The Tribunal held that the reassessment notice issued after the extended limitation period was invalid under Section 149. As a result, the entire reassessment based on alleged accommodation entries was quashed as void ab initio.
The analysis shows that India s taxation system, particularly under the Income-tax Act, 1961, is primarily based on economic capacity rather than benefits received. Judicial rulings and constitutional values support progressive, redistributive taxation.
The Tribunal held that when fraud allegations under Section 74 fail, the matter must be remitted to the original proper officer under Section 75(2). The appellate authority cannot itself re-determine tax liability under Section 73.
ITAT Bangalore quashed reassessment for AY 2017-18, holding notice issued on 12-04-2024 time-barred under first proviso to Sec.149(1), despite prior 148A proceedings.
The Court held that renting space within a university campus for banks and similar facilities forms part of allied educational services. Consequently, the service tax demand and penalties were quashed.
Supreme Court held that Spectrum allocated to Telecom Service Providers [TSPs] and shown in their books of account as an “asset” cannot be subjected to proceedings under Insolvency and Bankruptcy Code, 2016 [IBC].
The Court dismissed the plea seeking declaration that statutory university functions are not taxable under GST. It held the issue is already covered by prior decisions and allowed authorities to proceed as per law.
ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allowable as deduction. Accordingly, the said ground is allowed.
ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act have no applicability on conversion of Optionally Convertible Cumulative Redeemable Preference Shares into equity shares. Accordingly, addition made by invoking section 56(2)(x) cannot be sustained. Thus, appeal is allowed.
Bombay High Court held that issuance of summons under section 70 of the Central Goods and Services Tax Act, 2017 [CGST Act] for inquiry do not constitute illegal detention. Accordingly, present petition stands dismissed.
