Supreme Court reviews IBC amendments, settling disputes between home buyers and builders. Case highlights legislative intent and project completion.
Sri. Yeruva Prasad Vs ACIT/DCIT (ITAT Bangalore) The amended provisions of section 43B as well as 36(1)(va) of the I.T.Act are not applicable for the assessment years under consideration i.e. 2018-19 & 2019-20. By following the binding decision of the Hon’ble jurisdictional High Court in the case of Essae Teraoka Pvt. Ltd Vs. DCIT (supra), […]
Sunil Kumar Mitra Vs Union of India (Calcutta High Court) Considering the submission of the parties and admitted position which appears from record, I am of the view that in this case there was violation of principle of natural justice and the impugned order of the Appellate Authority is a non-speaking order on the aforesaid […]
Entries relating to advances received from Hardev Singh and his son Maninder Singh Sahi from Canada were recorded in books of account and assessee also explained that amount was received as an advance for making investment in property by said person, and assessee was engaged in the property business. Assessee also requested AO to summon concerned party under section 131 but AO did not accede to the request of assessee and made the addition, therefore, addition made by AO was not justified.
Abhay Kumar Mittal Vs DCIT (ITAT Delhi) it was submitted that Income Tax Act does not prohibit claiming HRA exemption on the rent paid to one’s spouse, that her wife is qualified medical practitioner and she has returned the loan extended to her by the assessee from liquidation of mutual funds and fixed deposits. We […]
Chitranshi Goyal Vs Indian Oil Corporation Ltd. (Rajasthan High Court) The facts of the case are that on 14/12/2018, an advertisement was issued by the respondent-IOCL in daily newspaper “Rajasthan Patrika’ for selection of dealers qua IOCL retail outlet at various locations. The respondent-IOCL also issued a brochure dated 24/11/2018 for selection of dealers for […]
Pramukh Realty Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad) The brief facts of the case are that the appellant have pad service tax on Construction of residential Complex for which they have entered into the agreement for sale of flats, accordingly they have paid service tax on sale of flats. Subsequently the sale of flats has […]
ICMC Projects Pvt. Ltd. Vs ITD (ITAT Delhi) Hon’ble Karnataka High Court in case of Fatehraj Singhvi & Ors. vs. UOI & Ors. 2016 (9) TMI 964 is in favour of the assessee holding that the amendments brought in statute w.e.f. 01.06.2015 are prospective in nature and as such, notices issued u/s 200A of the […]
Vikram Singh Vs Shyoji Ram (Supreme Court of India) SC observed that it is surprising that on the one hand, the Bank Managers have specifically deposed that no such bank account was opened and maintained in their bank while on the other hand the cheque drawn by the respondent in favour of the appellant, was […]
Sports Authority of Gujarat Vs DCIT (ITAT Ahmedabad) This ground of the assessee relates to the claim of deduction on depreciation against income from interest which according to the assessee qualifies as income from business or profession. Having held that the income from interest qualifies as ‘income from other sources‘ in the preceding paragraphs, the […]
