Train Your Officers That How To Apply Their Mind While Recording Reasons: Bombay High Court To CBDT
In the writ petition no. 3581 of 2021, the Bombay High Court has held on December 20, 2021 that: 4.) In the affidavit in reply, the same Mr. Suryavanshi states “as Annexure – 2 is the copy of the approval […]
BIG News: Supreme Court agrees to extends limitation period to file cases across the country in view of COVID-19
The Supreme Court on Monday agreed to relax the limitation period to file cases under all general and special laws across the country in view of the surge in COVID-19 cases [In Re: Congizance for Extension of Limitation]. A Bench of Chief Justice […]
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Goods in Transit Cannot Be Seized On The Ground Of Under Valuation
In the case of M/s Karnataka Traders vs State of Gujarat, the Gujarat High Court has held that: On careful consideration of the facts and circumstances of the case and the submissions made by the respective advocates for the parties, […]
It is Mandatory For AO To Determine The Arm’s Length Price (ALP): ITAT Mumbai
In the case of CLSA India Private Limited vs DCIT, ITAT Mumbai has held that: Section 92C(1) of the Act, contemplates that the arms length price in relation to an international transaction shall be determined by comparable uncontrolled price method; […]
Delhi High Court Quashes Notices Issued U/S 148 Of The Income Tax Act
On 15th December 2021, the Delhi High Court has quashed notices issued under section 148 of the Income Tax Act (issued on or after 1st April 2021). The court said: “Keeping in view the aforesaid conclusions, Explanations A(a)(ii)/A(b) to the […]
Only Presenting Of Documents & Making Payment Through Bank Does Not Justify The Genuineness Of Transaction: ITAT Delhi
In the case of ITO vs Synergy Finlease Pvt. Ltd, ITAT Delhi has held that: It is against the human probability that anyone will invest and pay share premium of Rs. 50/- per share without having any net worth of […]
Breaking: Delhi High Court Quashes Notices Issued Under Section 148 Of The Income Tax Act
On 15th December 2021, the Delhi High Court has quashed notices issued under section 148 of the Income Tax Act (issued on or after 1st April 2021). The court said: “Keeping in view the aforesaid conclusions, Explanations A(a)(ii)/A(b) to the […]
Adoption Of Stamp Valuation As Sale consideration is Not Justified Without Any Evidence: ITAT Mumbai
In the case of Sir Mohd. Yusuf Trust vs ACIT, ITAT Mumbai has held that: The value adopted for the purpose of payment of stamp duty is not disputed by the assessee. The assessing officer has not brought on record […]
Tax Authorities Are Not Required To Put On Blinkers While Looking At Documents: ITAT Ahmedabad
In the case of Ashish Tandon vs ACIT, ITAT Ahmedabad has held that: “Coining of” the concept was in the course of the employment of the assessee, and, therefore, the plea that it belonged to the assessee, in his individual […]
Revaluation Of Asset Held By Partnership Firm Does Not Result in Capital Gain in The Hands Of Retiring Partner: ITAT Mumbai
In the case of D.S. Corporation vs ITO, ITAT Mumbai has held that: The partnership firm continued to exist even after the retirement of Smt. Hemlata Shetty and Shri Sudhakar Shetty from the partnership. There was only a reconstitution of […]
Supreme Court’s Judgement On Recalling Of Order By ITAT Under The Income Tax Act
In the case of CIT vs Reliance Telecom Ltd., Supreme Court has held that: 1.) Feeling aggrieved and dissatisfied with the impugned common judgment and order dated 08.08.2017 passed by the High Court of Judicature at Bombay in Writ Petition […]
Breaking: AO Should Allow TDS Credit To Employee Even if The Employer Has Not Deposited TDS
