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Dalmia Power Limited vs. ACIT (Supreme Court)
S. 139(5)/ 170: The consequence of amalgamation is that the amalgamating companies lose their separate identity and cease to exist. The successor is obliged u/s 170 to file a revised return to reflect the effect of the amalgamation. The fact that the revised return is filed after the due date specified in s. 139(5) is irrelevant as the scheme approved by the NCLT provides for it. The assessee is also not required to seek condonation of delay u/s 119(2)(b) (Dalmia Power 418 ITR 242 (Mad) reversed) The more advisable course from the point of view of the Revenue would be to make one assessment on the Transferee Company taking into account the income of both of Transferor or Transferee Companies and also to make separate protective assessments on both the Transferor and Transferee Companies separately. There may be a certain practical difficulty in adopting this course inasmuch as separate balance-sheets may not be available for the Transferor and Transferee Companies. But that may not be an insuperable problem inasmuch as assessment can always be made, on the available material, even without a balance-sheet. In certain cases, best judgment assessment may also be resorted to
RDS Project Limited vs. ACIT (Delhi High Court)
S. 147 Reopening for taxing bogus share application money: One is known by the company one keeps. As the investors have dubious character & are known to have engaged in the business of providing accommodation entries., the genuineness of their transactions with the assessee has come under serious cloud, giving rise to reasonable belief in the mind of the AO that the assessee may have indulged in a dubious transaction to launder its undisclosed income. The fact that the assessee produced evidence during assessment is neither here nor there (NRA Iron & Steel 412 ITR 161 (SC) followed). Costs of Rs. 2L imposed on assessee for wasting Court's time It is true that during the course of the assessment proceedings, the Assessing Officer had required the assessee to disclose information pertaining to the share applicants, the amounts and their source, the mode in which payment was made and confirmatory letters together with PAN details. But it is also trite law that for such cases three important aspects have to be considered by the Assessing Officer, namely (i) the identity of the investors; (ii) the credit worthiness of the applicants; and (iii) the genuineness of the transaction. Ex-facie, the order of assessment which was passed by the Assessing Officer under Section 143(3) does not indicate that the Assessing Officer had brought his mind to bear on either of these aspects
An Analysis of Section 68 of the Income Tax Act, 1961 vis-à-vis Penny Stocks
Advocate Arjun Gupta has examined the taxability of gains arising from penny stocks in the light of the recent amendment to section 68 of the Income-tax Act and judgements of various Courts. He has argued that the amendment imposes an impossible burden upon taxpayers and is unworkable. He has also argued that certain judgements of the High Courts require reconsiderationCBDT Directs CsIT(A) To Speedily Dispose Off Old Appeals
The CBDT has issued a directive dated 27.12.2019 in which it is noted that a large number of appeals are pending before the CsIT(A) for more than 5 years. The CBDT has directed that all such appeals must be disposed off without fail by 31st March, 2020IRS Officers Appointed To Grade Of Joint Commissioners Of Income-Tax
The CBDT has vide Office Order No. 269 of 2019 dated 26th December, 2019 stated that the President has appointed 187 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level – 12 in the pay matrix Rs. 78800-209200 for a period of one year, w.e.f. 01.01.2020 or the date they assume charge of the post of JCIT, whichever is later 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
ITAT Announces Bench Non-Sitting Days During Jan To June 2020
The ITAT has issued a directive dated 24th December 2019 setting out the schedule of Bench non-sitting days during the period from January to June 2020. The dates have been finalized in the light of consultation with the Zonal Vice Presidents__._,_.___
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