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Dear Subscriber,
Gateway Leasing Pvt. Ltd vs. ACIT (Bombay High Court)
S. 147 Reopening for bogus capital gains from penny stocks: The Dept's argument that though the assessee disclosed details of the transactions pertaining to purchase and sale of shares, it did not disclose the real colour / true character of the transactions and, therefore, did not make a full and true disclosure of all material facts which was also overlooked by the AO, is not correct. The assessee disclosed the primary facts to the AO & also explained the queries put by the AO. It cannot be said that the assessee did not disclose fully and truly all material facts necessary for the assessment In para 3.4 of the affidavit in reply it is stated that though the Petitioner had furnished details relating to purchase and sale of shares of Mittal Securities Ltd., (now Scan Steels Ltd.,), but that did not amount to full and true disclosure of all material facts unless true and real facts are disclosed before the Assessing Officer. Assessing Officer had not discussed in the assessment order about the genuineness or camouflage nature of the transactions of purchase and sale of shares of Mittal Securities Ltd. by the Petitioner
Revisiting The Rules Of Interpretation Of A Beneficial Provision – Ramnath & Co. Vs. CIT (Supreme Court)
In Ramnath & Co. vs. CIT, the Supreme Court has taken the view that a beneficial provision has to be interpreted 'strictly' and the benefit of an ambiguity in its interpretation should go to the Revenue. Advocates Harsh M. Kapadia and Ravi Sawana have argued that this view is erroneous and runs counter to the law laid down by the Supreme Court itself in several earlier judgements. The ld. authors have backed up their submission with a detailed discussion and given persuasive reasoning
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
Tying Up Philanthropy – A Guide To Amended Provisions For Registration Of Charitable Trusts/ Institutions Under The Income Tax Act, 1961
CA Pranshu Singhal has prepared a useful guide in which he has explained the various amendments ushered in by the Finance Act, 2020 to the law on registration of charitable trusts and institutions under the Income Tax Act, 1961. He has highlighted the problems that the entities are likely to face and also offered suggestions on the remedies available. The recent amendments announced by the Finance Minister in the wake of COVID-19 pandemic, as applicable to charitable entities, have been duly referred to by the ld. author__._,_.___
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