Tax Guru2h
AO cannot take different way of assessing income if mode of income is identical to subsequent years
In a recent ruling ITAT Delhi partly allowed the appeal of the assessee and modified the order passed by the AO is modified ...
Tax Guru34m
Penalty u/s. 271E in absence of any repayment of loan not leviable: ITAT Kolkata
ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to ...
Tax Guru43m
Addition in assessment u/s. 153C in unabated years without incriminating material not sustainable
ITAT Delhi held that it is well settled principle of law that no addition can be made in unabated years in assessment u/s 153C of the Income Tax Act without any incriminating material. Accordingly, ...
Tax Guru1h
Notice u/s. 153C beyond six years prior to relevant searched A.Y. is non-jurisdictional
ITAT Delhi held that issuance of notice under section 153C of the Income Tax Act beyond six years prior to relevant searched assessment year is beyond jurisdiction and accordingly liable to set aside.
Tax Guru2h
Maintenance of wife & children overrides over statutory financial creditors of Husband within SARFAESI/IBC -Supreme Court
The ruling come out in a controversy where high court awarded maintenance u/s 125 Cr.P.C to wife amounting to Rs. 1,00,000/- per month and Rs. 50.000/- per month to each of the two children. HC took ...
Tax Guru2h
Amount lying in No Lien Account is asset of corporate-debtor if OTS not materialized-NCLAT Rules Against BOI
In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate ...
Tax Guru1h
Authorities delay cannot transfer stipulations as directory under regulation 17 of Customs Broker Licensing Regulation
CESTAT Mumbai held that transfer of mandatory stipulations in regulation17 of Customs Brokers Licensing Regulations, 2018 as directory without demonstrating customs broker fault is unjustifiable.
Tax Guru2h
AO cannot assume jurisdiction u/s 153C in absence of incriminating material found during search
3. Whether on facts of the case and in law, the Ld. CIT (A) has erred in quashing the proceeding initiated u/s. 153C of the Act while not appreciating that it is modus operandi of the assessee wherein ...
Tax Guru1h
Delay of 244 days due to genuine hardship faced by assessee condonable: ITAT Ahmedabad
ITAT Ahmedabad held that delay of 244 days in filing of an appeal caused due to genuine hardship faced by the assessee is condonable. Accordingly, delay condoned due to bona fide reason being ...
Tax Guru22h
Reasons disclosed to assessee for reassessment u/s. 148 cannot be improved subsequently: Delhi HC
Delhi High Court held that validity of reassessment under section 148 of the Income Tax Act has to be determined based on ...
Tax Guru23h
Bail Is Rule, Jail the Exception: Calcutta HC on Article 21 & Fair Trial Rights
Principle Bail Is A Rule & Jail Is An Exception Is In Line With Article 21 Of Constitution; It Guarantees Right To Fair Trial ...
Tax Guru20h
GST order lacking proper reasons is liable to be quashed: Delhi HC
Delhi High Court held that order lacking reasons and also lacking application of mind to the reply furnished by the ...