Bombay High Court held that ‘water tax’ u/s. 141(1)(a) (i) and water benefit tax u/s. 140(1)(a)(ii) of the Mumbai Municipal Corporation Act is leviable irrespective of the fact whether water is actually consumed by the owner/occupier or not.
Bombay High Court held that initiation of reopening of assessment after expiry of four years from the end of relevant assessment year without failure on part of the petitioner to disclose any material fact fully and truly is unsustainable in law.
ITAT Delhi held that order under section 263 of the Income Tax Act passed on the issues for which no show cause notice has been issued is unjustifiable and hence liable to be quashed.
AO noticed that the assessee in its computation of income claimed prepaid finance charges amounting to Rs.19,96,29,043/- and he asked to clarify or show-cause as to how the prepaid finance charges were allowable.
Assessee was a venture capital trust. Institutional investors contribute money to the trust fund and the same was managed by an Investment Manager. An investigation was conducted by Anti-Evasion Unit of the Jurisdictional Commissionerate against assessee.
ITAT Ahmedabad held that ex-parte dismissal of appeal on account of non-appearance by CIT(A) without discussing the merits of the case is unsustainable in law. CIT(A) is obliged to dispose of appeal on merits.
ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of income was below Rs. 50 Lakhs and extended period of 10 years will apply only in case of concealment of income of Rs. 50 Lakhs or more.
The Supreme Court upheld the Delhi High Court ruling, declaring the GST seizure of cash and silver bars under Section 67 of the CGST Act illegal.
Re-opening of assessment by AO was unjustified if the original return had not been processed by following the decision in case of Super Spinning Mills Ltd. vs Addl. CIT 37 DTR (Chennai) (T.M) (Trib).
Understand when to pay advance tax, the due dates, and the consequences of late payments, including interest charges under sections 234B and 234C.
