Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]
7 years, 6 months ago

Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]

Live Law  

Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax payments running into crores show his intention to be “tax compliant”.A bench of HS Sidhu. Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax payments running into crores show his intention to be “tax compliant”. A bench of HS Sidhu and LP Sahu granted relief to Salve who had challenged the October 7, 2014, order of the Commissioner of Income Tax imposing a penalty of Rs. After hearing both sides, the IATA said, “In our view the deferral of depreciation allowance does not result into any concealment of income or furnishing of furnishing of any inaccurate particulars.

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History of this topic

Income Tax Act | No Penalty Under S.271AAA If Undisclosed Income Is Admitted, Explained & Tax Paid Even With Delay : Supreme Court
1 month, 2 weeks ago

Income Tax Act | No Penalty Under S.271AAA If Undisclosed Income Is Admitted, Explained & Tax Paid Even With Delay : Supreme Court

Live Law  

The Supreme Court, while determining a tax matter, observed that the undisclosed income, under Section 271AAA of the Income Tax Act, surrendered by the assessee during the search, is not sufficient to levy the penalty. The explanation reads as: “ “Undisclosed income” means— any income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery …

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court
1 month, 3 weeks ago

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court

Live Law  

The Calcutta High Court recently upheld an ITAT order deleting the addition of over ₹4 crore made to the income of an assessee under the Income Tax Act, 1961 in reassessment action. It observed, “The duty cast upon the assessing officer is to decide the written objections given by the assessee to the proposed reopening and passing a speaking order …

Employees cautioned against claiming deductions without proper document
1 month, 3 weeks ago

Employees cautioned against claiming deductions without proper document

The Hindu  

Important tax provisions and the Budget 2025-26 proposals related to the salaried employees were explained at an outreach programme organised by the Income Tax Department at the Bharat Heavy Electricals Limited complex on Thursday. If the updated return was filed within 12 months from the end of the relevant assessment year, an additional income tax of 25% with interest shall …

Merely Paying Penalty For Wilful Delay In Filing Income Tax Returns Does Not Exonerate Assessee From Being Prosecuted: Karnataka High Court
1 month, 4 weeks ago

Merely Paying Penalty For Wilful Delay In Filing Income Tax Returns Does Not Exonerate Assessee From Being Prosecuted: Karnataka High Court

Live Law  

The Karnataka High Court has refused to quash prosecution initiated by the Income Tax Department against an assessee who had willfully failed to submit his income tax returns in time for the Assessment Years 2012- 13 to 2015-16 and thereby committed the alleged offence. It said, “Delay in filing of the income tax returns would not only result in payment …

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in
1 month, 4 weeks ago

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in

Live Mint  

The Union Budget 2025 introduced a series of direct tax measures aimed at making the new tax regime more attractive for resident taxpayers. Mihir Ashok Tanna, Associate Director at S K Patodia & Associates LLP, noted, “Direct Tax proposal in the budget continued to make the new tax regime more attractive for resident taxpayers except for equity traders who will …

[Income Tax] Assessing Officer Not Only An Adjudicator But Also An Investigator, Cannot Remain Oblivious To Claim Without Enquiry: Kerala HC
2 months, 1 week ago

[Income Tax] Assessing Officer Not Only An Adjudicator But Also An Investigator, Cannot Remain Oblivious To Claim Without Enquiry: Kerala HC

Live Law  

The Kerala High Court stated that the Income Tax Commissioner can exercise Revisional Jurisdiction under Section 263 of the Income Tax Act, 1961. Jayasankaran Nambiar and Easwaran S. observed that “The role of the assessing officer under the Income Tax Act, 1961 is not only that of an adjudicator but also of an investigator and he cannot remain oblivious in …

Rule 8D Of IT Rules Can Be Invoked Only If Assessee's Computation Of Expenses Attributable To Earning Exempt Income Is Found Inadequate: Delhi HC
3 months, 1 week ago

Rule 8D Of IT Rules Can Be Invoked Only If Assessee's Computation Of Expenses Attributable To Earning Exempt Income Is Found Inadequate: Delhi HC

Live Law  

The Delhi High Court has held that recourse to Rule 8D of the Income Tax Rules, 1962 for computing disallowance under Section 14A of the Income Tax Act is available only if the Assessee's computation of expenses attributable to earning exempt income, is found to be inadequate. Aggrieved, the Assessee preferred an appeal before the Commissioner of Income Tax which …

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
3 months, 2 weeks ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today  

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court
4 months, 1 week ago

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court

Live Law  

S.153C Income Tax Act doesn't bar AO's jurisdiction to reopen assessment u/S 147 when information against assessee is received from search conducted on another person: Delhi High CourtThe Delhi High Court has held that Section 153C of the Income Tax Act, 1961 does not by itself preclude an Assessing Officer from reopening assessments under Section 147/148 of the Act, on …

[Deemed Dividend] Accumulated Profits Of Company U/S 2(22)(e) Of Income Tax Act Are Computed After Adjusting Depreciation: Telangana HC
4 months, 1 week ago

