Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]
KSS Limited (formerly known as K Sera Productions Ltd.) Vs Pr. CIT (Bombay High Court) Conclusion: Where the money was routed through AE by the assessee for the purpose of acquisition of distributorship, the back to back agreements, the contents thereof and most significantly, the fact that neither at the point of payment nor at […]
Pr. CIT Vs Khaitan Chemicals Ltd. (Rajsthan High Court) HC observed that the issue of classification of income on the sale of shares as business income or as short-term capital gains is to be decided the facts of each case. The tests to be applied for such determination is provided in CBDT Circular No.4 of […]
Udit Kalra Vs ITO (Delhi High Court) In the case there was a specific information that assessee has indulged in non-genuine and bogus capital gain obtained from the transactions of purchase and sale of shares of M/s Kappac Pharma Ltd., a Mumbai based company. It is noticed that the purchase transaction has been done off […]
Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court) On reading the provisions contained in Chapter XIX-A of the Act, a clear picture that emerges is that an assessee can apply for settlement of a case as long as same is pending. Once such an application is filed (and in case of application filed before […]
ITAT relied upon the ruling of this Court in Cheminvest Limited vs. Commissioner of Income Tax-VI, (2015) 378 ITR 33 which ruled in the absence of any exempt income, disallowance under Section 14-A of the Act of any amount was not permissible.
CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court) A deemed dividend could only have been assessed in the hands of a person who is shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is a member or partner having substantial interest. Admittedly, in the […]
Pr. CIT Vs Late Shantaben P. Patel (Gujarat High Court) In this case Since assessee had relied on the estimate made by the Registered Valuer for the purpose of supporting its value of the asset, any such situation would be governed by clause (a) of section 55A and AO could not have resorted to clause […]
Grundfos Pumpas India case: Where the provision was made on a scientific basis and not on an adhoc estimate, deduction in respect of provision for warranty was allowed
Pr. CIT Vs M/s. Monsanto India Ltd. (Bombay High Court) Tribunal recorded that the Non Compete Agreement was part of the agreement for the sale of the business. Under this Agreement, the Assessee could be seen to have transferred the right to manufacture the product in question. The Tribunal, therefore, was of the opinion that […]
