Partners remuneration not to be counted for the purpose of Audit U/s 44AB
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.1333 OF 2021
Perizad Zorabian Irani ….Petitioner
V/s.
Principal Commissioner of Income-Tax
(Central)-1 Mumbai & Ors …Respondents
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Dr. K. Shivram, ...
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Posts tagged "section 143(3)"
Disallowance under section 14A if Assessee’s own funds exceeded investments & Assessee did not earn any exempt income during the year
Disallowance under section 14A if Assessee's own funds exceeded investments & Assessee did not earn any exempt income during the year
Short Overview Where assessee's own funds in the shape of share capital and free reserves far exceeded the investments made ...
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“We wonder whether the officers of respondents ever bother to read the papers before writing the reasons or recommending for approval or while granting approval”: Bombay HC Issues strictures against AO for total non-application of mind
"We wonder whether the officers of respondents ever bother to read the papers before writing the reasons or recommending for approval or while granting approval”: Bombay HC Issues strictures against AO for total non-application of mind
A landmark order is ...
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Importance of giving opportunity of personal hearing during Faceless Assessment
Importance of giving opportunity of personal hearing during Faceless Assessment
Delhi High Court in the case of Bharat Aluminium Co Ltd Vs Union of India & Ors was concerned with the issue of personal opportunity during faceless assessment. The issue ...
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Validity of Reassessment if there is a failure to disclose fully and truly all material facts
Validity of Reassessment if there is a failure to disclose fully and truly all material facts
Short Overview Where transaction itself on the basis of the subsequent information was found to be a bogus transactions, mere disclosure of said transaction at the ...
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No failure on assessee’s part to disclose fully and truly all material facts during original assessment – Whether Reassessment proeeding justified?
No failure on assessee's part to disclose fully and truly all material facts during original assessment - Whether Reassessment proeeding justified?
Short Overview There was a definite reason to believe that to the tune of excess deduction income chargeable to ...
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No Sec. 40A(3) disallowance if bank account of payee was non-operational due to attachment order passed by ESI dept.
No Sec. 40A(3) disallowance if bank account of payee was non-operational due to attachment order passed by ESI dept.
This was the obsrrvatIon by Madras High Court in the case of Principal Commissioner of Income Tax v. Sumukha Synthetics - ...
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Validity of Reassessment if Additions made for items other than the items of reasons recorded
Validity of Reassessment if Additions made for items other than the items of reasons recorded
Short Overview When the grounds of reopening do not exist any longer and no additions are ultimately made on that account, then addition on account ...
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Validity of Reassessment if Additions made for items other than the items of reasons recorded
Validity of Reassessment if Additions made for items other than the items of reasons recorded
Short Overview When the grounds of reopening do not exist any longer and no additions are ultimately made on that account, then addition on account ...
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Applicability of Penalty under section 271(1)(c) for Discrepancy found during survey resulting in surrender by assessee when AO accepted declared income without any disturbance
Applicability of Penalty under section 271(1)(c) for Discrepancy found during survey resulting in surrender by assessee when AO accepted declared income without any disturbance
Short Overview Even if some discrepancies were found during survey resulting in surrender of income by ...
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Applicability of Penalty under section 271(1)(c) for Discrepancy found during survey resulting in surrender by assessee when AO accepted declared income without any disturbance
Applicability of Penalty under section 271(1)(c) for Discrepancy found during survey resulting in surrender by assessee when AO accepted declared income without any disturbance
Short Overview Even if some discrepancies were found during survey resulting in surrender of income by ...
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Claim towards depreciation is mandatory for Deduction under section 80-IB?
Claim towards depreciation is mandatory for Deduction under section 80-IB?
Short Overview While determining assessee’s entitlement to deduction under section 80-IB, depreciation is mandatory, even though assessee did not claim such depreciation because for purposes of deduction under Chapter VI-A, ...
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Claim towards depreciation is mandatory for Deduction under section 80-IB?
Claim towards depreciation is mandatory for Deduction under section 80-IB?
Short Overview While determining assessee’s entitlement to deduction under section 80-IB, depreciation is mandatory, even though assessee did not claim such depreciation because for purposes of deduction under Chapter VI-A, ...
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Bogus purchases: AO directed to restrict the impugned addition to the extent of 2% of bogus purchases
Bogus purchases: AO directed to restrict the impugned addition to the extent of 2% of bogus purchases
Short Ovreview In instant case, addition made by AO on account of bogus purchases was restricted to the extent of 2% keeping in ...
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Bogus purchases: AO directed to restrict the impugned addition to the extent of 2% of bogus purchases
Bogus purchases: AO directed to restrict the impugned addition to the extent of 2% of bogus purchases
Short Ovreview In instant case, addition made by AO on account of bogus purchases was restricted to the extent of 2% keeping in ...
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Search and seizure assessment u/s 153C : Six assessment years for assessments or re-assessments had to be construed from the date of handing-over of assets or documents to AO
Search and seizure assessment u/s 153C : Six assessment years for assessments or re-assessments had to be construed from the date of handing-over of assets or documents to AO
Short Overview Six assessment years for which assessments or re-assessments could ...
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