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Writ Not Entertained Where Effective Appellate Remedy Exists; Jurisdiction under Section 127 Found Valid, Liberty Granted to Pursue Statutory Appeal: Supershine Laundry Systems Pvt. Ltd. vs. DCIT (Delhi HC)
Facts of the
CaseThe petitioner, Supershine Laundry Systems Private
Limited, filed writ petitions challenging reassessment orders dated 20.03.2025
passed under Section 147 of the Income-tax Act for the relevant assess...
Principles of Credit: Theory and Application
Principles of
Credit: Theory and ApplicationINTRODUCTION: CREDIT AS AN INDEPENDENT
DISCIPLINECredit is not a mechanical extension of
finance, accounting, or banking operations. It is an independent professional
disci...
Board of Directors’ Report: A Comprehensive Compliance Tool, A Comprehensive Statutory and Governance-Centric Compliance Framework
Board of Directors’
Report: A Comprehensive Compliance Tool
The Board of Directors’ Report occupies a unique and indispensable position in
corporate reporting. While it is commonly perceived as a narrative documen...
Section 148 Notice Issued Beyond Permissible Period After Ashish Agarwal Regime Held Time-Barred; Reassessment Quashed: Saroj Mehndi vs. ITO (Delhi HC)
Facts of the
CaseThe petitioner, Saroj Mehndi, challenged a notice
dated 11.07.2022 issued under Section 148 of the Income-tax Act for Assessment
Year 2014-15 on the ground that it was barred by limitation. An earlier...
Principles of Accounting: Theory and Application
Principles of
Accounting: Theory and ApplicationINTRODUCTION:
ACCOUNTING AS AN INDEPENDENT DISCIPLINEAccounting is not
merely a clerical activity of recording transactions, nor is it a mechanical
extension of finance...
Section 153C Notices Quashed in Absence of Incriminating Material Belonging to Assessee and Having Bearing on Relevant Years: R.C. Jewellers Pvt. Ltd. vs. DCIT (Delhi HC)
Facts of the
CaseThe petitioner, R.C. Jewellers Pvt. Ltd.,
challenged separate notices dated 26.12.2019 issued under Section 153C of the
Income-tax Act for Assessment Years 2012-13 to 2017-18, along with an order
dat...
Principles of Accounting: Theory and Application
Principles of
Accounting: Theory and ApplicationINTRODUCTION:
ACCOUNTING AS AN INDEPENDENT DISCIPLINEAccounting is not
merely a clerical activity of recording transactions, nor is it a mechanical
extension of finance...
Depreciation on Bank Securities, Pension Fund Contribution and Section 14A Disallowance Covered by Earlier Decisions; No Substantial Question of Law: PCIT-7 vs. Punjab and Sind Bank (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 07.02.2024 passed by the Income
Tax Appellate Tribunal in ITA No. 8688/Del/2019 for Assessment Year 201...
Budget 2026: Direct and Indirect Tax Provisions – A Consolidated Statutory, Judicial and Practical Analysis
Budget 2026: Direct and Indirect Tax Provisions – A
Consolidated Statutory, Judicial and Practical Analysis
INTRODUCTION
The Union Budget 2026 represents a decisive phase in India’s tax reform
journey. It is no...
Reassessment Beyond Three Years Invalid Where Alleged Escapement Below ₹50 Lakh and Not Linked to Single Asset or Event; Section 149(1A) Misapplied: Mohd Athar Anjum vs. ACIT (Delhi HC)
Facts of the
CaseThe petitioner, Mohd Athar Anjum, filed his return
of income for Assessment Year 2018-19 on 21.11.2018 declaring total income of
₹19,11,290. A survey under Section 133A was conducted on 01.09.2022 i...