Telangana High Court declares Section 148 notices issued by Jurisdictional Assessing Officer invalid post-amendment under Section 151A of the Income Tax Act.
In Gopinath Kanduri vs. ITO case, penalty under section 271D was imposed for a technical violation of section 269SS. Learn how tribunal ruled in favor of assessee.
ITAT Delhi held that held that benefit of indexed cost of acquisition should be available to assessee based on payments made. Accordingly, AO directed to re-compute gain.
ITAT Delhi held that the cash deposited out of sales cannot be treated as income u/s 68 of the Income Tax Act once the sales are not disputed by the revenue.
CESTAT Chennai held that remand order of de novo adjudication being passed after 18 years is liable to be set aside as department failed to explain the humongous delay.
ITAT Mumbai held that loss arising on settlement of contracts has to be treated as speculation loss and speculative losses are not eligible for set off against the non-speculation profit.
ITAT Mumbai held that rate of tax in case of foreign company is higher than rate of tax in case of domestic company and as per the Explanation in the Section 90, inserted in the IT Act with retrospective effect from 01-04-1962 the should not be regarded as violation of nondiscrimination clause.
Analysis of CESTAT Chandigarh’s ruling in S. R. Medical Agencies vs. Commissioner of Central Excise regarding service tax on BSNL commission. Learn about the implications.
Supreme Court of India held that disqualification under section 29A of the Insolvency and Bankruptcy Code is without any substance as the related party had ceased to be in the helm of affairs of the corporate debtor more than a decade ago.
ITAT Mumbai held that guarantee fees paid to holding company for loan advanced by assessee to third party is commercial/ business expediency and hence allowable as deduction under Section 37 of the Income Tax Act.
