Commissioner cannot refuse to entertain a revision petition filed by the assessee under Section 264 of the Act if it is maintainable on the ground that a similar issue has arisen for consideration in another year and is pending adjudication in appeal or another forum.
ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP adjustment.
Allahabad HC in case of Ashok Auto Sales Ltd v/s CIT held that Vector shipping is not correct preposition of law as held by Honb’le SC in case of M/s Palam Gas Service vs. CIT.
The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961.
M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi) There is no dispute to the fact that the department conducted inquiry in the case of third party where the name of the assessee was also written to have received accommodation entry and accordingly, the AO reached to a conclusion while recording reasons that the income of the assessee has escaped assessment and it is a fit case for initiation of proceedings u/s 148 of the Act and the case was selected for scrutiny and assessment was made by making necessary additions.
SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India.
Supreme Court questioned the maintainability of the petition filed by CPI Leader in which he challenged the provisions of section 139AA of the Income Tax Act,1961 which mandates linking of Aadhaar with PAN number for filing income tax returns (ITR). The petition was later withdrawn by the counsel appeared on behalf of the petitioner. Supreme Court […]
It is not open to the Appellate Commissioner to introduce in the Assessment a new source of income and the assessment must be confined to those items of income which were the subject-matter of the original assessment.
U.P. Distillers Association Vs. CIT (Delhi High Court) In this case Assessee urged that, in any event, the cancellation could not have been from inception but only from the date Parliament amended Section 12AA, i.e. from 01.10.2004. HC held that that the cancellation of registration in this case could have related back only from the […]
Unless return of income already filed is disposed of, notice under section 148, cannot be issued, i.e., no reassessment proceedings can be initiated so long as assessment proceedings pending on the basis of the return already filed are not terminated.
