Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty
1 year, 4 months ago

Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit.The Bench of V. Durga Rao and Manjunatha, G. has observed that the provisions of sub-section of Section 285BA of the Income Tax Act mandate that the defect be rectified. The Chennai Bench of the Income Tax Appellate Tribunal has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit. After considering the replies of the Reporting Entity, the Prescribed Authority has observed that the Statement of Reportable Account furnished under Section 285BA was inaccurate on account of the omission of one saving account and 15 Term Deposit accounts. The Reporting Entity submitted that the defects pointed out by the Prescribed Authority were duly rectified, and a revised or corrected Form 61-B was filed well within the time allowed under Section 285BA.

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History of this topic

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT
4 months, 3 weeks ago

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.The bench of G.S.Pannu and Kul Bharat has observed that the assessee had disallowed the. The Delhi Bench …

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty
4 months, 4 weeks ago

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. and Pradip Kumar Kedia has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed. The bench of Yogesh Kumar U.S. …

Final Assessment Made By AO After Expiry Of One Month Of Receiving Directions From Dispute Resolution Panel, Is Time Barred: Chennai ITAT
7 months ago

Final Assessment Made By AO After Expiry Of One Month Of Receiving Directions From Dispute Resolution Panel, Is Time Barred: Chennai ITAT

Live Law  

The Chennai ITAT recently held that the final assessment order dated Nov 21, 2017 passed after expiry of one month from the end of the month in which the DRP directions were received by the Revenue is barred by limitation and hence, “passed wholly without jurisdiction and therefore, null in the eyes of law”. Section 144C of Income tax Act …

I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income
7 months, 2 weeks ago

I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income

Live Law  

Noting that neither the Assessing Officer nor the CIT have taken into consideration the explanation offered by the Assessee during the assessment proceedings in relation to the difference in the sale consideration and the stamp duty valuation of immovable property, the Mumbai ITAT deleted the penalty levied u/s 270A of the Income tax Act for under-reporting of income. Accordingly, the …

Penalty Order On Ground Of Misreporting Of Income Not Justified When SCN And Assessment Order Alleged Under-Reporting: ITAT
7 months, 3 weeks ago

Penalty Order On Ground Of Misreporting Of Income Not Justified When SCN And Assessment Order Alleged Under-Reporting: ITAT

Live Law  

The Hyderabad Bench of Income Tax Appellate Tribunal has held that the penalty order on the ground of misreporting of income was not justified when show cause notice and the assessment order alleged under-reporting.The bench of Laliet Kumar has observed that once the assessee himself admitted the fact that there was under-reporting of income, which was also accepted. The Hyderabad …

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal
8 months ago

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal

Live Law  

The Delhi High Court has held that the Department has failed to comply with Income Tax Appellate Tribunal's Order in passing a fresh assessment order within the stipulated time.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the underlying rationale of the Legislature behind the enactment of Section 153 of the Income Tax Act and …

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT
9 months, 1 week ago

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT

Live Law  

On finding that the CIT has not rebutted the contention that the assessee was dealing in share investment and not in the business activities, the Jaipur ITAT deleted the penalty imposed u/s 271A of the Income Tax Act. The Bench comprising of Sandep Gosain and Dr. M. L. Meena observed that, “when the assessee has filed a return on account …

Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT
9 months, 1 week ago

Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT

Live Law  

Referring to the decision of Varadagovind Parthasarthy Iyer vs. ITO, the Mumbai ITAT ruled that penalty u/s. 271B of the Income tax Act cannot be levied in the present facts of the case for non-auditing of the books of accounts where the assessee has failed to maintain the same. The assessee's case was reopened u/s 147 for the reason that …

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
9 months, 1 week ago

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT

Live Law  

Finding that the case of assessee was selected for limited scrutiny by the AO, the Chennai ITAT ruled that the PCIT cannot enlarge the scope of limited scrutiny u/s 263 of the Income tax Act. The Bench of V. Durga Rao and Manjunatha, G. observed that “it is not a fit case to invoke the provisions of section 263 of …

