Home Highlights August 2011 Year 2011 This

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1. Validity of reopening of assessment u/s 147 - CIRP proceedings - The proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be pressed into service to...

2. Liability of directors of private company in liquidation - steps taken against the delinquent Company - The order does not record any of the material which formed the...

3. Doctrine of constitutional priority - Supremecy of attachment passed by the Tax Recovery Officer / Income Tax Department or to the mortgage created in favour of the...

4. Non-realization export proceedings of goods - convertible foreign exchange - Reasonable steps u/s 18(3) of FERA - The appellants adequately explained the steps taken by...

5. Major Steps taken for Reducing Tax Litigations - For income tax matters, litigation from Department’s side will get reduced by 41%, for Indirect Tax Matters (Central),...

6. Rejection of application made by the Petitioner for calling upon the Income Tax Department to provide a proper certificate / letter in support of the Income Tax records...

7. Approval of Resolution Plan - Dues of Income Tax liability - reliefs from Income Tax liabilities have not been granted as prayed by the Successful Resolution Applicant....

8. Seeking no objection certificate from the Income Tax Department in order to leave India - no objection certificate is not being issued as the Petitioner does not have a...

9. Computation of closing stock - Merely because the assessee agreed even after the retrieval stock included in the closing stock and considered for computation income in...

10. Recovery proceedings - membership right - priority of Income tax Department over Stock Exchange - the petitioners-exchange would have a priority on the security deposits...

11. If any amount is required to be payable to the Income-tax Department by the transferor company, the Income-tax Department can be said to be a creditor so far as its...

12. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

13. Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or...

14. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

15. Defaulter under the SVLDRS scheme or not - failure to pay the amount mentioned in SVLDRS-3 in time - Seeking adjustment of refund under Income Tax with amount payable...