PCIT Vs Mount Kellett Capital Management India Pvt. Ltd. (Bombay High Court) Entire exercise of making transfer pricing adjustments on the basis of comparables is nothing but a matter of estimate of a broad and fair guess-work of the authorities based on factual relevant materials brought before the authorities, i.e., the TPO or Dispute Resolution […]
SPL Gold India Private Limited Vs ACIT (Bombay High Court) We have also considered the Assessment Order. It is true that between 20/05/2021 and 25/05/202 1 there was a lockdown in Mumbai and 22/05/2021 and 23/05/2021 were holidays. Therefore, even with a superhuman effort, Petitioner would not have been able to file the huge number […]
Milestone Brandcom Private Limited Vs National Faceless Assessment Centre (Bombay High Court) 1. This is another matter where Court’s precious judicial time is spent due to utter disregard for orders and remarkable ineptitude of the Assessing Officer. 2. Petitioner was served with a draft Assessment Order dated 06/05/2021 with a notice by which Petitioner was […]
Assessment order could not have been passed by the Assessing Officer without granting an opportunity to respondent to defend his position or cross-examine the two persons on whose affidavits, the Assessing Officer had relied upon to conclude that respondent had made certain purchases from those persons identified as Hawala Traders.
PCIT Vs JK Surface Coatings Pvt. Ltd. (Bombay High Court) The only issue that comes up for consideration is with respect to the extent of ad-hoc disallowance to be sustained with respect to bogus purchases. The AO has observed 100% of the purchase value to be added to the income of Assessee, the CIT(A) has […]
Coca-Cola India Private Limited Vs DCIT (Bombay High Court) Revenue relied upon a Bombay HC judgment in Crompton Greaves Ltd. V/s. ACIT to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for […]
CIT Vs Maharashtra Hybrid Seeds Co. Ltd. (Bombay High Court) The Bombay High Court allowed the deduction on interest paid on the amount borrowed for the purpose of machinery even if machinery is not actually used in business. The revenue has raised the issue Whether on the facts and circumstances of the case and in […]
Skoda Auto Volkswagen India Private Limited Vs ACIT (Bombay High Court) Petitioner had in its annual report mentioned about the technical know how fee, royalty and technical assistance fee that it had paid to Skoda Auto a.s. and Volks Wagen AG. Petitioner had also filed Form 3CEB in which it had disclosed about details and […]
Any statement recorded prior to the issuance of such show-cause notice is not a statement recorded in the course of an inquiry or proceeding and no right accrues in favour of a noticee to insist that he be offered for cross-examination the witnesses, whose statements have been recorded.
Golden Tobacco Limited Vs National Faceless Assessment Centre (Bombay High Court) In the fact situation of the present case, it appears that a notice under Section 142(1) of said Act along with questionnaire was issued on 23/12/2020 and 26/03/2021. The draft Assessment Order was prepared based on information furnished by the assessee to the said […]
