Section 206AA Does Not Have Overriding Effect Over Other Provisions Of The Act: ITAT Hyderabad
In the case of Nagarjuna Fertilizers and Chemicals Limited vs. ACIT, ITAT Hyderabad (Special Bench) has held that: In view of the above discussion, we are of the view that the provisions of section 206AA of the Act will not …
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 …
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 …
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 …
Loose Papers Which Do Not Have Full Details Are “Dumb Documents” And Have No Evidentiary Value: ITAT Ahmedabad
In the case of Nishant Construction Pvt. Ltd vs. ACIT, ITAT Ahmedabad has held that: The AO has no power to disturb the sale price shown except in three cases. The first is under Section 145 of the Act. Where …
Disallowance Has To Be Made Even in Respect Of Securities Held As Stock-in-Trade By Assessee: ITAT Kolkata
In the case of Kalyani Barter (P) Ltd vs. ITO, ITAT Kolkata has held that: The object of section 14A is to disallow the direct and indirect expenditure incurred in relation to income which does not form part of the …
The Onus is On Assessee To Establish Justification For Clubbing The Transactions: ITAT Bangalore
In the case of Kaypee Electronics & Associates Pvt. Ltd vs. DCIT, ITAT Bangalore has held that: The only issue that arises for consideration before us is whether the TPO was justified in making the ALP adjustment in respect of …
There is Distinction Between “Lack Of Enquiry” And “Inadequate Enquiry”: ITAT Mumbai
In the case of Small Wonder Industries vs. CIT, ITAT Mumbai has held that: We are of the view, that there is a distinction between “lack of enquiry” and “inadequate enquiry”. In the present case the Assessing Officer collected necessary …
There is Distinction Between “Lack Of Enquiry” And “Inadequate Enquiry”: ITAT Mumbai Read More »
“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 …
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 …
Penalty Proceedings Are “Quasi-Criminal” And Ought To Comply With Principles Of Natural Justice: ITAT Mumbai
In the case of Meherjee Cassinath Holdings Pvt. Ltd vs. ACIT, ITAT Mumbai has held that: Apart from the aforesaid discussion, we may also refer to the one more seminal feature of this case which would demonstrate the importance of …
Gift Received From HUF By A Member Of HUF is Exempt From Tax: ITAT Mumbai
In the case of DCIT vs. Ateev V. Gala, ITAT Mumbai has held that: From a plain reading of section 56(2)(vi) along with the Explanation to that section and on understanding the intention of the legislature from the section, we …
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AO Has To Make Independent Inquiry To Treat Purchases As Bogus: ITAT Mumbai
In the case of Geolife Organics vs. ACIT, ITAT Mumbai has held that: It is evident from the assessment order that on the basis of information obtained from the Sales Tax Department, Assessing Officer issued notices under section 133(6). As …
AO Has To Make Independent Inquiry To Treat Purchases As Bogus: ITAT Mumbai Read More »
A Trust is Eligible For Section 54F Deduction: ITAT Mumbai
In the case of Balgopal Trust vs. ACIT, ITAT Mumbai has held that: The issue is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, …
A Trust is Eligible For Section 54F Deduction: ITAT Mumbai Read More »
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 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 …
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 …
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 …
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 …
“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 …
No Addition Can Be Made in Absence Of Direct Evidence Showing Assessee Received Cash Payment: ITAT Mumbai
In the case of ACIT vs. Katrina (Kaif) Rosemary Turcotte, ITAT Mumbai has held that: The Assessing Officer has not brought on record any clinching evidence on the basis of any enquiry made by him to demonstrate that the assessee …
Petitioner/Plaintiff Is The ‘Dominus Litis’ And It Is Open To Him To Pursue Or Abandon His Case: ITAT Mumbai
In the case of M/s Sainath Enterprises vs. ACIT, ITAT Mumbai has held that: The Petitioner/ Plaintiff is the ‘dominus litis’ and it is open to him to pursue or abandon his case. Withdrawal cannot be denied except when the …
The scheme Of Income Tax Act is To Assess Real Income And Not Hypothetical Income: ITAT Mumbai
In the case of Late Shri Gordhandas S. Garodia vs. DCIT, ITAT Mumbai has held that: The expression “full value of consideration received or accruing” would mean the amount actually received by the assessee or consideration which has accrued to …
Common Area Maintenance Charges And Non-Occupancy Charges Paid to Society Are Deductible: ITAT Mumbai
In the case of DCIT vs. Yogen D. Sanghvi, ITAT Mumbai has held that: What section 22 attempts to assess is the annual value of the property consisting of any building or land appurtenant thereto, of which the appellant is …
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 …
No new show cause notices to small taxpayers: CBDT tells officials
The Central Board of Direct Taxes (CBDT) issued on Wednesday extensive guidelines for implementing a Supreme Court (SC) order in reassessment cases. The court had early this month ruled that the thousands of show cause notices the Income Tax department had issued under a …
No new show cause notices to small taxpayers: CBDT tells officials Read More »
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 …
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. …
ITAT Agra’s Landmark Judgement On ESI/ PF Disallowance
In various cases, ITAT Agra has held that: Having gone through the Orders of the Co-ordinate Bench of Tribunal allowing the delayed payment pertaining to employees contribution, Orders of the Co-ordinate Bench of Tribunal disallowing the delayed payment pertaining to …
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![Bombay High Court Quashes Assessment Order Due To Not Granting Opportunity To Assessee [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/Screenshot_2022-02-19-08-20-44-64_4251af1b5b11394b318ec35cda6368c8-07561d73.jpg?resize=800%2C600&ssl=1)
Bombay High Court Quashes Assessment Order Due To Not Granting Opportunity To Assessee [Read Judgement]
In the case of Pankaj s/o Roshan Dhawan vs National E-Assessment Centre and Others, the Bombay High Court has held that: It is true that an alternate remedy by way of statutory appeal is available to the petitioner. However in …
Order Passed After Limitation Period Under Section 206C Of Income Tax Act is Void: ITAT Jaipur
In the case of ITO vs. Eid Mohammad Nizamuddin, ITAT Jaipur has held that: Citation: Though section 206C does not impose any limitation period for the AO to hold the assessee to be in default for collection of tax at source, …
![Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As "Bogus" [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/GST-REGISTRATION-CANCELLATION-5a48c131.png?resize=200%2C150&ssl=1)
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 …
![Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/Screenshot_2022-02-19-08-20-44-64_4251af1b5b11394b318ec35cda6368c8-4f06dc42.jpg?resize=800%2C600&ssl=1)
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 …
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 …
![Breaking: Service Tax Liability Can Not Be Imposed Only On The Basis Of Form 26AS [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/CESTAT-d6ff7485.jpg?resize=1200%2C900&ssl=1)
Breaking: Service Tax Liability Can Not Be Imposed Only On The Basis Of Form 26AS [Read Judgement]
In the case of M/s Luit Developers Private Limited vs Commissioner of CGST & Central Excise, Dibrugarh, the CESTAT Kolkata has held that: I also find that the appellant is a Pvt Ltd Company and figures in Form 26AS are …
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