Judgments

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Penalty Cannot Be Levied If Omission And Wrong Claim Was By Oversight And Auditors Did Not Point It Out: ITAT Mumbai

In the case of Wadhwa Estate & Developers India Pvt. Ltd vs. ACIT, ITAT Mumbai has held that: Undisputedly, in the return of income assessee has failed to offer interest on fixed deposit amounting to Rs 5,92,186 and loss claimed …

Penalty Cannot Be Levied If Omission And Wrong Claim Was By Oversight And Auditors Did Not Point It Out: ITAT Mumbai Read More »

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CIT(A) Has No Power To Enhance New Source Of Income Neither Discussed in Assessment Order Nor Mentioned in ITR: ITAT Pune

In the case of Ram Infrastructure Ltd vs. JCIT, ITAT Pune has held that: It is well settled law laid down by the Hon’ble Apex Court in Commissioner of Income Tax Vs. Shapoorji Pallonji Mistry, 44 ITR 891 (SC) and …

CIT(A) Has No Power To Enhance New Source Of Income Neither Discussed in Assessment Order Nor Mentioned in ITR: ITAT Pune Read More »

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Income Which is Not Chargeable Under Specific Provisions Of Articles 6 to 21 Cannot Be Taxed Under Residuary Provision: ITAT Chennai

In the case of DCIT vs. Ford India Limited, ITAT Chennai has held that: An income is of such a nature as, on satisfaction of conditions specified in the related provision, could be taxed under any of these specific treaty …

Income Which is Not Chargeable Under Specific Provisions Of Articles 6 to 21 Cannot Be Taxed Under Residuary Provision: ITAT Chennai Read More »

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“On Money” Received By Assessee For Sale Of Agricultural Land Has To Be Treated As “Agricultural Income” If Assessee Has No Other Source For Receipt: ITAT Cochin

In the case of ITO vs. Abraham Varghese Charuvil, ITAT Cochin has held that: The payment of on-money is an unfortunate practice in most part of our country, and none can deny this factual situation. It is the case of …

“On Money” Received By Assessee For Sale Of Agricultural Land Has To Be Treated As “Agricultural Income” If Assessee Has No Other Source For Receipt: ITAT Cochin Read More »

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Bogus Purchases Cannot Be Assessed As ‘Unexplained Expenditure’ If Transactions Are Duly Disclosed And Payments Are Through Banks: ITAT Mumbai

In the case of Earthmoving Equipment Service Corporation vs. DCIT, ITAT Mumbai has held that: Section 69C could not be applied to the facts of the case as the payments were through banking channels which were duly reflected in the …

Bogus Purchases Cannot Be Assessed As ‘Unexplained Expenditure’ If Transactions Are Duly Disclosed And Payments Are Through Banks: ITAT Mumbai Read More »

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Penalty For Delay in Filing TDS Returns Cannot Be Levied If Delay Was Due To Requirement To Collect PAN Of Payees: ITAT Jaipur

In the case of Argus Golden Trades India Ltd vs. JCIT, ITAT Jaipur has held that: The assessee has submitted that since there were large number of deductees scattered throughout the country, a fact not disputed by the Revenue, it …

Penalty For Delay in Filing TDS Returns Cannot Be Levied If Delay Was Due To Requirement To Collect PAN Of Payees: ITAT Jaipur Read More »

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Penalty Cannot Be Levied Unless There is “Evidence Beyond Doubt” That There Was Concealment Of Particulars Of Income Or Furnishing Inaccurate Particulars Thereof: ITAT Delhi

In the case of DDIT vs. Metapath Software International Ltd, ITAT Delhi has held that: It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when …

Penalty Cannot Be Levied Unless There is “Evidence Beyond Doubt” That There Was Concealment Of Particulars Of Income Or Furnishing Inaccurate Particulars Thereof: ITAT Delhi Read More »

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Period Of Limitation For Rectification Application is Six Months From End Of Month in Which “Order is Passed”: ITAT Hyderabad

In the case of Srinivas Sashidhar Chaganty vs. ITO, ITAT Hyderabad has held that: Section 254(2) of the Act refers to the period of limitation reckoning from the end of the month in which the order Is passed’ and not …

Period Of Limitation For Rectification Application is Six Months From End Of Month in Which “Order is Passed”: ITAT Hyderabad Read More »

