Category Archives: Income Tax Judgments

Excess stock already accounted by Assessee before search cannot be taxed as undisclosed Income

By | March 2, 2020

ACIT Vs New Horizons Limited (Kolkata High Court)  I.T.A. No. 2127/KOL/2017 28/08/2019 2015-2016 FULL TEXT OF THE ITAT JUDGEMENT Per Shri P.M. Jagtap, Vice-President (KZ):- This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-21, Kolkata dated 04.07.2017 on the following grounds:- “1. In the facts and circumstances of… Read More »

No Provision in IBC mandating that Resolution Plan Should Match Liquidation Value

By | March 2, 2020

Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) Civil Appeal No. 4242 of 2019  22/01/2020 FULL TEXT OF THE SUPREME COURT JUDGEMENT These proceedings arise out of Corporate Insolvency Resolution Process (CIRP) involving United Seamless Tubulaar Private Limited, the corporate debtor. The successful Resolution Applicant, Maharashtra Seamless Ltd. (MSL) is the appellant in C.A. No.… Read More »

No Service Tax Disallowance if same not forms part of Turnover- Section 43B

By | March 2, 2020

SDCE Projects (P) Ltd. Vs DCIT (ITAT Ahmedabad) ITA No. 2556/AHD/2017 01/10/2019 FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals)-2, Vadodara dated 10/08/2017 (in short “Ld. CIT(A)”) arising in the matter of assessment order… Read More »

EPF & ESIC of Employees contribution allowable if paid within relevant due date

By | March 2, 2020

 PCIT Vs Orchid Pharma Ltd. (Madras High Court)  Tax Case Appeal Nos. 430 & 421 of 2019  : 08/07/2019 Related Assessment Year : 2013-14 and 2014-15 FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT We have heard Mrs.R.Hemalatha, learned Senior Standing Counsel appearing on behalf of Mr.T.R.Senthilkumar, learned Senior Standing Counsel for the appellant –… Read More »

Declaring LTCG in ITR instead of STCG is not unavoidable circumstance , No Waiver of Interest u/s 234A/B/C : HC

By | August 22, 2019

HIGH COURT OF MADRAS Tushin T.Mehta v. Chief Commissioner of Income-tax, Chennai G.R. SWAMINATHAN, J. WP NO. 15097 OF 2007 AUGUST  14, 2019 R. Sivaraman for the Appellant. D. Naveen Durai Babu and Hema Muralikrishnan for the Respondent. ORDER   The writ petitioner’s father late Mr.Tushaar Mehta voluntarily filed his return of income for the assessment year 1996-97 on 28.03.1997… Read More »

Sec 54F time limit for Purchase of House should be considered from date of agreement to sell

By | July 20, 2019

HIGH COURT OF GUJARAT Kishorbhai Harjibhai Patel v. Income Tax Officer J.B. PARDIWALA AND A.C. RAO, JJ. R/TAX APPEAL NO.1378 OF 2018 JULY  8, 2019 B.S. Soparkar for the Appellant. Varun K. Patel for the Respondent. B.S. Soparkar for the Appellant. Varun K. Patel for the Respondent. JUDGMENT   J.B. Pardiwala, J. – This Tax Appeal under Section 260A of the Income Tax Act,… Read More »