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Question: Can AO reassessment order frame without considering the objection to the reopening of the assessment under section 147 of the IT Act? HIGH COURT OF ORISSA passed the order on this issue.
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Whether a reversal of Input Tax Credit (ITC) u/s Section 17(5)(h) is contemplated in relation to loss arising from manufacturing process. MADRAS HIGH COURT passed an order on the issue on 24/06/2021 and set aside the impugned order to the above extent. For full order kindly click the below link
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Section 147, 148, 143(3). If reopening within a period of four years of assessment u/s 143(3) then there is no bar for reopening of assessment If there is certain non-disclosure. But If reopening beyond four years for assessment already in u/s 143(3) then It must be established that the assessee has not disclosed fully and truly all material evidence with an intention to escape from the payment of tax. motive or intention on the part of the assessee for such non-disclosure is also a material ground. It is a case where the reopening beyond four years of assessment u/s 143(3) and the order of approval, which was validly granted, was produced before the Assessing Officer at the time of scrutiny and the Assessing Officer also accepted the approval order and granted exemption. Thus, the reason stated in the impugned proceedings that the assessee committed a mistake cannot be accepted. M/S.Kone Elevators (India) Pvt. … vs ACIT Madras High Court … on 16 June, 2021
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Madras High Court decision on 5 March, 2020 on stay of demand-consequences of not depositing of 20% of total demand within 30 days alongwith stay application- CBDT’s instruction on stay of demand
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HIGH COURT OF MADRAS on Mar 3, 2020 hold that there is no capital gain on Refundable Security Deposit received through development agreement when owner continues to be owner throughout agreement, and has at no stage purported to transfer rights akin to ownership to developer—At highest, possession alone is given under agreement, and that too for a specific purpose, purpose being to develop property, as envisaged by all parties
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Tribunal can not dismiss an appeal for default of non appearance of the assessee or his council appeal has to decided on merits.
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The notice issued u/s 148 in the name of the dead person is unenforceable in the eye of law.