In the case of Kartik Vijaysinh Sonavane Vs DCIT, Gujarat High Court has held that: The facts being almost identical, no separate reasoning are desirable and the petition is being ALLOWED. The department is precluded from denying the benefit of the […]
Time Limit Specified in Section 201(3) & (4) Of IT Act Does Not Apply To These Cases: ITAT Pune
In the case of Atlas Copco (India) Limited vs DCIT, ITAT Pune has held that: In our considered opinion, where the payments are made to the entities/persons other than the persons specified in sub-section (3), the limitation period of one […]
The Fact That Company is Loss-Making Does Not Mean That Shares Cannot Be Allotted At Premium: ITAT Delhi
In the case of India Today Online Pvt. Ltd vs ITO, ITAT Delhi has held that: Rule 11UA will apply only if option is exercised in sub-clause (i), but if the assessee has been able to substantiate the fair market […]
Assessee is Entitled To Challenge The Correctness Of DVO’s Valuation Before CIT And Tribunal: ITAT Ahmedabad
In the case of Lovy Ranka vs DCIT, ITAT Ahmedabad has held that: It is sufficient, for our purposes, to take note of the fact that the provisions of Section 23A(1)(i) of the Wealth Tax Act, 1957, “shall, with necessary […]
Section 54F is A Beneficial Provision And Should Be Liberally Interpreted: ITAT Delhi
Kapil Kumar Agarwal vs DCIT, ITAT Delhi has held that: In J. R. Suhramanya Bhat (supra). Karnataka High Court noticed language of Section 54 which stipulated that the assessee should within one year from the dale of transfer purchase, or […]
Subsidy Received From Government Should Be Reduced From Taxable Value: AAR Gujarat
In the case of Green Brilliance Renewable Energy LLP, AAR Gujarat has held that: The Taxable Value on Tax invoice issued to the Customer shall be arrived after deducting the subject Subsidy from ‘System Cost’ and GST liability is on […]
The Assessee Cannot Be Kept in Dark: ITAT Kolkata
In the case of Rashmi Metaliks Ltd vs DCIT, ITAT Kolkata has held that: It has to be kept in mind that the AO is empowered to collect materials behind the back of the assessee, however if he intends to […]
No need to re-register for GST: AAR
The Karnataka bench of the GST Authority for Advance Rulings (AAR) has held that a separate GST registration is not required in the state (the place of supply) by a subcontractor who was executing an infrastructure project. Upholding the spirit […]
Cancellation of GST Registrations on Hyper Technical Grounds Will Lead to Revenue Loss And Unemployment- Calcutta High Court
In the case of M/s. CIGFIL Retail Pvt. Ltd. vs Union of India & Ors., the Calcutta High Court has held that: “Considering these facts as well as in view of the facts and circumstances of the case that it […]
ITAT Mumbai’s Judgement On Royalty When Payment is Made For Bandwith Services
In the case of DCIT vs Reliance Jio Infocomm Ltd, ITAT Mumbai has held that: The assessee pursuant to the terms of the “agreement‟ had only received standard facilities i.e bandwith services from RJIPL. In fact, as observed by the […]
Must Read: ITAT Mumbai’s Judgement On Disallowance of Bogus Purchases
In the case of V.R.Enterprises vs ITO, ITAT Mumbai has held that: The assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. […]
Unusual & Sudden Spurt In Client Code Modifications Undertaken By Brokers Was With An Intention To Evade Taxes: ITAT Mumbai
In the case of Time Media & Entertainment LLP vs ITO, ITAT Mumbai has held that: It came to notice of the Revenue that in FY 2009-10 many brokers had misused this facility of client code modifications to artificially create […]
There Is A Difference Between “Issue” Of Notice And “Service” Of Notice: ITAT Pune
In the case of Anil Kisanlal Marda vs ITO, ITAT Pune has held that: Section 27 provides that service by post shall be deemed to be effected by properly addressing, pre-paying and posting by registered post. It means that when […]
Damages Received For Breach Of Development Agreement Are Capital In Nature & Not Chargeable To Tax: ITAT Mumbai
