delhi@alalegal.in Archive

A buyback under Section 68 of the Companies Act is a capital reduction and not an acquisition of property. Consequently, Section 56(2)(x) cannot be invoked merely because the buyback price is lower than the fair market value

Direct Tax/ Income Tax 0
69
Delhi High Court: PCIT v. M/s Globe Capital Market Ltd. The controversy arose from the assessment proceedings for Assessment Year 2018–19, wherein the Assessing Officer invoked Section 56(2)(x) of the Income-tax Act, 1961, which taxes the receipt of property for inadequate consideration. The Assessing Officer treated the company’s buyback of its own shares at …
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Madras High Court quashes Reassessment based on material already examined during original assessment

Income Tax Act 1961, Direct Tax/ Income Tax 0
54
M/s Schwing Setter (India) Pvt. Ltd. v. Assistant Commissioner of Income Tax/Income Tax Officer The Madras High Court has set aside the reassessment proceedings initiated against an engineering equipment manufacturer after finding that the IT Deptt. reopened the assessment based on material that had already been disclosed and examined during the original assessment. Schwing …
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Bombay High Court set aside ITAT Order for failing to decide challenge to faceless assessment procedure

Direct Tax/ Income Tax 0
63
Bombay High Court: Accost Media LLP v. DCIT The High  Court has set aside ITAT Order, holding that the tribunal failed to adjudicate a taxpayer’s jurisdictional objection alleging non-compliance with the mandatory assessment procedure. The  Court ruled that the issue went to the root of the matter and required adjudication by the Tribunal. The …
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