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The present appeal has been filed by the revenue against order passed by the CIT(A) challenging action of CIT(A) in allowing carry forward of unabsorbed depreciation of Rs. 19,89,09,661/- pertaining to A.Y.s 1997-98 to 2000-01 for set off without any time limit.
Punjab and Haryana High Court held that non-conveying of grounds of arrest in writing is not sufficient compliance of the provisions of Section 19 of the PMLA and Article 22 of the Constitution of India. Accordingly, arrest of the present petitioner illegal and cannot be sustained.
Kerala High Court held that as petitioner failed to reply to the show cause notice and failed to attend the hearing. Thus, petitioner chose not to provide any evidence in respect of his claim of input tax credit. Hence, writ not entertained.
Jharkhand High Court held that Jharkhand Value Added Tax Act, 2005 [JVAT Act] doesn’t have any provision for initiation of re-assessment proceedings against a re-assessment order. In case assessing authority is allowed to initiate repeated re-assessment proceeding merely on dictate of audit party there would be no finality of assessment.
AO without bringing any material or reasons before making any addition, simply added back the opening balances of the trade payables without making any verification from the parties and he had failed to discharge the preliminary onus and had made the addition in summary manners, therefore, CIT(A) had committed no error in deleting the addition made u/s 41.
Bombay High Court held that taking recourse to the provisions of Section 166A of the Code of Criminal Procedure, 1973 for issuance of the Letter of Rogatory by the Magistrate without following procedure prescribed under section 155(2) cannot be sustained and deserved to be quashed.
Bombay High Court held that Para 3(a) of Circular No. 36/2010 Customs dated 23.09.2010 imposing time limits for amending shipping bills is ultra vires of Section 149 of the Customs Act, 1962.
ITAT Kolkata held that disallowance of loss claimed by the assessee under section 41 of the Income Tax Act in a hypothetical way is unjustified and accordingly matter set aside for afresh examination.
Analysis of ITAT Delhis ruling in Luxor Writing Instruments (P) Ltd Vs DCIT. The tribunal clarifies that the waiver of a loan does not amount to cessation of trading liability under Section 41(1) of the Income Tax Act.
In present facts of the case, the Hon’ble Supreme Court dismissed the appeal and upheld the Judgment of High Court, wherein adequate compensation was provided on Land Acquisition while considering the relevant factors such as determining the deduction for development charges, the nature of land, area under acquisition, whether the land is developed or not, if developed to what extent, and the purpose of acquisition.
