SC dismisses Revenue’s SLP
challenging Bombay HC order in case of assessee (belonging to Lodha group of
companies engaged in real estate business) for AY 2009-10; HC had dismissed
Revenue’s appeal against ITAT order deleting penalties u/s. 271D / 271E for violating
provisions of Sec 269SS / 269T by accepting/repaying loans/advances through
“journal entries” (i.e otherwise than by account payee cheques/drafts); ITAT
had held that transactions by way of journal entries aimed at extinguishment of
mutual liabilities constitutes “reasonable cause” u/s 273B; Stating that the
issue of reasonable cause is a question of fact, HC had held that “the view
taken by the Tribunal on the facts before it, is a possible view and does not
give rise to any substantial question of law.”; SC holds that “We do not find
any good ground to entertain this Special Leave Petition, which is,
accordingly, dismissed.”:SC
Subscribe to:
Post Comments (Atom)
GST Not Leviable on Transfer of Leasehold Rights of MIDC Plots: SC Dismisses Revenue’s SLP
In a significant development, the Supreme Court has dismissed the Revenue’s Special Leave Petition (SLP) challenging a Bombay High Court (...
-
· Legal Framework: Section 171 of the Income Tax Act, 1961 provides the legal framework for the partition of a Hindu Undivided...
-
New utility for generation of Form 16A in pdf format provided by https://www.tdscpc.gov.in is very light and is sized only 8.43 MB while ...
-
1. Introduction Cross-border investment structures often employ intermediate holding companies in jurisdictions like the Cayman Islands. A c...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
Issue before the Income-tax Appellate Tribunal (ITAT) Whether the phrase “paid up capital and general reserves” should be defined as “Ne...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
Facts Saptarshi Ghosh (the tax payer) was a salaried employee of TCS Limited (employer), an Indian company. He was on deputation to the U...
-
Selling a property can trigger a significant tax liability in the form of capital gains tax. However, the Income-tax Act, 1961, allows you...
-
In the complex landscape of India’s Goods and Services Tax (GST), the tax treatment of non-compete fees has emerged as a critical area f...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
No comments:
Post a Comment