Sirpur Paper Mills Limited Vs Union of India (Telangana High Court) Insofar carry forward of losses and adjustments against future profits are concerned, the same is provided by Clause 17.7 (c) of the resolution plan. However, as and when such carry forward and set off is claimed by the petitioner in future, i.e. beyond the […]
Kamla Retail Ltd. Vs ACIT (ITAT Chandigarh) It is no doubt true that it is incumbent upon the assessee to account for the expenses in respective financial year in which they are incurred or the liability towards such expenses has accrued which is in line with the mercantile system of accounting as well as concept […]
Colgate Global Business Services Pvt. Ltd. Vs Union of India (Bombay High Court) A Perusal of the impugned Order indicates that the Respondent No.3 has rejected the application for refund without recording any reasons, though the same is mandatory under Rule 92(3) of the Central Goods and Services Tax Rules, 2017. In our view, the […]
Shekar B.S. Vs Chief General Manager, Syndicate Bank (Karnataka High Court) Bank’s justification is, petitioner has not opted for switchover to a new system. The fact remains that bank has reduced the rate of interest from 11.75% to 8.25% with effect from 24.01.2017. It is a housing loan. The stand taken by the bank that […]
P.S. Jagdish Vs DCIT (ITAT Chennai) We noted that the return of income filed by the assessee was processed by CPC, Bengaluru and intimation u/s.143(1) of the Act was issued on 05.03.2012 (which is not disputed by Revenue). Admittedly, the AO passed rectification order on 20.06.2016. The claim of the assessee is that the rectification […]
ITO Vs GRA Enterprises (ITAT Delhi) Assessing Officer while framing the assessment notice observed that the assessee had received total unsecured laon expenditure of Rs. 22,21,29,723/-, during the year out of which an amount of Rs. 950,000,00/- was received from M/s Telecare Network India (P), a closely held company having its office at Zen House, […]
Smt. Chander Kanta Maheshwari Vs ITO (ITAT Delhi) Deduction under section 54F of the Act can be claimed to the extent of amount of capital gain utilized till the filing of the return under Section 139(4) of the Act. As in the instant case, the ld. Commissioner allowed the deduction under Section 54 of the […]
Habitate Realtech P. Ltd. Vs DCIT (ITAT Delhi) When it is a fact on record that the business fund lying idle with the assessee was invested in fixed deposit for earning some income which can be utilised in the business at the time of need, it has to be held that the interest income is […]
C. Joseph Vijay Vs State of Tamil Nadu (Madras High Court) HC held that it is difficult to suggest that the petitioner had acted with malafide and with deliberate intention and thus, the observation made by the learned single Judge, apart from being unwarranted, are irrelevant to decide the issue. The order of the writ […]
Haldia Steels Pvt. Ltd. Vs. Union of India (Calcutta High Court) In this matter the petitioner has challenged the impugned assessment order dated 28th September, 2021, under section 147 read with section 144B of the Income Tax Act on the ground of violation of principle of natural justice by not serving copy of the draft […]
