Legal Profession Is Under A Cloud & Requires
Revival: Bar Council Of India
The Bar Council of India has issued a Notification dated 29th October 2014 by which the “Bar Council of India Certificate of Practice and Renewal Rules. 2014” have been notified
Supreme Industries Ltd vs. ACIT (Bombay High Court)
S. 254(2): ITAT must
adopt a justice oriented approach and not defeat the legitimate rights on the
altar of procedures and technicalities. Even a mistake by the assessee can be
rectified (i) It is a settled position in law that every authority exercising quasi judicial powers has inherent/ incidental power in discharging of its functions to ensure that justice is done between parties i.e. no prejudice is caused to any of the parties. This power has not to be traced to any provision of the Act […]
DCIT vs. Bramha Corp. Hotels & Resorts Ltd (ITAT
Pune)
Premium paid to
buyback shares of recalcitrant shareholders is to facilitate smooth running of
business and is allowable as revenue business expenditure From the case-laws referred to in the said commentary, it is amply clear that while accepting the compromise or settlement between the two warring groups, for a proceeding under ss. 397 and 398 of the Companies Act, 1956, the Court will keep in mind the prime interest of the company as well as public interest. […]
Calibrated Healthcare Systems India Pvt. Ltd vs. ACIT
(ITAT Delhi)
Transfer Pricing:
Companies which are functionally similar to the assessee cannot be excluded
merely because of high or low turnover When a company is functionally similar to that of the assessee company, the same cannot be excluded merely because of its turnover at a higher or lower level. Here it is important to mention that sec. 92C(1) of the Income-tax Act, 1961 provides for the computation of Arm’s Length Prices by one of the methods […]
CIT vs. Godavari Electrical Conductors (Andhra Pradesh
High Court)
Issue of notice
straightaway through affixture is not proper & renders proceedings void. On
the expiry of the limitation period valuable rights accrue to the assessee (i) The Tribunal took note of the fact that (a) the issuance of a notice straight away through affixture is not proper; (b) no efforts were made to send the notices to the partners through registered post with acknowledge due; and (c) even in the matter of affixture of notices, two defects have crept in […]
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