Income Tax
Section 3(1), TOLA overrides Section 149 of Income Tax Act only to the extent of relaxing time limit for issuance of a reassessment notice: SC
The Court stated that TOLA will continue to apply to the Income Tax Act after 1-4-2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-3-2020 and 31-3-2021.
Can income-tax reassessment notice under S. 148 be issued on ‘change of opinion’ for material scrutinised in previous assessment? Gujarat HC answers
Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.
Indexation Benefits on Capital Gains — An Analysis
by Bharathi Krishnaprasad* and Krishna Laasya**
2024 SCC Vol. 7 Part 1
Arbitration and Conciliation Act, 1996 — S. 32(2)(c) and S. 25(c) — Power of Arbitral Tribunal under S. 32(c)
‘Two different conclusions drawn on same material’; Delhi HC quashes reassessment notice issued by Assessing Officer on a mere change of opinion
The Court observed that no new material has been found by the Revenue which would warrant reopening the assessment. A reading of the notices will crystallize the fact that it has been issued merely based on a change of opinion.
‘S 149(1) neither effaces nor removes the first proviso to S153C (1)’; Delhi High Court quashes notice u/S 148 of IT Act
In cases where a search is conducted after 31-03-2021, the first proviso to Section 153C (1) would have to be construed and tested as regards the date when the Assessing Officer decides to initiate action against the non-searched entity.
Delhi High Court quashes reassessment notice for AY 2013-14 due to exceeding statutory time limit under Income Tax Act
The Court quashed the notice of reassessment issued on 31-3-2023 as it surpassed the ten-year block as prescribed u/S first provision to Section of 148(1) of the Income Tax Act, 1961.
Delhi High Court quashes reassessment proceedings against Progress Rail Locomotives
The Court evaluated Art. 5 of India-USA Double Tax Avoidance Agreement to determine whether Progress Rail has Permanent Establishment in Noida and Varanasi and whether reassessment proceeding can be initiated upon them or not.
Long term capital gains exempted from income tax; non-disclosure will not cause prejudice to interest of revenue or loss of revenue: Gauhati HC
The twin conditions, i.e., firstly, the order being erroneous and secondly, the order being prejudicial to the interest of revenue, must exist before power under Section 263 of the Income Tax Act, 1961 is exercised.
Delhi High Court sets aside Assessment Order passed against Bausch and Lomb for violation of natural justice principles
It is wholly insufficient to proceed to make an addition on the basis that CBIC is an apex body and information provided by it cannot be doubted, without even analyzing such information.
Income Tax on Compulsory Acquisition Under the NHAI Act
by Somesh Jain*
CBDT exempts TDS for IFSC Units
The provisions will come into force on 1-4-2024.
Deductions such as PF/LIC premium can’t be considered while calculating husband’s salary in determining quantum of maintenance: Karnataka HC
The High Court cautioned that if consideration of such artificial deductions is allowed, then in every petition under Section 125 of CrPC there would be tendency by the husband to show lesser salary with an intention to mislead the Courts so as to avoid giving maintenance.
Income derived from transmission of ‘live feed’ not taxable as ‘royalty income’ u/s 9(1)(vi) of Income Tax Act, 1961: Delhi High Court
“Once it is concluded that a live telecast will not fall within the ambit of the expression “work”, it will be wholly erroneous to hold that the income derived by the assessee in respect of “live feed” will fall within clause (v) of Explanation 2 to Section 9(1)(vi) of the Income Tax Act, 1961.”
Supreme Court to hear AAP and Gandhi family’s pleas challenging transfer of tax assessments to Central Circle
“Earlier, the Bench had verbally observed that central assessment may be necessary if there were cross transactions between individuals.”
2023 SCC Vol. 10 Part 1
Corporate Laws — Company Law — Winding up and Liquidation — Overriding preferential payments: Dues towards customs duty i.e. government dues falling
Solid waste management activities are exempted from payment of tax under Bihar Goods and Services Tax Act, 2017: Patna High Court
“The Appellate Authority had allowed the appeal in the case of a different assessee, who had been carrying on the very same work of solid waste disposal in the very same Municipality.”
‘A detailed enquiry be initiated on the failure on the part of the Faceless Assessing Officer’; Bombay HC holds assessment order by FAO as time barred
The case of the petitioner is quite elementary, and we are constrained to observe the complete apathy and negligent approach of the assessing officer concerned in discharging his duties, by the provisions of the Income Tax Act, 1961.