A debt means something more than a mere advance. It means something which is related to business or results from it. To be claimable as a bad or doubtful debt it must first be shown as a proper debt
These are 16 appeals by the Revenue under section 260A of the Income Tax Act, 1961 (Act). 8 of them are quantum appeals and the remaining 8 are penalty appeals. As far as the quantum appeals are concerned, these are ITA Nos. 73, 75, 77, 78, 82, 86, 113 and 123 of 2005 which are directed against the common order dated 16-3-2004
CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)- When we examine the profile of the assessee company vis-à-vis Infosys Technologies Limited in the light of the judgment in CIT vs. Agnity India Technologies Pvt. Ltd. (supra), there is no comparability for benchmarking the international transactions for the reasons inter alia that Infosys Technologies […]
Non-contest in the proceedings under Section 73 cannot be used as a ground or reason to establish and show that requirements of Section 78 are satisfied. The Tribunal after appreciating different aspects, including conduct of the respondent-Corporation has held that penalty should not be levied. The finding is a finding of fact.
Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court) Broadly, it appears that the ITAT has gone on the usage of several terms such as debt syndication, debt financing, IPO advisory, corporate restructuring, mergers, acquisitions etc, appearing in the annual reports of the comparable to hold that the Assessee and the said comparables perform similar functions.
Whether retweeting would attract the liability under Section 499 IPC, is a question which requires to be determined in the totality of the circumstances and the same will have to be determined during trial and any interference at this stage by this court is likely to prejudice the findings of the Trial Court.
Notice. Mr. Sanjeev Narula, the learned CGSC accepts notice for Respondent No.1 and Mr. Harpreet Singh, Sr. Standing Counsel accepts notice for Respondent No.2. Reply be filed on or before 17th October, 2017 and rejoinder, if any, be filed before the next of hearing.
The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice.
The present writ petitions have been filed by NDTV Ltd. (hereinafter, NDTV) against the notice proposing reassessment proceedings initiated by the Commissioner of Income Tax (hereinafter, espondent or CIT or Revenue) under section 147/148 of the Income Tax Act, 1961 (hereinafter, Act) and the order of provisional attachment of Petitioner’s assets under section 281B of the Act.
The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective effect from 1st June 2015.
