SOME LATEST JUDGMENTS
- The Mumbai ITAT bench and Agra ITAT bench has held that Section 153C search assessment is void if AO's satisfaction is not recorded.
- The Pune ITAT bench and Ahmedabad ITAT bench has held that Section 14A does not apply to shares held as stock-in-trade.
- The Delhi High Court has held that all cases of share application money would not be covered u/s 68 by applying Nova Promoters nor Lovely Exports facts of each case has to be seen.
- The Delhi High Court has held that despite PAN & Bank details, addition of share allotment money is valid u/s 68 if applicants do not respond to summons.
The Bangalore ITAT bench has held that Section 54EC limit of ` 50 Lakhs does not apply to the transaction but financial year. Cheque has to be issued within 6 months. Encashment of Cheque & Allotment of Bonds beyond 6 months is irrelevant.