Posts by rpaadminuser
AO is not empowered to comment on the correctness of the certificate granted u/s 12A : Del HC
In a recent decision Hon’ble Delhi High Court held that: “Whilst there can be quarrel with the ITAT’s generalization that the Director of Income Tax (DIT), in order to hold that the exemption certificate u/s 12A has to be revoked, is to base himself or herself on material & cogent reasoning, at the same time,…
Read MoreCurrent Yr Profit not part of accumulated Profit for 2(22)(e) : Guj HC
In a recent decision, the Hon’ble Gujarat High Court has laid down that Profit for the year till the date of giving of advance in question can not be considered for level of accumulated Profits for the purposes of taxation of deemed dividend u/s 2(22)(e). For this, the Hon’ble Gujarat HC has relied upon the…
Read MoreCIT(A) has inherent power to Grant Stay : P&H HC
The Hon’ble Punjab & Haryana High Court in a landmark judgement has laid down that CIT(A) has power to Grant stay of demand. In this case, even the demand had already been recovered from the appellant. But still the court went on to hold so. While disposing off this issue, the Court relied upon the…
Read MoreHimachal HC lays important law on what amounts to manufacture in Income Tax
The issue that what amounts to manufacture came up for hearing before the Hon’ble Himachal High Court and the court held as under : “18. From the perusal of the factual aspects, it is evident that the qualitative changes effected in the raw material by various means like annealing, quenching, acid pickling and flux application,…
Read MoreSec 292BB only cures defect in service of notice but not defect in issuance – ALL HC
The Hon’ble Allahabad High Court has recently laid down that Section 292BB comes to the rescue of the Income Tax Department only when there is defect in service of a notice. But the said section does not cure the defect in issuance of notice. While disposing off this appeal, the Hon’ble Court relied upon the…
Read MoreKar HC overrules ITAT SB decision in All Cargo Logistics on s. 153A
The Hon’ble Karnataka HC holds that : 1. CIT cannot invoke revisional powers u/s 263 to review AO’s order once proceedings u/s 153A are initiated. 2. AO is entrusted with duty of bringing “total income” to tax u/s 153A by making reassessments even, means there can be only one assessment order in which both disclosed…
Read MoreMadras HC confirms penalty u/s 271(1)(c) even when only Book profit u/s 115JB is enhanced.
In a recent decision, the Hon’ble Madras HC has confirmed levy of penalty u/s 271(1)(c) even when only the book profit computed under section 115JB was enhanced and the taxable income remained NIL only. For complete text of judgement, click here Madras HC on Penalty on MAT
Read MoreMadras HC : For valuation of Cosntruction, State PWD rates to be adopted over CPWD
In a recent decision, the Hon’ble Madras HC has held that for the purposes of valuation of construction of any building for computing undisclosed investment under section 69 of Income Tax Act, 1961, in case of conflict in State PWD Rates and Central PWD Rates, State PWD Rates are to be adopted. For complete text…
Read MoreAP HC holds Interest on Tax also covered u/s 43B
In a recent decision dated 02.07.2014, the Hon’ble Andhra Pradesh High Court has held that Interest on any tax levied under any statute is also covered u/s 43B and has to be paid before the specified date. While disposing off the case, the court distinguished the judgement of Hon’ble SC rendered in the case of…
Read MoreDelhi HC holds that by virtue of Sec 160(1)(i), expression “representative assessee” has to be seen “in respect of the income of a non-resident”
Hon’ble Delhi HC allows assessee’s writ, quashes notice u/s 163(2) and subsequent proceedings holding assessee company as ‘representative assessee’ of its former employee for AY 2003-04; Employee filed return in India for said year in capacity of ‘Resident & Ordinarily Resident’; Assessee-company cannot be treated as ‘representative assessee’ of employee based on subsequent change in…
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