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Gold wastage during creation of ornaments can’t be treated as ‘making charges’

April 17, 2023 3696 Views 0 comment Print

 Understand the intricacies of gold wastage in ornament creation and its tax implications in the case of P.R. Gold and Silver Craft v. DCIT. Delve into the Chennai Tribunals ruling on treating gold wastage as making charges and the applicability of TDS under Section 194C. Gain insights for your business.

Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use

April 17, 2023 999 Views 0 comment Print

Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat) Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use: Marvelore Mining & Allied Industries (P.) Ltd. v. ITO – [2023] (Surat-Trib.)  Assessee was a private limited company. It was engaged in the business of Calcium […]

Time-barred appeal should be allowed if it involves a substantial question of law

April 17, 2023 1251 Views 0 comment Print

Explore the Calcutta High Court’s decision in PCIT v. Soorajmul Nagarmull, emphasizing the allowance of time-barred appeals involving substantial questions of law. Gain insights into the case and its implications.

No Section 68 additions solely based on MOU found during search In Premises of Third Party

April 15, 2023 1299 Views 0 comment Print

No Sec. 68 additions solely based on MOU found during search In Premises Of Third Party if assessee wasn’t even remotely connected to MOU

Case Law on Filing of Return in Response to Notice under section 148

April 13, 2023 16287 Views 0 comment Print

Explore the case law of ITO vs. Shri R.K. Gupta (ITAT Delhi) regarding filing returns in response to notice under section 148. Understand the importance of proper compliance with the notice for reassessment.

Reasons recorded mere repetition of report of DDI. (Inv.)- Reassessment order set aside

April 12, 2023 1071 Views 0 comment Print

Sri Laxmi Narayan Agency Vs ITO (Orissa High Court) On writ the assessee contended that the documents on the basis of which the Assessing Officer had formed the reason to believe that income had escaped assessment were not supplied to the assessee, and that the request for opportunity of cross-examination of the persons on the […]

Issue of Notice u/s 143(2) after filing of return u/s 139 or in response to Notice issued u/s 142(1) or 148 is mandatory

April 12, 2023 6501 Views 0 comment Print

CIT Vs Laxman Dass Khandelwal (Supreme Court of India) After filing a return of income u/s 139(1), 139(4),  139(5), 142(1) if income tax authority considers, it is necessary or expedient to ensure that assessee has not understated the income or has not computed excessive loss or has not under-paid the taxes in any manner, shall […]

SLP Dismissed By Supreme Court In The Case of Salil Gulati V. ACIT

April 11, 2023 11871 Views 0 comment Print

Salil Gulati Vs ACIT (Supreme Court of India) Hon’ble Supreme Court today in SLP No. 7466/2023 in Salil Gulati v. Assistant Commissioner of Income Tax has dismissed the SLP. The SLP had challenged the fresh reassessment notices for AY 2014-15 under 148A(b) issued after the Hon’ble SC judgment in Ashish Aggarwal case, on the ground […]

No reassessment for Assessment years 2013-14 & 2014-15 if notices issued under old provision between 01.04.2021 to 30.06.2021

March 30, 2023 11091 Views 0 comment Print

Sumit Jagdishchandra Agrawal Vs DCIT (Gujarat high court) All original notices under section 148 referable to old regime and issued between 01.04.2021 to 30.06.2021 would stand beyond prescribed permissible timeline of six years from end of assessment year 2013-14 and assessment year 2014-15. Therefore, all such notices when they would relate to assessment year 2013-14 […]

Borrowed Satisfaction & Necessity of Providing Material to Assessee before Reopening An Assessment

March 29, 2023 3702 Views 0 comment Print

It is seen in a number of cases that notices u/s 148A(b) are being issued on the basis of report of Investigation Wing of Income Tax Department, the Income Tax Officers hardly make any independent enquiry and thus relies on the report of Investigation Wing. This is called ‘borrowed satisfaction’ and an assessment order culminated on the basis of borrowed satisfaction can’t survive the test of appeal and shall be set aside at some stage in appeal.

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