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Amounts Paid By Way Of Reimbursement Of Expenses Do Not Constitute Income in The Hands Of Recipient: ITAT Cochin

In the case of ACIT vs. St. Mary’s Rubbers Private Ltd, ITAT Cochin has held that: The Tribunal, while giving the above decision, had also considered the effect of CBDT Circular No.715 dated 08.08.1995 and also ruled that the said …

Amounts Paid By Way Of Reimbursement Of Expenses Do Not Constitute Income in The Hands Of Recipient: ITAT Cochin Read More »

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Section 69C Cannot Be Applied Where All Purchase And Sales Transactions Are Part Of Regular Books Of Accounts: ITAT Mumbai

In the case of M/s. Fancy Wear vs. ITO, ITAT Mumbai has held that: The AO or the FAA have not rejected the books of accounts of the assessee nor have doubted the purchases made by it. The recognised principles …

Section 69C Cannot Be Applied Where All Purchase And Sales Transactions Are Part Of Regular Books Of Accounts: ITAT Mumbai Read More »

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“Concealment Of Particulars Of Income” And “Furnishing Of Inaccurate Particulars Of Income” Are Different Terms: ITAT Mumbai

In the case of Orbit Enterprises vs. ITO, ITAT Mumbai has held that: Notably, Sec. 292BB of the Act has been inserted w.e.f. 01.04.2008 and is understood basically as a rule of evidence. The implication of Sec. 292BB of the …

“Concealment Of Particulars Of Income” And “Furnishing Of Inaccurate Particulars Of Income” Are Different Terms: ITAT Mumbai Read More »

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CIT(A) Has To Apply His Own Independent Mind in Facts And Circumstances Of Case: Telangana High Court

In the case of APR Jewellers Private Limited vs CIT(A) and ITO, the Telangana High Court has held that: Supreme Court in Principal Commissioner of Income Tax vs. L.G. Electronics India Private Ltd, observed that an administrative circular would not …

CIT(A) Has To Apply His Own Independent Mind in Facts And Circumstances Of Case: Telangana High Court Read More »

Cash Payments If Transaction is Genuine And Identity Of Payee

No Disallowance Can Be Made For Cash Payments If Transaction is Genuine And Identity Of Payee is Known: ITAT Jaipur

In the case of M/s A Daga Royal Arts vs. ITO, ITAT Jaipur has held that: Citation: Section 40A(3) Rule 6DD: No disallowance can be made for cash payments if the transaction is genuine and the identity of the payee …

No Disallowance Can Be Made For Cash Payments If Transaction is Genuine And Identity Of Payee is Known: ITAT Jaipur Read More »

income tax judgment

Disallowance u/s 14A & Rule 8D Has To Be Made Even If Assessee Not Earned Any Tax-Free Income On Investment: ITAT Amritsar

In the case of Lally Motors India (P.) Ltd vs. PCIT, ITAT Amritsar has held that: Citation: Disallowance u/s 14A & Rule 8D has to be made even if the assessee has not earned any tax-free income on the investment. …

Disallowance u/s 14A & Rule 8D Has To Be Made Even If Assessee Not Earned Any Tax-Free Income On Investment: ITAT Amritsar Read More »

Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As "Bogus" [Read Judgement]

Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As “Bogus” [Read Judgement]

In the case of Apparent Marketing Private Limited Vs State Of U.P., the Allahabad High Court has held that: 20.) Remarkably, despite reply having been furnished by the assessee, the order dated 2 1.08.2020 is as vague and defective as …

Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As “Bogus” [Read Judgement] Read More »

Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement]

Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement]

In the case of Reji Easow vs. Income Tax Officer, ITAT Mumbai has held that: In view of the above we are of the considered view that on the facts of the present case the date on which possession is …

Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement] Read More »

Decision By AO Without Giving An Opportunity To Assessee is in Violation Of Principle Of Natural Justice: ITAT Jaipur

Decision By AO Without Giving An Opportunity To Assessee is in Violation Of Principle Of Natural Justice: ITAT Jaipur

In the case of DCIT vs. Saurabh Mittal, ITAT Jaipur has held that: The Assessing Officer has not brought any material on record to controvert the fact duly established by the supporting evidence of purchase bills, payment of consideration through …

Decision By AO Without Giving An Opportunity To Assessee is in Violation Of Principle Of Natural Justice: ITAT Jaipur Read More »

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