IT JudgementDepreciation: Once an asset forms part of block of assets, it loses its individual identity26 Sep 20180Once an asset forms part of block of assets, it loses its individual identity and further, there is no requirement…
IT JudgementNon-issuance of notice under section 143(2) will make entire procedure adopted for escaped assessment invalid26 Sep 20180Where AO had framed the reassessment under section 148 without issuing notice under section 143(2), the reassessment order was invalid…
IT JudgementValidity of Disallowance u/s 43B towards Overdue interest converted into loan, whether to be construed as constructive/deemed payment of interest26 Sep 20180Where assessee had converted overdue interest into loan and claimed the unpaid interest as deduction stating that the said conversion…
IT JudgementFiling of return with wrong jurisdiction could not be considered for deciding validity of Reopening.26 Sep 20180AO at the time of initiation of proceedings under section 148. AO has to form the belief on the basis…
IT JudgementOffences and prosecution & Importance of Principal Officer & Non-executive director26 Sep 20180Where revenue could not prove that assessee was involved in day-to-day management of the company, the assessee cannot be presented…
IT JudgementValidity of Income from undisclosed sources in respect of Addition u/s 68 with respect to sundry creditors without disturbing purchases26 Sep 20180Where AO had made addition under section 68 on account of sundry creditors on the allegation that the same were…
IT JudgementReference made by the AO to Department Valuation Officer is not good in law: If the value of the asset disclosed by the assessee is more than the Fair market value.25 Sep 20180Reference made by the AO to Department Valuation Officer is not good in law: If the value of the asset…
IT JudgementExplanation 5A to Section 271(1)(c) shall not be applicable: If return of income is filed before due date ,at time of search for relevant previous year under appeal,25 Sep 20180Explanation 5A to Section 271(1)(c) shall not be applicable: If return of income is filed before due date ,at time…
IT JudgementNeither cost nor the date of acquisition is ascertainable: Computation of Capital Gain.25 Sep 20180Neither cost nor the date of acquisition is ascertainable: Computation of Capital Gain. In the case of Commissioner Of Income…
IT JudgementDisallowance of Sales promotion expenses is justified where the assessee fails to prove the genuineness of expense.25 Sep 20180Disallowance of Sales promotion expenses is justified where the assessee fails to prove the genuineness of expense. BINOD KUMAR…
IT JudgementCapital Gain on sale of the property of Guarantor by the Bank?25 Sep 20180Capital Gain on sale of the property of Guarantor by the Bank? When the mortgaged property of the guarantor is…
IT JudgementNo tax is leviable on sale of rural agricultural land, even if no proof of whether any agricultural activity is carried on that agricultural land.24 Sep 20180No tax is leviable on sale of rural agricultural land, even if no proof of whether any agricultural activity is…
IT JudgementReopening of assessment is justified if A.O. has sufficient tangible material on record to initiate re-assessment proceedings against the assessee.24 Sep 20180Reopening of assessment is justified if A.O. has sufficient tangible material on record to initiate re-assessment proceedings against the assessee.…
IT JudgementNo tax is required to be deducted if payment is purely in nature of reimbursement24 Sep 20180No tax is required to be deducted if payment is purely in nature of reimbursement Cuttack Tribunal in case…
IT JudgementAgreement to sell entered before Assessment Year 2014-15: Applicability of Section 43CA24 Sep 20180Agreement to sell entered before Assessment Year 2014-15: Applicability of Section 43CA Provisions of section 43CA would be effective from…
IT JudgementOpinions given by the chartered accountants in report u/s 44AB are not binding either on the assessees or on the assessing officer24 Sep 20180Opinions given by the chartered accountants in report u/s 44AB are not binding either on the assessees or on the…
IT JudgementKERALA GST ACT, 2017 –Seizure of goods –Goods detained pending adjudication22 Sep 201802018 TaxPub(GST) 0265 (Ker-HC) S.K. Traders v. Asstt. State Tax Officer KERALA GST ACT, 2017 –Seizure of goods –Goods detained pending…
IT JudgementTaxability of Benefit match fee received by a retired cricketer – whether its a capital receipt ?22 Sep 20180Where assessee, who was a retired international cricket player, had earned income by playing in a benefit match arranged by…