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2022-TIOL-NEWS-002 Part 2 | January 03 2022
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TODAY'S CASE (DIRECT TAX)

I-T - surcharge on sales tax or turnover tax, being exclusive levies on State Government undertakings, does not qualify as fee or charge as per Section 40(a)(iib) of the I-T Act, for purposes of disallowance : SC

 
INCOME TAX

2022-TIOL-01-SC-IT

Kerala State Beverages Manufacturing And Marketing Corporation Ltd Vs ACIT

Whether a surcharge on sales tax or turnover tax, being exclusive levies on State Government undertakings, qualifies as fee or charge as per Section 40(a)(iib) of the I-T Act, for purposes of disallowance - NO: SC

Whether as per settled law, a legislation is to be interpreted in a manner which serves and promotes the objective and intention behind the legislaton - YES: SC

Whether a surcharge on a tax is nothing more than an enhancement of the tax - YES: SC

- Assessee's appeals dismissed: SUPREME COURT OF INDIA

2022-TIOL-07-ITAT-CHD

Karmae Garchen Trust Vs JCIT

Whether power of revision under Section 263 can be exercised only on satisfying twin test of original assessment order being erroneous as well as prejudicial to Revenue's interests - YES: ITAT

- Assessee's appeal allowed: CHANDIGARH ITAT

2022-TIOL-06-ITAT-PUNE

ACIT Vs Vithalrao Rangnathrao Ambarwadikar

Whether where charge is not properly set out in notice u/s 274 without striking off inapplicable limb, but penalty has been levied, then such penalty order gets vitiated - YES: ITAT

- Revenue's appeal dismissed: PUNE ITAT

2022-TIOL-05-ITAT-MUM

Champshi Devshi Shah Vs ACIT

Whether disallowance u/s 14A can exceed exempt income - NO: ITAT

- Assessee's appeal allowed: MUMBAI ITAT

 

 

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NEWS FLASH

Omicron found in 84% of blood samples in last 2 days in Delhi

December month PMI for manufacturing slopes down to 55.5%

December unemployment rate crawls up to 7.9%: CMIE

Traffic gridlock in Delhi after BJP takes out rallies against Excise Policy

Imran Khan's ex-wife lambasts him for poor law & order after a gunshot hit her car last night

 
TOP NEWS
 
GUEST COLUMN

By Makarand P S Joshi & U K Godbole

Beware of filing Appeal

THE principle of no reformatio (reformation) in peius (worse) or prohibition of reformatio in peius, means that a person should not be placed in a worse position, as a result of his filing an appeal. It is a Latin phrase expressing the principle that using the remedy at law may not aggravate the situation ...

 
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