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HC clarifies on Section 254(2) limitation period for filing rectification application

PCIT Vs ITAT (Bombay High Court)

PCIT Vs ITAT (Bombay High Court) From a careful reading of the provision, it is seen that Tribunal is vested with the power to rectify any mistake apparent from the record to amend any order passed by it under sub-section (1) of Section 254 at any time within six months from the end of the […]...

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Validity of Order passed by ITAT and Reliance on decisions

Bhavya Construction Co Vs ACIT (Bombay High Court)

Bhavya Construction Co Vs ACIT (Bombay High Court) Section 254(1): The basic grievance of the Appellant is that the impugned order of the Tribunal has been passed in breach of principles of natural justice. This for two reasons, one the decisions relied upon by the Tribunal of its own (not cited at the bar) in […]...

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Credit worthiness cannot be doubted merely for meager income | Section 68 | Bogus share capital

PCIT Vs Ami Industries (India) P Ltd (Bombay High Court)

The assessee had furnished PAN, copies of the income tax returns of the investors as well as copy of the bank accounts in which the share application money was deposited in order to prove genuineness of the transactions. In so far credit worthiness of the creditors were concerned, the bank accounts of the investors showed that they had fu...

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HC imposes Cost of Rs. 5 Lakh on Assessee for Misleading the Court

Indus Towers Ltd. Vs ACIT (Delhi High Court)

Indus Towers Ltd. Vs ACIT (Delhi High Court) The issue raised is that of gross suppression and misstatement by the petitioner, which led to a false projection of the outstanding liability/ refund due from/ to the petitioner.  It is pointed out by Mr. Raghvendra Singh that the petitioner was required to file a consolidated return [&hellip...

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Look out Circular against CA despite co-operation in Investigation not justified

Lakshmi Satyanarayana Dutt Tadikonda Vs Union of India & Ors. (Delhi High Court)

Lakshmi Satyanarayana Dutt Tadikonda Vs Union of India & Ors. (Delhi High Court) In the given case, the petitioner is seeking the withdrawal of the Look Out Circular (LOC) issued against him and no other prayer has been pressed during the course of the arguments by the Ld. Sr. counsel for the  petitioner. The petitioner […]...

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Power distribution companies eligible for deduction of efficiency gain amount set apart

DCIT Vs TATA Power Delhi Distribution Ltd. (Delhi High Court)

DCIT Vs TATA Power Delhi Distribution Ltd. (Delhi High Court) Assessee is under a statutory obligation to set apart 50% of the excess amount generated due to the overreaching of the targets, for the purpose of the consideration of the DERC to fix the future tariffs either  to give relief to the consumers or otherwise. […]...

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IF VAT Rate reduced by Govt, Similar reduction should also be in Entry Tax Rate: HC

Jindal Stainless Hisar Ltd Vs State of Gujarat  (Gujarat High Court)

Jindal Stainless Hisar Ltd Vs State of Gujarat  (Gujarat High Court) It is the case of the petitioners that while the State Government reduced the applicable rate of tax under the VAT Act on stainless steel flats and sheets to 1% it did not correspondingly reduce the rate of entry tax applicable to the same goods […]...

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HC denies Anticipatory Bail for evading GST by not Raising Tax Invoices

Smt. Jecintha Pillaivs Vs State of Telangana (Telangana High Court)

It is apparent that the petitioners are not cooperating with the investigation. The petitioners preferred the present petition on assumptions and presumptions with a view to avoid the statutory proceedings. The nature of financial frauds is complex in nature and requires examining several evidences to conclude the investigation and if the...

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If debt become irrecoverable then assessee can writes off it as Bad Debts

PCIT Vs Homi Mehta & Sons Pvt. Ltd. (Bombay High Court)

Assessee had advanced loans to its subsidiary company. The loan was interest bearing. The Respondent- Assessee claimed that the subsidiary company became loss making company and the Respondent- Assessee took a decision to write off the loan and claim the same as bad debts....

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MEIS benefit cannot be denied for mere inadvertent error

Davinci Leather Pvt. Ltd. Vs Commissioner of Customs (Madras High Court)

The petitioner, engaged in the export of leather shoes, had filed a shipping bill claiming duty drawback. The export transaction, the petitioner states, was also entitled for benefit under the Merchandise Exports from India Scheme (MEIS) notified under the Foreign Trade Policy....

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