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The extreme repercussions of issuing LOC should be regulated and should not be made the norm for recovery of outstanding payments to the Bank, Isolated and few-and-far between cases of persons fleeing the country cannot become the uniform rationale for issuing of Look Out Circulars.
Mannoj Kumar Jain & Anr Vs Union of India & Ors.
(2023) TaxCorp(LJ) 31728 (HC-CALCUTTA)
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Penalty paid for late filing of profession tax return is penal in nature and cannot be considered as a compensatory to allow deduction under Section 37(1).
Shriram Chits Maharashtra Ltd Vs DCIT
(2023) TaxCorp(LJ) 31721 (ITAT-MUMBAI) · Section 37(1)
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Merely because the membership is taken in the name of the director, it cannot be said that Assessee won’t get the benefit of the membership of the director.
New Globe Logistik Pvt. Ltd Vs ITO
(2023) TaxCorp(LJ) 31720 (ITAT-MUMBAI)
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Assessee’s claim is allowable as the claim of deduction under Section 80-IC was made before completion of assessment procedure, which fulfils the directory requirement.
Canadian Specialty Vinyls Vs ITO
(2023) TaxCorp(LJ) 31719 (ITAT-DELHI) · Section 80-IC
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The interest income received by the Assessee on temporary short term fixed deposits is eligible for exemption under Section 10AA.
Allstate India Private Limited Vs DCIT
(2023) TaxCorp(LJ) 31718 (ITAT-BANGALORE) · Section 10AA
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The Assessee is a tax resident of Mauritius and is legally entitled to DTAA benefits on the strength of the TRC issued by the Mauritian authorities.
Sapein Funds Ltd Vs CIT(International Taxation)
(2023) TaxCorp(LJ) 31711 (ITAT-DELHI)
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The burden of proving that a particular sale is benami and the apparent purchaser is not the real owner, always rests on the person asserting it to be so.
Sekhar Kumar Roy Vs Smt. Lila Roy & Another
(2023) TaxCorp(LJ) 31710 (HC-CALCUTTA)
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Merely for the reason that there is a violation of certain notifications issued by the Government in transacting with specified bank notes, the genuine explanation offered by the assessee towards source for cash deposit cannot be rejected.
Purani Hospital Supplies Private Limited Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31703 (ITAT-CHENNAI)
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There was no response from the Assessee on proposal of refund adjustment which the Assessee contradicts by submitting that a 30 days period was provided by the Revenue but the adjustment was made prior to the expiry of 30 days.
Travelport International Operations Limited Vs COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION 3
(2023) TaxCorp(LJ) 31696 (HC-DELHI)
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Levy of penalty suffers from vice of non-application of mind as well as violates principles of natural justice.
Saltwater Studio LLP Vs NFAC
(2023) TaxCorp(LJ) 31695 (ITAT-MUMBAI) · Section 270A(9)
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Unless the Revenue is able to prove that the assessee has a PE in India, its business profits cannot be subject to tax in India.
Baker Hughes Energy Technologies UK Ltd Vs ACIT
(2023) TaxCorp(LJ) 31694 (ITAT-DELHI) · Section 44BB
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Though the advances qualified as deemed dividend in terms of Section 2(22)(e), they cannot be taxed in the hands of the Assessee, not being shareholder of the concerns lending the sum.
Aaryavart Infrastructure P. Ltd Vs DCIT
(2023) TaxCorp(LJ) 31687 (ITAT-AHMEDABAD)
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Elements necessary for satisfying the make available clause were absent in the services rendered by the Assessee to its Indian customers/clients, thus the same cannot be taxed in India.
Charles River Laboratories Inc. Vs The ACIT
(2023) TaxCorp(LJ) 31686 (ITAT-BANGALORE)
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The investment in shares is a capital account transaction, thus the same cannot form part of the proceedings under Section 148A.
Flipkart Private Limited Vs THE INCOME TAX OFFICER
(2023) TaxCorp(LJ) 31682 (HC-KARNATKATA)
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Holder of public office, when exercising discretion conferred by statute, has to ensure that such exercise is in furtherance of accomplishment for the purpose underlying conferment of such power.
Nirmal Kumar Pradeep Kumar, (HUF) Vs The Union of India
(2023) TaxCorp(LJ) 31676 (HC-JHARKHAND)
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Para 4 renders any communication issued in violation of Paras 2 and 3 of the Circular as invalid and shall be deemed to have never been issued.
Prtatap Singh Yadav Vs DCIT
(2023) TaxCorp(LJ) 31675 (ITAT-DELHI)
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The Assessee is at liberty to produce records, especially, the guideline value provided by the concerned authority and thereafter Revenue is required to pass assessment order on merits by taking appropriate fact.
R. Rajasekaran Vs The Additional Commissioner of Income tax
(2023) TaxCorp(LJ) 31674 (HC-MADRAS)
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Subsequent interpretation of law by the Supreme Court would constitute as mistake apparent from record to initiate rectification proceedings under Section 154.
Shivamm Industries Vs The DCIT
(2023) TaxCorp(LJ) 31673 (ITAT-PUNE)
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The proceedings for assessment or re-assessment under Section 147 would deemed to commence from the date on which the notice is issued under Section 148 for any AY.
Sushil Kumar Goyal & Ors Vs PRINCIPAL COMMISSIONER OF INCOME TAX-1 & ORS
(2023) TaxCorp(LJ) 31672 (HC-DELHI)
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Once it is held that PE exists, the interest income being connected to the PE, has to be treated as business profit under Article 7 and expenses incurred by the PE had to be set off against the interest income.
SIS Live Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31664 (ITAT-DELHI)
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