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Failure to Record Satisfaction Renders Section 148 Notice Void & Assessment Order Void-ab-initio

April 3, 2024 1377 Views 0 comment Print

Analysis of ITAT Mumbai’s ruling on void-ab-initio notice under Section 148 & assessment order. Non-recording of satisfaction renders proceedings unsustainable.

HC Directs Filing of Appeal for Service Tax Penalty Imposed Without Hearing

April 3, 2024 636 Views 0 comment Print

Learn about Madras HC’s decision on service tax imposition without hearing, advising appellate recourse. Details of the case provided.

Allottees’ Rights must be Preserved in CIRP, RP best Suited to determine Business Operations: NCLAT

April 3, 2024 621 Views 0 comment Print

NCLAT held that rights of allottees are safeguarded in CIRP, with RP empowered to make decisions regarding business operations. Details of the judgment provided.

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

April 3, 2024 1545 Views 0 comment Print

Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed income, and partnership firm transactions.

Section 10(10D) Tax Exemption for Employee on Insurance Policy Assignment by Employer

April 3, 2024 2334 Views 0 comment Print

In the Mihir Parikh Vs ACIT case, ITAT Delhi clarifies taxation on maturity proceeds of assigned insurance policies under Sec 10(10D) of Income Tax Act.

Delhi HC Directs Transfer of GST Credit to Migrated Number

April 3, 2024 996 Views 0 comment Print

In BCC Developers & Promoters Pvt. Ltd. vs Principal Commissioner of Central Goods And Services Tax, the Delhi High Court orders the transfer of GST credit from a non-migrated GST number to a migrated GST number.

Section 263 cannot be invoked based on incorrect understanding / appreciation of facts

April 3, 2024 669 Views 0 comment Print

Analysis of Kishorkumar Bhalara Vs PCIT (ITAT Rajkot) case, where the ITAT ruled that incorrect assumption of facts alone is not sufficient to revoke jurisdiction under Section 263.

Advance from Customers Not Section 68 Income; Powers of CIT(A) Parallel to AO’s

April 3, 2024 2262 Views 0 comment Print

In the case of ITO Vs Raj Maitry & Eskon Developer, ITAT Mumbai decides advance received from customers isn’t income under section 68. Detailed analysis of the ruling.

No Section 270A Penalty if No Misreporting or Underreporting by Assessee

April 3, 2024 3525 Views 0 comment Print

Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or underreporting by the assessee.

Transfer Pricing: Comparing New Assessees with Established Businesses is Inappropriate

April 3, 2024 603 Views 0 comment Print

Learn from PCIT Vs Radhashir Jewellery Co. Pvt Ltd. case why comparing new and established businesses in transfer pricing is inappropriate. Detailed analysis provided.

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