Home Highlights August 2011 Year 2011 This

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1. 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...

2. 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...

3. The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

4. 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...

5. 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...

6. 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),...

7. Priority of secured creditors under the SARFAESI Act over claims by the Income Tax Department. The respondent mortgaged the property to the petitioner in 2013-14, prior...

8. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

9. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

10. Invocation of extended period of limitation - non-payment of service tax - take-away of food - take-away food items over the counter and not serving on the tables - when...

11. 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...

12. Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which...

13. 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....

14. 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...

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