Non-disposal of application for registration u/s 12AA(2) within a period of six months would not result in deemed grant of registration as Parliament had carefully and advisedly not provided for such deeming fiction.
Assessee was engaged in business activities requiring the use of Information Technology ( IT ) equipment, claimed depreciation at the rate of 60% on certain computer peripherals like printers, routers, and similar devices while computing its income.
Sales and marketing services rendered to assessee by its US based subsidiary did not fall within the ambit of FTS as defined u/s 9(1)(vi) or Article 12 of India-US DTAA as making available service did not make available knowledge, experience, skill etc.
During the moratorium, tax assessment proceedings were initiated by CIT (appellant) against the corporate debtor. An order for the assessment year 2018-19 was passed on March 31, 2022.
Assessee -cooperative marketing society limited, was subjected to revised assessments for 2008-09, 2009-10, and 2011-12. The assessments were initially deemed complete under Section 22(2) of the TNVAT Act.
The CBI alleged that the bank’s senior management, including Sridhar, sanctioned large credit facilities such as short-term loans, Letters of Credit, and Export Packing Credit to the company without proper due diligence.
Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on the income received from leasing its properties.
While the prosecution alleged a massive ITC fraud involving multiple shell companies, the lack of documentary proof ultimately led the court to favour the bail.
Assessee received a notice under Section 148A(a) in name of M/s.Patel Govindbhai Somabhai and Company-a partnership firm having PAN No.AAFFP3449M for Assessment Year 2019-20.
Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It had initially declared a total income of ₹23,62,74,550 in its Return of Income (ROI).
