Professional Updates @ TEAMBRINGIT us

Depreciation will be considered while calculating net worth for computing Capital Gain in slump sale u/s 50B [CIT vs. Dharampal Satyapal (Delhi High Court), ITA 1003/2011, AY 2001-02, Date of Judgment: 06/01/2016].


Notice issued or assessment made post receiving direction u/s 124 from CIT to transfer the case is invalid [Raj Kumar Mangla Vs ACIT (ITAT Delhi); I.T.A No. 556-558/Del/2011].


Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes and if treatment made by assessee was revenue neutral [Goldfilled Mercantile Company vs. DCIT (ITAT Mumbai),IT Appeal No.-1965/2014].


Inadvertent mentioning of wrong assessee code does not invalidate payment [Devang Paper Mills Pvt Ltd Vs UOI (Gujarat High Court); Special Civil Application No. 12264 of 2015].


Recovery cannot be made from bonfide purchaser of Duty Free Import Authorisation (DFIA)/Duty Entitlement Pass Book (DEPB) license – CESTAT

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