Period of limitation was to be governed by sec. 153(2A) if assessment on an issue was set-aside

Posted on Saturday September 23, 2017

IT : There is a distinction between an 'assessment' that is set aside and an 'assessment order' being set aside; when assessment on an issue is set aside and matter is remanded with a direction that issue has to be determined afresh, section 153(2A) would get attracted. Thus, it can not be said that unless entire assessment order is wholly set aside, time limit for passing fresh order under section 153(2A) would not be attracted

Upliftment and protection of farmers at national level was to be regarded as ‘Charitable activities’

Posted on Saturday September 23, 2017

IT: Where assessee-society was involved in upliftment of farmers by way of providing them various facilities and protecting their interests at national level, assessee's objectives fell within purview of 'general public utility' being a charitable purpose under section 2(15)

Gold ornaments seized from employee rightly added to his income as employer denied owning them

Posted on Friday September 22, 2017

IT : Where AO made addition to assessee's income in respect of gold ornaments recovered from him after rejecting his explanation that it belonged to his employer company, in view of fact that director of employer company in his statement recorded under sec. 131 denied to have given ornaments to assessee for sale or as samples, impugned addition was to be confirmed


Supply of equipment’s spare parts & rendering of services could be aggregated if both were inseparable

Posted on Friday September 22, 2017

IT/ILT: Where assessee-company was awarded contract by BALCO for supplying of equipments, spare parts and commissioning of plant and said complex web of activities were inextricably linked and inseparable from each other and was a continuous activity pertaining to contract awarded by AE to assessee, both transactions of supply of equipments and rendering of services be benchmarked on aggregate basis

SC sets aside Tribunal’s order as it erred in characterizing defence raised by debtor as vague

Posted on Friday September 22, 2017

I&B Code : Once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending bet

ED to pay interest on confiscated amount at the rate applicable to a FD with higher interest rate: HC

Posted on Friday September 22, 2017

FEMA : Rule 8 which provides for payment of interest at rate of 6 per cent per annum to person from whom amount was seized from date of seizure till date of payment, must be read to apply where funds are retained in a nationalised bank but are not invested in a separate fixed deposit bearing a higher rate of interest


Turnover isn’t relevant criteria in service industry for exclusion of comparables: ITAT

Posted on Friday September 22, 2017

IT/ILT: Turnover is not a relevant criteria in service industry, hence, a company could not have been excluded from list of comparables on ground of high turnover

Free air travels & hotel stay expenses to doctors for prescribing medicines of pharma-co. aren’t deductible u/s 37

Posted on Friday September 22, 2017

IT : Where assessee pharmaceutical company, claimed that expenses were incurred towards sponsoring of doctors for sales promotion of its products, but no documentary evidence in support of this claim or confirmation from any doctor for availing services of assessee had been filed by assessee, allowance of only 50 per cent of expenses for sales promotion under section 37(1) was justified

Ignorance of compliance provision couldn’t be said to be reasonable cause to delete penalty: ITAT

Posted on Friday September 22, 2017

IT/ILT: Where there was clear obligation on part of assessee to comply with provisions of section 92E, mere ignorance and bona fide belief could not be considered as reasonable cause to delete penalty levied upon assessee under section 271BA for non-furnishing of report as required under section 92E


Assessing Authority has discretion to add or not to add unexplained exp. in income

Posted on Friday September 22, 2017

IT : Provisions of section 69C are not mandatory in nature

No sec. 263 revision to reject book value of stock if it was duly verified by AO

Posted on Friday September 22, 2017

IT : When physical verification of stocks was carried out during regular assessment, revision to value stock on basis of last year G.P. of 10 per cent as against books which were accepted by Assessing officer could not be accepted

NCLT dismissed petition for investigation into affairs of company as it hadn’t attempted to defraud its creditor

Posted on Friday September 22, 2017

CL: Unless circumstance suggested that company was doing any fraudulent business or attempted to defraud its creditors or members, investigation into affairs of company could not be directed

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

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