According to provisions of law, mutation is meant for the purpose of identifying person primarily liable for payment of tax. Mutation neither creates nor extinguishes title of any of parties to property.
Calcutta High Court held that for earlier assessment years already tax in respect of sale of shares was treated and accepted as long term capital gains. Thus, when the shares were held to be investments and accepted as earlier AYs, it cannot be said to be not an investment in the current AY. Accordingly, profit taxable as capital gains and not business income.
SPS Steels Rolling Mills Limited and Ors. Vs Asansol Durgapur Development Authority and Anr. (Calcutta High Court) Learned Single Judge by the impugned order has reached to the conclusion that the transfer fee was exempted under the resolution plan sanctioned by the National Company Law Tribunal and has found that the demand of the respondent […]
Calcutta High Court held that revision application filed under section 264 of the Income Tax Act allowable on account of bonafide mistake which cannot be rectified by filing revised return since original return was filed belatedly.
Standard Operating Procedure (SOP) under the Faceless Assessment framed under Section 144B of the Act had been issued by the National Faceless Assessment Centre, Delhi and communicated to all the Principal Chief Commissioners, Income Tax under the cover of a letter dated 3rd August, 2022.
Calcutta High Court held that in case of accident claim, compensation is to be calculated on gross salary after deducting the professional tax.
Calcutta High Court held that as submitted by assessee non-filing of reply and not appearing for hearing in spite of several opportunity simply stating reason of COVID-pandemic not justifiable. Accordingly, writ petition dismissed.
Calcutta High Court held that penalty under section 129 of the West Bengal Goods and Services Tax Act, 2017 duly imposed for transportation of goods without a valid e-way bill.
Calcutta High Court held that invocation of provisions of rule 8D(2)(ii) of the Income Tax Rules by AO without examining the accounts of the assessee and without examining the claim made by the assessee is unjustified.
Calcutta High Court dismissed the writ petition holding that State action for not granting of remission of tax cannot be said to be arbitrary. Accordingly, held that writ petition is devoid of merit.
