CIT(E) Can’t Reject Trust’s Registration Application Based on Only One Clause of Trust Deed- Surat ITAT
Bombay HC dismissed writ petition against reopening – Observed wrong mention of return not filed as a typographical error
Reopening is invalid if the escaped income is below ₹50 lakh and the notice was issued after the 3-year limit
Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No. 68 but made application on plain paper
AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying the time lime and monetary limit
Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if STT is paid on quoted shares even if LTCG on shares Exempt U/s 10(38): ITAT Kolkata
Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income is below the limit: ITAT Kolkata
Discrepancies in reporting in number of Board Meeting in MGT-7A vis a vis Board meetings – ROC imposed monetary penalty on a Company
Non-appointment of at least one woman director on the board under section 149 – ROC imposed fine on 3 companies
Intimation under Section 143(1) issued without providing an opportunity to the assessee, violates the principles of natural justice and hence unsustainable: ITAT Banglore.
