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Universal Cables Ltd vs. CIT (Supreme Court)
S. 244A: Interest on refund is compensation for unauthorized retention of money by the Department. When the collection is illegal & amount is refunded, it should carry interest in the matter of course. There is no reason to deny payment of interest to the deductor who had deducted tax at source and deposited the same with the Treasury. The Department is directed to pay interest as prescribed u/s 244-A at the earliest (UOI vs. Tata Chemicals 363 ITR 658 (SC) followed) When the said amount is refunded it should carry interest in the matter of course. As held by the Courts while awarding interest, it is a kind of compensation of use and retention of the money collected unauthorizedly by the Department. When the collection is illegal, there is corresponding obligation on the Revenue to refund such amount with interest inasmuch as they have retained and enjoyed the money deposited
Usha Exports vs. ACIT (Bombay High Court)
S. 147 reopening for bogus purchases & accommodation entries: The omission of the AO to make an assertion in the reasons that there was a failure to disclose fully and truly all material facts necessary for the assessment is sufficient to set aside the reassessment notice. Also, a notice issued on change of opinion is bad The reasons also refer to a decision of the Supreme Court in the case of M/s.N.K.Proteins Ltd. (2017-TIOL-23-SC-IT v. DCIT ). Even this decision was before the Assessing Officer in the proceeding pursuant to first reopening notice. The Petitioner, along with its objections, placed explanatory note as to how the said decision of the Supreme Court in M/s.N.K.Proteins did not apply to the facts of the case. Therefore, this aspect was also considered when the proceeding under the first reopening notice was conducted
Hemant M Mehta HUF vs. ACIT (ITAT Mumbai)
S. 68/ 69C: In case of bogus purchases where sales are accepted, the addition can be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases. The AO is directed to restrict the addition to the extent of lower GP declared by the assessee in respect of bogus purchases as compared to G.P. on normal purchases It is clear from the above decisions that in case of bogus purchases where sales are accepted, the addition is required to be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases
Tax Practice Is The Best Practice, Young Advocates Should Join The Bench: Justice Sanklecha
Farewell function on the occasion of attaining superannuation of Honourable Justice Mr.M. S. Sanklecha Judge Bombay High CourtITAT Celebrates Constitution Day (Samvidhan Divas)
ITAT Mumbai celebrated the Constitution day having a function at Members library, wherein the Honourable Vice-President Shri Pramod Kumar explained the purpose of holding the functionAdvocate Nikata Badeka Elected National President Of AIFTP For 2020
Mrs Nikata Badeka, Advocate, has been unanimously elected as National President of the All India Federation of Tax Practitioners (AIFTP) for the year 2020CBDT Order Reg Appointment Of Assistant Commissioners Of Income-Tax
The CBDT has vide Office Order No. 262 of 2019 dated 20th December 2019 stated that the President has extended the ad-hoc appointments of several Assistant Commissioners of Income Tax from 23.08.2019 to 22.08.2020 See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Three New Vice-Presidents Of ITAT Appointed
The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Legal Affairs for appointment of three officers to the posts of Vice-President in the Income Tax Appellate Tribunal (ITAT) in Level 16 of the Pay Matrix w.e.f. the date of their assumption of charge of the post till their attaining the age of 62 years__._,_.___
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