Income Tax Judgements

ITAT BOMBAY RULED That investments made by an assessee company to exercise control over other investee companies constitutes a business activity.

THE BOMBAY HIGH COURT HAS RULED that the expenditure incurred on development of a new product, in respect of the same business already carried on by the assessee, which subsequently failed to come into existence and was abandoned, is eligible for ded

The Income Tax Appellate Tribunal, Jaipur ("the ITAT") in the case of Mr. Nikhil Garg v. Income Tax Officer (ITA No. 180/JP/2018) dated February 14, 2022 held that in no case the entire sales amount can be treated as income and only the profit embedd

The Income Tax Appellate Tribunal, Mumbai Bench ("the ITAT") in the case of Abbasbhai A. Upletawala v. Income Tax Officer Ward 16(1)(1) [ITA No. 5332/Mum/2015 dated October 21, 2022] asked the government to bring out a mechanism to ensure tax recover

These appeals have been preferred against the order of the High Court of Punjab and Haryana where the High Court rejected the prayer of the appellants for compounding the offence under Section 138 of the Negotiable Instruments Act, 1881 (the Act) on

There is no liability on NRIs for payment of advance tax. It is duty of person crediting payment into account of NRIs to deduct tax u/s. 195 of the Income Tax Act, 1961.

Refund should not be withheld due to some reason of technical glitch, system fails, mismatch of TDS etc. The Concerned AO must manually calculate the refund and release the refund. The computer system and auto-generation or any difficulty in doing so

In this case the refund to the assessee was due to order of CIT(A) and not the basis of regular assessment and hence interest under Section 234D is not leviable.

The Hon'ble Calcutta High Court in the case of Basanta Kumar Shaw v. Assistant Commissioner of Revenue, Commercial Taxes and State Tax, [MAT 976 OF 2022 WITH CAN 1 OF 2022] held that in terms of Rule 86A(1) of the Central Goods and Services Tax Rules

The CESTAT, New Delhi in the matter of M/s BBM Impex Pvt. Limited v. Principal Commissioner of Customs (Preventive) [Customs Early Hearing Application No.50414 of 2022 with Customs Appeal No. 51662 of 2022-SM] has held that, the appellant is entitled