The Hon'ble Bombay High Court in CLSA India Private Limited v. the Deputy Commissioner of Income-Tax [Writ Petition No. 2462 of 2022 dated February 10, 2023] has set aside the notice under Section 148 of the Income Tax Act, 1961 ("the IT Act"), the o
The ITAT, Delhi in Smt. Shivani Madan v. ACIT [ITA No. 1642/Del/2020 dated January 5, 2023] has held that the husband and wife will have equal shares in the house property purchased by them as joint owners, wherein, the sale deed had been executed an
Generally companies in which public are not substantially interested issue shares at a price more than Face Value of Shares or more than Fair Market Value of shares and keep the proceeds above normal value of shares in Share Premium Account. If compa
The ITAT, Mumbai in the matter of Techknowledgy Interactive Partners P. Ltd. v. ITO [ITA No. 350/MUM/2009 dated January 9, 2023] has held that no tax is required to be deducted at source on amount reimbursed to the director of the company. Further, w
The ITAT, New Delhi in the matter of Bipin Singh Rana v. ACIT [I.T.A. No. 15/DDN/2019 dated January 9, 2023] has held that, principles of estoppel do not apply to Income Tax proceedings and the Revenue Department must keep in mind that the correct in
The ITAT, Bangalore in M/s Mulberry Textiles LLP v. ITO [ITA No. 757/Bang/2022 dated January 3, 2023] has held that, Limited Liability Partnership ("LLP") is to be treated as a firm under the Income Tax Act, 1961 ("the IT Act") and a firm can be a pa
The Hon'ble Delhi High Court in Charu Chains and Jewels Pvt. Ltd. v. Assistant Commissioner of Income Tax [W. P. (C) 17577/2022 dated December 22, 2022]set aside the reassessment order against the assessee, on the grounds of non-supply of the informa
he position in law is well-settled. After 1.4.1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee. When
Since interest subsidies and power subsidies are provided by the government to the entities establishing units in specified areas are of Capital nature. The subsidies are given to develop the specified areas and generate employment. Since these subsi
When the amount is credited to suspense account or any account, by whatever name called, then it is treated as amount credited to the account of the payee and tax has to be deducted at source. Hence, tax has to be deducted at source even on provision
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India