2023-TIOL-746-HC-TELANGANA-IT

HSBC Holdings Plc Vs DCIT

Whether belief of AO that assessee did not disclose fully and truly all material facts necessary for assessment and as a result, there was escapement of income, could be brushed aside - NO: HC

Whether since assessee had effective remedy available u/s 144C, basis for initiating reopening cannot be challenged by invoking writ jurisdiction under article 226 - YES: HC

- Assessee's petition dismissed: TELANGANA HIGH COURT

2023-TIOL-745-HC-TELANGANA-IT

Virtusa Consulting Services Pvt Ltd Vs DCIT

Whether since the basic grievance of the assessee has been redressed, the consequential refund is required to be remitted to the assessee at an early date with applicable interest in accordance with law - YES: HC

- Case disposed of: TELANGANA HIGH COURT

2023-TIOL-802-ITAT-DEL

Canadian Specialty Vinyls Vs ITO

Whether deduction u/s 80IC can be allowed as claiming such deduction, in return of income filed within prescribed time limit is not mandatory but directory - YES : ITAT

- Assessee's appeal partly allowed: DELHI ITAT

2023-TIOL-801-ITAT-MAD

Karur Vysya Bank Ltd Vs ACIT

Whether in banking companies when shares & securities are held as stock in trade, dividend income is considered as business income, and Sec 14A cannot be applied - YES : ITAT

- Assessee's appeal allowed: CHENNAI ITAT

2023-TIOL-800-ITAT-PUNE

Nirmal Sharad Mutha Vs ACIT

Whether issue of unexplained cash credit can be remanded to file of AO for adjudication afresh after verifying matter on points submitted by assessee - YES : ITAT

- Case Remanded: PUNE ITAT

2023-TIOL-799-ITAT-PUNE

Classic Citi Investments Pvt Ltd Vs DCIT

Whether it is fit case for remand where AO directed assessee to pay TDS u/s 194H w.r.t. payments made to banks & credit card companies without due verification - YES: ITAT