of tour undertaken for carrying out Hajj pilgrimage in Saudi Arabia by Indian pilgrims considering these as export of service.

Addition without incriminating material not sustainable for assessment unabated on search date

August 18, 2023 1095 Views 0 comment Print

ITAT Chennai held that in absence of incriminating material as a result of search, no addition can be made in the assessment framed u/s.143(3) r.w.s.153A of the Act, if such assessments are unabated on the date of search.

NFRA Penalizes Auditors of Tanglin Developments Ltd for Lapses & Irregularities

August 18, 2023 9330 Views 0 comment Print

NFRA Penalized Auditors of Tanglin Developments Ltd for Lapses in Professional Judgment, Unreported Irregularities and Tampering with the Audit File

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