Tax
Delhi High Court Quashes Initiation Of Section 153C Assessment Proceedings Falling Beyond Maximum 10 Years Block Period
The Delhi High Court has quashed the initiation of assessment proceedings under Section 153C of the Income Tax Act, which was falling beyond the maximum 10-year block period.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has allowed the writ petitions placed in Lists I and II and pertaining to AYs' 2010-11, 2011-12, 2012-13, and 2013-14, all of which fall beyond...
Affording Personal Hearing Is Mandatory In An Enquiry Under Section 148A(B) Of Income Tax Act: Kerala High Court
The Kerala High Court has held that affording a personal hearing to the assessee is mandatory in an inquiry under Section 148A(b) of the Income Tax Act.The bench of Justice A.K. Jayasankaran Nambiar and Justice Kauser Edappagath has relied on the decision of the division bench in the case of Income Tax Officer v. Asamannoor Service Co-operative Bank Limited, in which it was held that the...
Retrospective Legislation Can't Affect Vested Rights Of Assessee: Bombay High Court
The Bombay High Court has held that retrospective legislation cannot affect the vested rights of the assessee.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that when the Department has extended the last date from February 1, 2021, to September 30, 2021, it can only extend the deadline but cannot introduce a new concept of eligibility as of February 1, 2021, which...
Leasehold Interest In Land Is An Asset Of Company And Is Capable Of Valuation: Jammu & Kashmir High Court
The Jammu & Kashmir High Court has held that leasehold interest in the land is an asset of the company and is capable of valuation.The bench of Justice Tashi Rabstan and Justice Puneet Gupta has upheld the order of the Tribunal in which it was held that leasehold interest is to be included in the value of assets of M/s. Jyoti Private Limited so as to determine the fair market value of...
Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court
The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has refused to grant the reliefs as sought by the respondents-Department to set aside the Income Tax Settlement Commission's (ITSC) order insofar as...
Wireline Logging And Perforation For Drilling An Oil Well Is Covered Under Mining Service & Not TTA Services: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the services like wireline logging, perforation, and other wireline-related services involving mechanical jobs like cutting, puncture, plug/packer setting, cable splicing, etc. that were undertaken by the appellant at the time of drilling an oil well are integrally connected with the mining of oil or...
Once Busines Income Of Wife Accepted During Scrutiny, AO Can't Tax Husband Again Stating Wife Was Not The One Carrying Business: Rajkot ITAT
While accepting on one hand that the income found to be belonging to taxpayer's wife in scrutiny assessment was duly offered to tax, the Rajkot ITAT reprimanded the I-T Department from taking a contrary view and taxing it in the hands of the taxpayer on the ground that his wife was not actually carrying out any business. The Bench of the ITAT comprising of Suchitra R....
AO Fails To Scrutinize Cash Payments By Assessee Under Lens Of Sec 40A; Indore ITAT Upholds Revisional Interference U/s 263
On finding a lack of inquiry on the part of AO in allowing cash sales, which renders the assessment order erroneous so far as it is prejudicial to the interests of revenue, the Indore ITAT upheld the order of disallowance u/s 40A(3) of the Income Tax Act, passed by Pr. CIT by invoking Section 263. The Bench of the ITAT comprising of Vijay Pal Rao (Judicial Member) and...
Assessment Can Be Reopened Based On Audit Objections Under New Reassessment Regime: Kerala High Court
The Kerala High Court has held that assessments can be reopened based on audit objections under a new reassessment regime.The bench of Justice Dinesh Kumar Singh has observed that the provisions have been drastically changed with effect from April 1, 2022, and the audit objection is one of the reasons for re-opening the assessment. If the revenue audit raises an objection that the assessment...
Revenue Officers Bound By Decisions Of Appellate Authorities While Disposing Quasi-Judicial Issues: Bombay High Court
The Bombay High Court has held that the revenue officers are bound by the decisions of appellate authorities while disposing of quasi-judicial issues.The bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale has observed that the mere fact that the order is not acceptable to the department, in itself an objectionable phrase, can furnish no ground for not following it, unless its...
Writ Petition Challenging Orders Of Tamil Nadu Assessing Authority Not Maintainable Merely For Having A Bank Account In Kerala: Kerala High Court
The Kerala High Court has held that the writ petition challenging orders of Tamil Nadu assessing authority is not maintainable merely for having a bank account in Kerala.The bench of Justice A. K. Jayasankaran Nambiar and Justice Syam Kumar V. M. has observed that merely because the appellant has a bank account within the State of Kerala, he cannot maintain a Writ Petition challenging the...
Indirect Tax Cases Monthly Round Up: March 2024
Supreme Court Customs Act | Importer's Subsequent Import Bill Be Discarded If Undervalued To Previously Imported Identical Or Similar Goods: Supreme Court Case Title: M/s Global Technologies and Research versus Principal Commissioner of Customs, New Delhi (Import) Citation : 2024 LiveLaw (SC) 239 Recently, the Supreme Court held that under the Customs Act, the...