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2022-TIOL-NEWS-006 Part 2 | January 07, 2022

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INCOME TAX

2022-TIOL-35-ITAT-DEL

Vineet Malhotra Vs ACIT

Whether when there is no evidence to establish that client code modification has resulted in shifting of profit and assessee has received back equivalent amount of monetary benefits, then no addition is permitted - YES: ITAT

- Assessee's appeal allowed: DELHI ITAT

2022-TIOL-34-ITAT-DEL

Globe Agencies Vs ACIT

Whether AO is obliged to proceed u/s 147 on basis of directions issued by his higher authority which would otherwise amounts to borrowed satisfaction - NO: ITAT

- Assessee's appeal allowed: DELHI ITAT

2022-TIOL-33-ITAT-DEL

ACIT Vs CS Leasing Pvt Ltd

Whether when there is no satisfaction recorded in case by AO of searched persons, assessment u/s 153C in case of other person cannot be upheld – YES: ITAT

- Revenue's appeals dismissed: DELHI ITAT

 

 

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NEWS FLASH

Govt data: GDP to zoom up by 9.2% in current fiscal

Weekend Curfew: Karnataka corks sale of liquor

UAE finally switches over to Saturday & Sunday as weekend; Friday becomes working day

HDFC integration with Customs ICEGATE platform goes live

Govt makes 7-day home isolation mandatory for all international pax

TCS contract for operating passport sewa kendras renewed

20 feared trapped in house collapse in China

Security Breach row: SC directs travel records be preserved

Madras HC rebukes lower court for ‘summoning' presiding deity idol in court

 
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