In present facts of the case the Hon’ble Tribunal gave directions to dispose of the refund applications within 3 months after the filing of new refund application on the basis of observations made on procedure of refund applications.
The present appeal was filed against the Order of the Single Judge of the Hon’ble Madras High Court, wherein the Writ was allowed by stating that the request of cross examination shall not be denied, but in Appeal the Division Bench allowed the appeal of Revenue and have sustained the Order of Revenue for denial for cross examination due to availability of alternative remedy.
ACIT Vs Starwood (M) International Inc. (ITAT Delhi) Conclusion: In present facts of the case, while dismissing Revenue’s appeal, it was held that to prove case under Article 12 of India-US DTAA, no specification was given or limb was satisfied by the Revenue. Further, it was also held that no new facts could be entertained […]
In present facts of the case, it was observed that in the absence of reasons, the jurisdiction assumed under section 148 of the Act to reopen a completed assessment is clearly void ab initio and consequently, assessment order is bad in law.
M/s. Vijaya Bank Employees Housing Co-operative Society Ltd. Vs ACIT (ITAT Bangalore) Conclusion: In present facts of the case it was observed by the Hon’ble Bench that where a deduction is necessary in order to ascertain the profits and gains, such deductions should be allowed. Profits should be computed after deducting the expenses incurred for […]
In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation.
In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival
The loss arising on account of payment made towards purchase of commodities, which were never delivered to assessee, shall be allowable as regular business loss u/s 28 of the Act and the said loss cannot be considered as speculative.
Bank of India – Kirkee Branch Vs ITO (ITAT Pune) Conclusion: In present facts of the case, it was held by the Hon’ble Tribunal that expired time limit does not get revived with the extended time limit inserted later on. Held: In present facts of the case, the assessee-bank accepted deposits from its customers, on […]
The Hon’ble High Court in present facts of the case after interpreting the word ‘may’ have held that granting of 20% compensation under Section 143A of the Negotiable Instruments Act, 1881 is totally valid as the said provision is not discretionary in nature.
