Section 54F exemption would be granted to assessee on its residential properties and assessee cannot be said to have not ‘Purchased’ properties for not having sale deed executed in its favour.
HC held that, requirement is only for amount of TDS, and not amount eventually deposited with government after deduction and since Employer had deducted TDS from salary of assessee, TDS has to be allowed in intimation under Section 143(1) of Income Tax Act, 1961
HC Held that, FC collected by banks or NBFC on premature termination of loans cannot be subject to service tax under Banking & Other Financial Services
HC set aside order cancelling GST Registration of assessee due to non-filing of GST Returns for continuous period of 6 months, on the ground that GST Tribunal has not been constituted and assessee should not be left without remedy.
Assessee directed by Madras HC to file representation for release of blocked funds w.r.t. alleged non-payment of GST & excess ITC availment
HC held that, providing opportunity of hearing would ensure observance of rules of natural justice and allow Respondent to pass appropriate and reasoned orders in order to serve interest of justice and allow a better appreciation to arise at appeal stage.
HC quashed section 148 notice issued without sufficient reasons to initiate reassessment proceedings without satisfying conditions precedent under Section 147
Order passed without providing opportunity of personal hearing to assessee. Hence, violative of principles of natural justice. Held that, SCN was vague & cryptic in nature and orders passed were beyond scope of SCN.
Revenue Department could only re-open an assessment beyond four years, if there was a failure on the part of assessee to disclose material facts fully and truly and not on the basis of reason to believe without satisfying jurisdictional condition required under provisions of Section 147
ITAT delete penalty levied for failure to get accounts audited and for filing tax audit report belatedly, on the grounds that the assessee was prevented by reasonable cause due to its pathetic condition and heavy losses incurred in its business.
