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« From the Courts »
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 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
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 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

ACIT Vs. Panchanan International Private Limited, ITA no. 50/Del/2011
December, 11th 2012

In the recent judgment in the case of Panchanan International (P) Ltd., ITA No. 50/Del/2011 decided on 23rd November, 2012, the Delhi Tribunal has held that no addition can be made on account of the share capital merely on the basis of the statement of the entry operators. In this case the assessee has accepted the share application money through banking channel and it filed details/documents regarding these companies. The AO without going into the documents and without conduct any enquiry made the addition on the basis of an allegation made by the Director Investigation of assessee having accepted accommodation entries. The Delhi Tribunal after analyzing the judgment in the case of Goel Sons Golden Estate Pvt. Ltd. held that the AO has failed to conduct necessary enquiry, verification and deal with the matter in depth and as such no addition made by the AO can be sustained.Read more

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