Impugned Section 271(1)(c) Penalty proceedings imposed by AO is not maintainable against assessee’s legal heir under section 159 of Act
ITAT held that even if you invoke provisions of Sec.47A(3) of the Act, to withdraw exemption granted u/s.47(xiv)(b) of the Act, but, in principle there cannot be any capital gains on transfer of goodwill, because, said goodwill is not self-generated or created on account of conversion of proprietary concern into a Pvt. Ltd. Co., but acquired by incurring cost.
An order has passed holding the issue adverse to interests of petitioner. So, prayer of petitioner for a mandamus forbearing respondents from levying, collecting or recovering GST does not arise.
Union of India Vs Citi Bank, N.A. (Supreme Court) It is a settled proposition of law that when the proceedings are required to be initiated within a particular period provided under the Statute, the same are required to be initiated within the said period. However, where no such period has been provided in the Statute, […]
Sonjoli Construction Co. Vs Union of India (Rajasthan High Court) Petitioner submitted that the petitioner was entitled to apply under the SVLDR Scheme and he filed the timely application and deposited the due tax amount under the said Scheme. However, application filed by the petitioner has been rejected only an erroneous ground that audit had […]
ITAT held that the assessee has not wilfully delayed the filing of appeal and we find that there is no negligence on the part of the assessee, as the assessee has filed appeal manually in time.
The act of the appellants of giving false assurances on one hand by way of misleading advertisements and on the other hand, obtaining declaration from the consumers qua no guarantee/assurance regarding the result and outcome of the programme, is a clear example of unfair trade practices adopted by them
In the instant case, admittedly, it is loan creditors and not a trading liability. So, the assessee has not obtained allowance or deduction in computing the profits and gains of business or profession in respect of assessment of any year.
Section 249(4)(b) of Income Tax Act, 1961 cannot be invoked when return of income filed by assessee was selected for scrutiny and assessment
ITAT held that unabsorbed business losses can be set off against any income from business, be it speculative or otherwise.