[Deemed Dividend] Accumulated Profits Of Company U/S 2(22)(e) Of Income Tax Act Are Computed After Adjusting Depreciation: Telangana HC

Live Law  

The Telangana High Court has held that for purposes of taxation, “accumulated profits” of a company are to be calculated after adjusting depreciation as per the Income Tax Act, 1961. In ruling so, a division bench of Chief Justice Alok Aradhe and Justice J. Sreenivas Rao cited two rulings of the Bombay High Court which held that “depreciation as granted …

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains
Trending News
4 months, 2 weeks ago

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains

Live Law  

The Delhi High Court recently explained when an action for imposition of penalty under Section 271C of the Income Tax Act, 1961 can be said to have been “initiated”. At the outset, the High Court noted that when a penalty proceeding can be stated to be initiated is squarely covered in favour of the assessee by Principal Commissioner of Income …

High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore
5 months, 2 weeks ago

High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore

Live Law  

The Gujarat High Court has ruled that there cannot be any income escapement by the assessee if there is no unexplained amount in the bank statement on record. The court observed that the reason given by the assessing officer for alleged escapement of Rs.3,25,00,000/- is not sustainable since there is no unexplained amount in the bank statement on record since …

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT
7 months, 1 week ago

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

Live Law  

The Chennai bench of Income Tax Appellate Tribunal has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.The bench of S.S. Viswanethra Ravi and S. R. Raghunatha has observed that the assessee is a 'cottage industry' and the interest income earned by the assessee is in its regular course of. The Chennai bench of …

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT
7 months, 2 weeks ago

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Live Law  

Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
7 months, 2 weeks ago

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing.The bench of Anikesh Banerjee and B.R. The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing. The AO …

AO Must Pass Draft Assessment If He Proposes Variation In Returned Income: Chennai ITAT Explains Scope Of Sec 144C
8 months, 2 weeks ago

AO Must Pass Draft Assessment If He Proposes Variation In Returned Income: Chennai ITAT Explains Scope Of Sec 144C

Live Law  

The Chennai ITAT held that the AO must pass a draft assessment order to the eligible assessee in case he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. Section 144C of the Income Tax Act provides that in case of certain eligible assessees, viz., foreign companies and any …

ITAT Cases Weekly Round-Up: 16 To 22 June 2024
9 months, 1 week ago

ITAT Cases Weekly Round-Up: 16 To 22 June 2024

Live Law  

Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT Bangalore Case Title: ITO Versus M/s. Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT Case Title: Suchi Agrawal Versus ITO The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing …

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition
9 months, 4 weeks ago

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition

Live Law  

The Ahmedabad Bench of Income Tax Appellate Tribunal has deleted the addition made by the department as the cash deposits made from the assessee's parents accumulated savings and income from agricultural activities.The bench of Suchitra Kamble and Makarand V. Mahadeokar has observed that when the assessee provides a plausible explanation supported. The Ahmedabad Bench of Income Tax Appellate Tribunal has …

AO Can't Draw An Adverse Inference For Mere Non-Response From Directors To Notices: Calcutta High Court
10 months, 2 weeks ago

AO Can't Draw An Adverse Inference For Mere Non-Response From Directors To Notices: Calcutta High Court

Live Law  

The Calcutta High Court, while deciding whether the addition made under Section 68 of the Income Tax Act, 1961, was justified or not, held that only because the directors failed to respond to the notices issued, the Assessing Officer could draw an adverse inference.The bench of Chief Justice T.S. The Calcutta High Court, while deciding whether the addition made under …

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT
10 months, 3 weeks ago

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that since the assessee was a non-resident, the entire tax was to be deducted at source on payment made by the payer to it, and there was no question of advance tax payment by the assessee; accordingly, no interest under Section 234B could be levied upon the assessee.The bench of …

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
10 months, 3 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 …

Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT
10 months, 4 weeks ago

Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT

Live Law  

The Ahmedabad ITAT held that in the absence of the Assessing Officer pointing out as to how despite the assessee's explanation, there was no nexus between the interest-bearing funds and their utilization for making advances for earning interest income, no disallowance u/s 57 of the Income tax Act was tenable. The ITAT explained that the only requirement to be fulfilled …

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court
10 months, 4 weeks ago

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court

Live Law  

The Bombay High Court, while setting aside the order of the Income Tax Appellate Tribunal, held that the authority should refrain from overanalyzing, which leads to paralysis of justice.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the ITAT failed to appreciate the spirit in which the order dated August 23, 2022, was passed by …

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT
11 months ago

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT

Live Law  

On finding that the liability of payment to Core SGF by the assessee is ascertained, the Mumbai ITAT held that it cannot be added back as per clause of Explanation-1 to section 115JB of the Income Tax Act. The Bench of the ITAT comprising of Aby T. Varkey and S Rifaur Rahman observed that “in assessee's own case for AY …

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

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT
1 year ago

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT

Live Law  

On finding that AO as well as the CIT was not right in making/confirming the addition on account of unaccounted business income, the Ahmedabad ITAT deleted the addition made by AO under the Income Tax Act, 1961. In response to the said notice, the assessee did not file the required details as mentioned in the assessment order, but the assessee …

