Home Highlights July 2014 Year 2014 This

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1. Bar of limitation in passing assessment order – There can be postal delay of a week’s time or a fortnight’s time at the maximum and it cannot be 47 days’ delay - AT

2. Pronouncement of orders not within 90 days - Covid-19 epidemic - Even without the words “ordinarily”, in the light of the above analysis of the legal position, the...

3. Long term capital gain - process of sale of shares by holding company to the subsidiary company - time can gap between the formation of the companies and the transfer of...

4. Scope of ‘transfer’ u/s 47(xiv) - whether the assessee’s transaction of converting his proprietary business into a private limited company is outside the scope of...

5. Long Term Capital Gain u/s 45 - transfer u/s 2(47) - non registration of agreement cannot lead to the conclusion that provision of section 2(47) (v) is not applicable -...

6. Revocation of CBL License - 90 days from the date of issuance of SCN is when the noticee submits reply within 30 days and in a case like this, when the noticee has not...

7. Validity of Demand u/s 28 of the Customs Act, 1962 without challenging bill of entry - After assessment and clearance of goods u/s 47 demand raised by proposing...

8. Seeking Condonation of Delay of 14 days in filing of the Appeal - It is really strange that the agency of the Government failed to seek the required information within...

9. Condonation of delay of 80 days in filing the appeal - Time Limitation - As per Section 42 of PMLA, 2002 as mentioned above, the maximum limit to condone delay is (60...

10. Validity of Notice issued u/s 143(2) - Defective return - Removal of defect beyond 15 days u/s 139(9) - AO should have treated the return as non-est when the assessee...

11. Levy of penalty - Bonafide opinion of the assessee - On strict interpretation of Section 45 and Section 47 of the Act, 1969, the only conclusion would be that the...

12. Central Government notifies transfer of capital asset from NTPC Limited u/s 47(viiaf) - Notification

13. Validity of the orders passed by the first appellant u/s 92CA (3) on the ground of limitation as contemplated u/s 153 of the Act - Scope of the work "may" - The word...

14. Long term capital loss/gain - loss on cancellation of flat booked - provisions of section 2(47) clause (vi) - extinguishment of assessee’s right in flat - the assessee...

15. Transfer of capital asset by a company to its subsidiary company - Long term capital gain v/s long term capital loss - transaction cannot be regarded as transfer u/s...