Bombay High Court

Co-Op HSG Society cannot charge Transfer fees in excess of permissible fees as donation

Alankar Sahkari Griha Rachana Sanstha Vs Atul Mahadev Bhagat & Anr (Bombay High Court)

Alankar Sahkari Griha Rachana Sanstha Vs Atul Mahadev Bhagat & Anr (Bombay High Court) When the persons come together with common object of housing, after formation of a Cooperative Society, they are governed under rules and bye-laws of Maharashtra Cooperative Societies Act. So far as the members are concerned, the Cooperative Housing...

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Penalty cannot be levied if claim was as per judicial precedents

Pr. CIT Vs Dhariwal Industries Ltd (Bombay High Court)

PCIT Vs. Dhariwal Industries Ltd (Bombay High Court) Mr Tejveer Singh, learned counsel appearing on behalf of the Revenue, relied upon a decision of the Division Bench of this Court in the case of Principal CIT-2 v/s Shree Gopal Housing and Plantation Corporation, Mumbai in Income Tax Appeal No.701 of 2015 decided on 6th February, [&helli...

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Disallowance of Service Tax U/s. 43B when payment not received from customer

PCIT Mumbai Vs. Tops Security Limited (Bombay High Court)

Service tax due not disallowed under section 43 if payment not received from the customer...

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Error in filing Form TRAN­1- Govt should allow rectification: HC

O/E/N India Ltd. & Anr. Vs Union of India & Ors. (Bombay High Court)

O/E/N India Ltd. & Anr. Vs Union of India & Ors. (Bombay High Court) 1. This Petition under Article 226 of the Constitution of India seeks a direction to the Respondent No. 3 to allow the Petitioners to resubmit his Form TRAN­1 either electronically or physically, containing the correct figure of Cenvat credit available t...

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Assessment cannot be reopened (within 4 years) for oversight of a statutory provision by AO

The Pr. Commissioner of Income Tax Vs M/s. Inarco Limited (Bombay High Court)

PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the re­opening notice dated 11.3.2010 is valid in law. In this […]...

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STT Rate on derivative contract settled by physical delivery of shares

Association of National Exchanges Members of India Vs SEBI (Bombay High Court)

Association of National Exchanges Members of India Vs SEBI (Bombay High Court) CBDT has clarified that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares. It further s...

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Consistent loss of cases by revenue in Higher Courts could be termed as a deliberate

PCIT Vs International Biotech Park Ltd (Bombay High Court)

PCIT Vs International Biotech Park Ltd (Bombay High Court) Revenue has been selective in its approach. It picks either the assessee or the assessment years pertaining to that assessee for challenging the orders in relation to them, before the higher forums. This results in revenue leakage or perpetuation of wrongs affecting adversely ...

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Gain from sale of shares with Short holding- Business Gain or Capital Gain

Ramilaben D. Jain Vs ACIT (Bombay High Court)

Ramilaben D. Jain Vs ACIT (Bombay High Court) Details of the sales and purchase in shares during the year resulted in the conclusion of the Tribunal that total 73 transactions were disclosed. Only one transaction is shown in long term capital gain category. The other transactions are sales and purchase of shares during the year itself. [...

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Bombay High Court passes strictures against Income Tax Department

Pr. CIT vs Radan Multimedia Ltd. (Bombay High Court)

We have found that the Revenue's advocates are often handicapped for neither the records are produced nor are officers competent to give instructions to these advocates for the Revenue present in the Court. It is time to remind the Revenue that arguing legal matters or proceedings before the highest court in the State should not be taken ...

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Reassessment for non-disclosure of bank a/c which was disclosed during Original Assessment is Invalid

Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court)

Akshar Developers Vs ACIT (Bombay High Court) It is alleged in the reasons that the petitioner had failed to disclose the aforesaid bank account during the assessment proceedings. The petitioner had filed its objections by letter dated 23rd May, 2017 to the reasons inter-alia pointing out that during the course of assessment proceeding, t...

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