Delhi High Court
AO Can Ascertain Fair Market Value Of Shares If Doubts Valuation: Delhi High Court
Case name: ACIT Versus New Delhi Television Ltd.
The Delhi High Court has held that the AO can ascertain the Fair Market Value of the shares if it doubts the valuation.
Mere Establishing Tax Friendly Jurisdiction Doesn’t Amount To Treaty Shopping And Treaty Abuse: Delhi High Court
Case Name: Tiger Global International III Holdings Versus AAR
The Delhi High Court has recently ruled that mere establishing tax friendly jurisdiction does not amount to treaty shopping and treaty abuse.
Bombay High Court
Whether Interest Or Penalty Is Included In ‘tax’, And To Be Deposited As Pre-Condition For Entertaining Appeal? Bombay High Court Directs Appellate Authority To Adjudicate
Case Title: Wintry Engineering And Chemicals Versus The Commissioner of Local Body Tax
The Bombay High Court has remanded back the matter to the appellant authority to adjudicate whether interest or penalty charged is included in the expression “tax”.
Kerala High Court
Income Tax Scrutiny Notice Is Procedural: Kerala High Court
Case Title: M. A. Ibrahim, Manapurath House Versus CIT(A)
The Kerala High Court has held that since the issuance of scrutiny notice under Section 143(2)(ii) of the Income Tax Act is only a procedural matter, the law that came into force on 1.4.2008 would apply to the petitioner’s case, especially since the time for issuance of notice even under the unamended provision had not expired on 1.4.2008.
Chhattisgarh High Court
Twin Condition For Grant Of Bail Under PMLA Not Fulfilled; Chhattisgarh High Court Denies Bail
Case Name: Smt. Saumya Chaurasia v/s Directorate Of Enforcement
The Chhattisgarh High Court has denied bail to the accused involved in Sections 3 & 4 of the Prevention of Money Laundering Act, 2002 (PMLA 2002) for not fulfilling the conditions to grant bail.
ITAT
PCIT Lacks Unlimited Power To Revise Every Order Already Examined By AO: ITAT
Case Title – M/s. Ved Prakash & Sons Lumbers Pvt Ltd, Timber Market Karnal vs Principal CIT Karnal
The Income Tax Appellate Tribunal Ruled that PCIT lacks unlimited power to revise order already examined by AO under section 263 of Income tax act 1961.
Sales As Per Books Of Accounts Out Of Stock Available Could Be Regarded As Cash Sales: ITAT Deletes Income Tax Addition
Case Title – Brijendra Kumar Yadav vs ITO Ward 44 (4) Delhi
The Income Tax Appellate Tribunal, Delhi ruled that sales in stock on cash basis would hold true as they appear on the recording sheets; so no legitimacy for additional charge under section 69A for the unexplained cash deposits by the assessing officer.
Subsidy Received By Way Of Output Tax Is ‘capital Receipt’, Hyundai Entitled To Income Tax Exemption: ITAT
Case Name: M/s. Hyundai Motor India Limited v/s Deputy Commissioner of Income TaxThe Income Tax Appellate Tribunal, Chennai, ruled that the subsidy received by way of output tax is ‘capital receipt’ therefore Hyundai is entitled to Income Tax Exemption.
