The Karnataka High Court has laid down certain important legal principles. These are as follows: Action based on the Material contained in material contained in Diaries and loose sheets is contrary to the decision of the Supreme Court and therefore the assessment orders are void and illegal. Recording of reasons is hallmark of a valid […]
WABCO INDIA LTD. vs. DCIT (INTERNATIONAL TAXATION) (2018) 407 ITR 317 (Madras HC); 97 taxmann.com 620 (Madras):
The assessee was incorporated under the Companies Act, 1956 and is engaged in the business of designing, manufacturing and marketing various auto components. The company is on the stock exchange. In 2012-13, 75% of the shares of the Appellant were held by Clayton Dewandre (“CD”) and the balance 25% were held by public. In 2013-14, […]