Punjab & Haryana HC rules that Income Tax circulars can’t override statutory provisions, setting aside notices issued contrary to Income Tax Act.
Since an Arresting Officer had conveyed his intention, reasons, grounds and believe to arrest assessee, the order of grounds of arrest was in conformity with the requirement of Section 19 of PMLA Act.
The respondent-Society had applied for registration pleading that it was running a private Industrial Training Institute imparting vocational to the students, and the same was duly affiliated and regulated by National Council for Vocational Training (NCVT).
Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts.
Punjab and Haryana High Court held that benefit of section 12AA of the Income Tax Act cannot be denied to the institute that is duly registered as educational trust and earning in utilised for the purpose of advancement of education.
Punjab and Haryana High Court held that the benefit of Section 80-I upon the conversion of a proprietorship concern or the partnership firm to a Private Limited Company, is answered in favour of the assessee.
An enquiry was initiated by Haryana State Tax Department with regard to wrongful availment of Input Tax Credit against assessee-company and also by multiple DGGI Zonal Units.
Punjab and Haryana High Court held that interest can be waived in case the circumstances are beyond the control of the assessee in filing return in time. Accordingly, interest u/s. 234-A of the Income Tax Act waived.
Punjab & Haryana High Court rules comparable used in ALP determination must be justified. The court dismisses Revenue’s appeal, upholding ITAT’s ruling.
Punjab and Haryana HC ruled on the waiver of pre-deposit under Section 33(5) of HVAT Act, directing the appeals to be heard based on financial hardship. Writ petitions allowed.
