Court is of the view that the impugned order under Section 148A(d) of the Act has been passed in great haste and in gross violation of principle of natural justice as the Petitioner was not given reasonable time to file a reply.
In view of the apparent damage to the petitioning assessee’s manufacturing facility, a moratorium for a period of two months is granted. That is to say that the payment that was due in April, 2022 will not be deemed to have been defaulted and the payment due in May, 2022 need not be paid by the 15th day of this month.
ITAT held that loss from trading in commodity derivatives is not a speculative loss and rightly been set off by the assessee against regular business profits from medical derivatives business.
Assessing Officer has given a finding that the assessee had used a pre arranged device in form of booking of bogus purchases of shares. This finding of the Assessing Officer is not rebutted by the assessee by placing any material on record. Therefore, the addition of Rs. 3,32,850/- made u/s 69C is hereby sustained.
Corrigendum to an Order in Original can be issued only for correcting typographical errors. A corrigendum cannot be used to cover up the main part or main issue that has to be adjudicated.
Sujit Kumar Dey Vs ACIT (ITAT Kolkata) The assumption of jurisdiction u/s 263 of the Act by ld. PCIT has been challenged before us by the assessee. Before we advert to the facts and law involved in this issue before us, let us revisit the law governing the issue before us. The assessee has challenged […]
Bank of Baroda Vs Rajiv Rai (NCLT Chennai) Section 238A of IBC, 2016 applies to the entire provisions of IBC, 2016 and as such Article 136 of the Limitation Act, 1963 also applies to an Application filed under Section 95 of IBC, 2016. In the said circumstances, as per Section 3 of the Limitation Act, […]
Puja Vs PCIT (Punjab and Haryana High Court) Mr. Vaibhav Gupta, Jr. Standing Counsel, accepts notice on behalf of respondent-Income Tax Department, and seeks time to file reply. Prima facie, the impugned order dt. 03.04.2022, passed under Section 148 (A)(d) of the Income Tax Act, 1961 appears to have been passed with regard to a […]
In re GDPK Returnable Solutions India Private Limited (CAAR Mumbai) Temporary import/re-export of Intermediate Bulk Containers (IBCs) as reusable packing containers and its eligibility to avail duty exemption (a) the laden/ unladen IBCs imported into India are eligible to avail the exemption under the Notification No. 104/94-Cus., dated 16.03.1994; (b) There is no requirement to […]
In re Private Entrepreneurs Godowns Association Vs Punjab State Warehousing Corporation (CCI) As far as the allegations of there being an anti-competitive agreement in violation of competition law amongst OP-1 and OP-2 are concerned, the Commission observes that the Informant, besides making bald allegations, has placed on record no material, which may even prima facie […]