ITAT Deletes Penalty For Default In Not Deducting TDS On Foreign Remittances
1 year ago

ITAT Deletes Penalty For Default In Not Deducting TDS On Foreign Remittances

Live Law  

The Jaipur Bench of Income Tax Appellate Tribunal has deleted the penalty levied for default in not deducting TDS on foreign remittances.The bench of Sandeep Gosain and Rathod Kamlesh Jayantbhai has observed that the assessee has deliberately not avoided TDS and there is no contumacious conduct on the part of the assessee.The ITO has passed an. The Jaipur Bench of …

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
1 year, 4 months ago

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal, while rejecting the plea of the assessee for cash received in marriage, upheld the addition on account of an unexplained cash deposit made during demonetisation.The bench of Mahavir Singh and Manoj Kumar Aggarwal has observed that there is no direct evidence available from the assessee. The Chennai Bench of the Income …

In Absence Of Proper Show Cause Notice To The Assessee, There Is No Merit In Levy Of Penalty: ITAT
1 year, 8 months ago

In Absence Of Proper Show Cause Notice To The Assessee, There Is No Merit In Levy Of Penalty: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that where the initiation of penalty is one limb and the levy of penalty is another limb, then in the absence of proper show cause notice to the assessee, there is no merit in the levy of penalty.The bench of Anil Chaturvedi and Yogesh Kumar Us has relied on …

ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day
1 year, 11 months ago

ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal has sustained the disallowance under section 40A of the Income Tax Act as a cash payment exceeds INR 20,000 to a single party in a single day.The two-member bench headed by Mahavir Singh and G. Manjunatha has observed that Section 40A, which has been amended w.e.f. The Chennai Bench of the …

In The Absence Of A Full And True Disclosure, Reassessment Is Not Barred By Limitation: Madras High Court
2 years, 1 month ago

In The Absence Of A Full And True Disclosure, Reassessment Is Not Barred By Limitation: Madras High Court

Live Law  

The Madras High Court has held that the criminal investigation wing is separate and distinct from the assessment wing and that disclosure made before one wing will not exonerate the assessee from the requirement of making a "full and true disclosure" before the assessing officer in an assessment.The single bench of Justice Anitha Sumanth has observed that in the absence …

Non- Deliberate Delay In Late Filing SFT Return : ITAT Quashes Penalty
2 years, 4 months ago

Non- Deliberate Delay In Late Filing SFT Return : ITAT Quashes Penalty

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the penalty on the grounds that the delay in the late filing of the Statement of Financial Transaction return was not deliberate. A show cause notice was issued on 08.09.2017 by the Director of Income Tax, Chandigarh, calling upon the assessee to explain the reason for not filing a …

SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal
2 years, 5 months ago

SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has refused to condone the delay in filing the appeal on the grounds that even during the period of COVID-19, the ITAT was functioning and banking facilities were provided by the State Bank of India. The Branch intended to prefer an appeal before the Income Tax Appellate Tribunal, Bangalore, against the …

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT
2 years, 6 months ago

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal consisting of C.N. The assessee/appellant has challenged the validity of the assessment made by the Assessing Officer as the assessment was reopened for escapement of income on account of cash deposits made into the bank account by the assessee. The reasons recorded by the Assessing Officer have reason to believe that …

Delayed Audit Report Due To the Delay By Statutory Auditors: ITAT Deletes Penalty
2 years, 6 months ago

Delayed Audit Report Due To the Delay By Statutory Auditors: ITAT Deletes Penalty

Live Law  

The Cuttack Bench of the Income Tax Appellate Tribunal has deleted the penalty where the assessee has sufficient and reasonable cause for delay in obtaining the audit report. The two-member bench of George Mathan and Arun Khodpia has observed that the delay in submitting the audit report was on account of a delay in obtaining the audit report from the …

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