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Challenge pending cannot be equated to challenge succeeding: Bombay HC

CIT Vs Bharati Vidyapeeth (Bombay High Court)

CIT Vs Bharati Vidyapeeth (Bombay High Court); The only argument is, namely, if the Revenue succeeds in the Appeal challenging the order of the Tribunal restoring assessee’s registration, then it may be open for the Revenue to tax its income and by holding that both Sections 11 and 12 of the IT Act have no application […]...

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TDS deductible U/s. 194I on Composite licence fee comprising rent and royalty

CIT Vs I.T.C. Ltd. (Delhi High Court)

These are 16 appeals by the Revenue under section 260A of the Income Tax Act, 1961 (Act). 8 of them are quantum appeals and the remaining 8 are penalty appeals. As far as the quantum appeals are concerned, these are ITA Nos. 73, 75, 77, 78, 82, 86, 113 and 123 of 2005 which are directed against the common order dated 16-3-2004...

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Person who hears must decide- Order not valid if heard and decided by different officers

Manigandan Rice Mill Vs Chief CIT (Madras High Court)

The legal principle is that the person who hears must decide. Therefore, by applying the said principle to the case on hand, the only conclusion that can be arrived at is to send back the matter for fresh consideration before the first respondent, on the plea for waiver of interest under section 220(2) and rule 5 of the Second Schedule to...

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CA can be tried under Prevention of Corruption Act for offering bribe to ITO

H. Naginchand Kincha Vs. Superintendent of Police (Karnataka High Court)

CA accused of offering a bribe to ITO for performing an official act can be tried U/s. 7 and 13 (1)(d) of Prevention of Corruption Act and section 120-B of the IPC. The fact that the CA is not a public servant is irrelevant. ...

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Company with different risk profile / Size cannot be comparable despite similar functional profile

CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)

CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)- When we examine the profile of the assessee company vis-à-vis Infosys Technologies Limited in the light of the judgment in CIT vs. Agnity India Technologies Pvt. Ltd. (supra), there is no comparability for benchmarking the international transactions for the reasons inter alia that...

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No Respite to Himachal CM Virbhadra Singh from HC in Income Tax Case

Shri Virbhadra Singh (HUF) through its Karta Shri Virbhadra Singh Vs. Principal Commissioner of Income Tax (Himachal Pradesh High Court)

Section 263 confers sufficient powers upon the Commissioner to decide all issues of law, after recording its satisfaction that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. ...

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Mere allotment of PAN would not make allottee a Separate Entity

Sardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court)

Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Officer may allot a PAN to individual....

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Bombay HC on ITAT order blaming ICAI and Chartered Accountants

Vijay Vishin Meghani Vs DCIT (Bombay High Court)

HC held that Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay, turned its attention towards the assessee's Chartered Accountant....

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Retention of seized cash to be utilised towards tax dues already determined

Fatema Hussain & Anr. Vs UOI & Ors. (Patna High Court)

Facts on record go to show that on 21-3-2014 when the petitioners were carrying a sum of Rs. 30 lakhs in New Delhi purportedly having received it as certain sale proceeds, the author­ities of the Income Tax Department at New Delhi seized the amount and thereafter when the amount was not released and no action was taken for a period of ab...

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Broad functionality not sufficient to find comparable entity unless similarity with controlled transaction

Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court)

Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court) Broadly, it appears that the ITAT has gone on the usage of several terms such as debt syndication, debt financing, IPO advisory, corporate restructuring, mergers, acquisitions etc, appearing in the annual reports of the comparable to hold that the Assessee and the said comparab...

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