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IT Act 1961
Bombay High Court Notes Grant of Licence to Developer is not Grant of Possession under IT Act, 1961
The Bombay High Court in a recent judgment[1] quashed a notice issued to the assessee under Section 148, IT Act, 1961 on the ground that the assessee failed to disclose its income. The High Court also… Read More »Bombay High Court Notes Grant of Licence to Developer is not Grant of Possession under IT Act, 1961
Supreme Court Underlines Power of Settlement Commission under IT Act, 1961
Supreme Court in a recent judgment[1] has interpreted two provisions of IT Act, 1961 – Section 245C and section 245H – to reiterate the scope of jurisdiction and power of Settlement Commission and the necessary conditions… Read More »Supreme Court Underlines Power of Settlement Commission under IT Act, 1961
Bombay HC Allows Taxpayer to Claim Benefit of DTVVA, 2020
In a recent judgment[1], the Bombay High Court allowed the taxpayer to claim benefit of Direct Tax Vivad Se Vishwas Act, 2020 (‘DTVVA, 2020’) and held that the interpretation adopted by the Revenue in deciding… Read More »Bombay HC Allows Taxpayer to Claim Benefit of DTVVA, 2020
Bombay HC Allows Petitioner to Claim Benefit of Section 54(F), IT Act, 1961
In a lucid judgment[1], the Bombay High Court allowed petitioner to claim benefit of Section 54(F), IT Act, 1961 and held that the amendment made to the impugned provision by virtue of Finance Act, 2014… Read More »Bombay HC Allows Petitioner to Claim Benefit of Section 54(F), IT Act, 1961
CA Firm Cannot Invoke MSME Act Against the Income Tax Department
In a unique case[1], the Delhi High Court adjudicated that a Chartered Accountancy firm (‘CA firm’) cannot invoke the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSME Act’) for fees payable to it for… Read More »CA Firm Cannot Invoke MSME Act Against the Income Tax Department
Interplay of Section 153 and Section 144C: Bombay High Court Provides Clarity
In a recent judgment[1], the Bombay High Court clarified that the period of limitation for passing an assessment order will be governed by Section 153, IT Act, 1961 and not by the time period envisaged… Read More »Interplay of Section 153 and Section 144C: Bombay High Court Provides Clarity
DTAAs are Relevant for TDS Provisions under IT Act, 1961
In a recent judgment[1], the Karnataka High Court reiterated the ratio of Engineering Analysis case, more specifically the applicability of Double Taxation Avoidance Agreements (‘DTAA’) vis-à-vis withholding tax obligations under the IT Act, 1961. Introduction The assessee… Read More »DTAAs are Relevant for TDS Provisions under IT Act, 1961
Revenue Mistakes Buying for Selling: Bombay High Court Quashes Order
Short Note In a recent judgment[1], the Delhi High Court provided a remedy to the assessee that should have ordinarily not required judicial intervention. The High Court reminded the Revenue that the assessee had purchased… Read More »Revenue Mistakes Buying for Selling: Bombay High Court Quashes Order