ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
Calcutta High Court held that charges under section 24 of the Prevention of Money Laundering Act, 2002 towards any knowledge of committing crime of the money used is obtained by fraudulent means cannot be pardoned before a full-fledged trial.
Bombay High Court held that initiation of reassessment proceedings u/s 147 after the expiry of 4 years from the end of the relevant assessment years without failure on the part of the assessee to disclose fully and truly all the material facts unsustainable and liable to be quashed.
Analyzing the High Court case, ACIT Vs Sun and Sun Inframetric Pvt. Ltd., focusing on the PCIT’s ability to exercise revisionary jurisdiction under Section 263.
Explore the Delhi High Court’s landmark decision in DLF Homes Panchkula Pvt Ltd vs JCIT (OSD) case, rejecting TDS on External Development Charges, and its implications on taxation norms
An overview of case, Parth Developers vs PCIT, where ITAT rules that PCIT can’t invoke Section 263 for a project completion method consistently used by AO.
Examining Nandji Mishra Vs Commissioner of Central Excise case on service tax non-payment penalties and the need for evidence verification.
Analysis of Asian Plywood Industries Vs CGST & Excise case where demand of customs duty is quashed due to lack of evidence for clandestine goods removal.
Explore the Supreme Court case Bharatiya Kamgar Karmachari Mahasangh Vs Jet Airways. Understand how a prior contract can override standing orders in appointing workmen for a fixed period.
CESTAT Delhi held that Universal Joints Parts to be used in transmission shaft, are more specifically covered under sub heading 8483 60 90 and not under heading 8708.