In the case of Chheda Housing Development Corporation vs ACIT, ITAT Mumbai has held that: Despite the definition of the expression capital asset in the widest possible terms in section 2(14), a right to a capital asset must fall within […]
Bogus Share Capital Premium- The Test Of Human Probabilities Cannot Be Applied To Business Transactions: ITAT Bangalore
In the case of Janani Infrastructure Pvt. Ltd vs ACIT, ITAT Bangalore has held that: The share premium has been collected as per the understanding reached between both the parties. We notice that the AO has not mentioned in the […]
The Fact That “Long-Term Capital Gains” On Listed Shares Are Exempt From Tax Does Not Mean That “Long-Term Capital Loss” On Such Shares Is Not Available For Set-Off Against Taxable Income: ITAT Kolkata
In the case of United Investments vs ACIT, ITAT Kolkata has held that: If one carefully analyzes various sub-sections of Section 10 then it is evident that each sub-section enlists specific specie of receipt to which exemption from tax is […]
Violations Of Tax Laws By New Assessees Occur Because Of Lack Of Proper Advice: ITAT Chandigarh
In the case of Asha Gandhi vs ITO, ITAT Chandigarh has held that: In my experience as a dispenser of Justice, I have noticed that generally the violations of tax laws by new assessees do not occur because they are […]
If The Case Is Selected For Limited Scrutiny Of A Specific Issue, The AO Has No jurisdiction To Make Additions Or Disallowances On Other Issues: ITAT Chandigarh
In the case of Vijay Kumar vs ITO, ITAT Chandigarh has held that: The impugned additions have been made by the Assessing Officer on certain other issues, whereas, the case of the assessee was selected for the purpose of limited […]
The Assessee Has The Option To Determine The Fair Market Value Of Shares Either Under The DCF Method Or The NAV Method: ITAT Mumbai
In the case of Narang Access Pvt. Ltd vs DCIT, ITAT Mumbai has held that: While valuing the share premium and to determine the fair market value of shares in terms of section 56(2)(viib) of the Act, the assessee has […]
The Valuation Of Shares Should Be Made On The Basis Of Various Factors And Not Merely On The Basis Of Financials: ITAT Delhi
In the case of India Convention and Culture Centre Pvt. Ltd vs ITO, ITAT Delhi has held that: As per the circle rate prescribed by the competent authority, the value of total assets i.e., the fair market value of the […]
Supreme Court Reverses The Decision of Delhi High Court In The Case of Bharti Airtel Ltd.
The Delhi High Court [W.P. (C) No. 6345 of 2018 dated May 05, 2020] had allowed Bharti Airtel Ltd. to rectify GSTR-3B Return for the period July 2017 to September 2017 and claim refund. The Delhi High Court also directed […]
Non-Transmission of Data Relating to Export From GSTN to ICEGATE Is Not A Valid Ground to Withhold Refund: Bombay High Court
SRC Chemicals Private Limited & Anr. v. Central Board of Indirect Taxes and Customs & Ors. The Petitioner made certain exports on 28th June 2017, on which date the CGST Act and the IGST were not in force. However, due […]
The Fact That A Scam Has Taken Place In Some Penny Stocks Does Not Mean That All Transactions In Penny Stocks Can Be Regarded As Bogus: ITAT Mumbai
In the case of Vijayrattan Balkrishan Mittal vs DCIT, ITAT Mumbai has held that: In deciding whether the claim is genuine or not, the authorities have to be guided by the legal evidence and not on general observations based on […]
The AO Cannot, After Conclusion of Proceedings u/s 147, Take Aid of Explanation 3 to Section 147 to Make Any Addition u/s 154
In the case of JDC Traders Pvt. Ltd vs. DCIT, ITAT Delhi has held that: If we accept the argument of the learned DR that u/s 154 of the Act, ld. AO is empowered to deal with the escapement of […]
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