No Penalty Is Leviable U/s 271(1)(C) If Bona Fide Mistake In Original Return Was Corrected By Revised Computation During Assessment: Mumbai ITAT
1 year ago

No Penalty Is Leviable U/s 271(1)(C) If Bona Fide Mistake In Original Return Was Corrected By Revised Computation During Assessment: Mumbai ITAT

Live Law  

On finding that assessee had made bona fide mistakes in the computation of its total income while filing its original return, which were later corrected by filing revised computation during assessment proceedings, the Mumbai ITAT deleted the penalty levied u/s 271 of the Income Tax Act. The Bench of the ITAT comprising of Sandeep Singh Karhail and Prashant Maharishi observed …

Advance Filing Of Form 10B Along With I-T Return Is Not Mandatory Requirement For Claiming Exemption U/s 11 & 12: Ahmedabad ITAT
1 year ago

Advance Filing Of Form 10B Along With I-T Return Is Not Mandatory Requirement For Claiming Exemption U/s 11 & 12: Ahmedabad ITAT

Live Law  

Referring to the decision in case of Association of Indian Panel board Manufacturer v Deputy Commissioner of Income Tax 157 taxmann.com 550, the Ahmedabad ITAT reiterated that filing of Form 10B along with the return of income is only a procedural requirement and cannot be treated as mandatory requirement for the purpose of claiming exemption u/s 11 & 12 of …

Investments Yielding Tax Exempt Income Can Only Be Considered For Computing Disallowance Under Rule 8D(2)(iii): Kolkata ITAT
1 year ago

Investments Yielding Tax Exempt Income Can Only Be Considered For Computing Disallowance Under Rule 8D(2)(iii): Kolkata ITAT

Live Law  

Abiding by the principle of judicial hierarchy and binding precedent, the Kolkata ITAT directed the AO to consider only the investments yielding tax exempt income for computation of disallowance under Rule 8D of the Income Tax Rules 1962. The Bench of the ITAT comprising of Sanjay Garg and Girish Agrawal observed while referring to the decision of Coordinate Bench of …

Direct Tax Cases Monthly Round Up: February 2024
1 year ago

Direct Tax Cases Monthly Round Up: February 2024

Live Law  

Supreme Court Case Title: Asst. Delhi High Court Case Title: The Commissioner Of Income Tax - International Taxation Versus S.A.Chitra Ventures Ltd. Citation: 2024 LiveLaw 211 The Delhi High Court has held that the AO, under Section 144C of the Income Tax Act, would have no jurisdiction to pass a draft assessment order in the absence of "any variation in …

Income Tax: Small outstanding tax demands remitted. How to check your status?
1 year, 1 month ago

Income Tax: Small outstanding tax demands remitted. How to check your status?

Live Mint  

The income tax department has announced that eligible outstanding direct tax demands have been remitted and extinguished. Withdraw tax demands It is worth remembering that the government proposed to withdraw outstanding direct tax demands dating to years and decades ago. There were some old disputed tax demands — dating back to 1962 — causing anxiety to the honest tax payers. …

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court
1 year, 1 month ago

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court

Live Law  

The Karnataka High Court has held that the Assessing Officer has to be prima facie satisfied that there is “escapement of income”, unlike earlier law which permitted action based on mere reason to believe. Now mere reason to believe, cannot be a ground for carrying out assessment under section 147 of the Income Tax Act.The bench of Justice Krishna S …

Income Tax Deduction Available On Excise Duty Claim As It Does Not Amount To Double Deduction: Bombay High Court
1 year, 1 month ago

Income Tax Deduction Available On Excise Duty Claim As It Does Not Amount To Double Deduction: Bombay High Court

Live Law  

The Bombay High Court has held that excise duty paid and included in the closing stock has to be claimed separately as a deduction; otherwise, the appellant would not be claiming the entire excise duty paid in the year of its payment. The ITAT has held that the appellant was not entitled to the deduction representing the excise duty claimed …

Direct Tax Weekly Round-Up: 14 To 20 January 2024
1 year, 2 months ago

Direct Tax Weekly Round-Up: 14 To 20 January 2024

Live Law  

Direct Tax Weekly Round-Up: 14 To 20 January 2024 Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High …

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court
1 year, 2 months ago

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that a change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the …

No Escapement Of Income By Singaporean Entity On Repatriating Rs.203.56 Cr. Arising From Redemption Of NCDs: ITAT
1 year, 2 months ago

No Escapement Of Income By Singaporean Entity On Repatriating Rs.203.56 Cr. Arising From Redemption Of NCDs: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the Singaporean Entity has not escaped the income on repatriating Rs.203.56 Cr. arising from redemption of non-convertible debentures.The bench of Astha Chandra and B. R. R. Kumar has observed that the Assessing Office has not examined the relevant records before them wherein. The bench of Astha Chandra and B. …

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT
1 year, 3 months ago

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that deduction under Section 54 of the Income Tax Act cannot be disallowed merely for not depositing long-term capital gain that was not deposited in the capital gain account scheme.The bench of Saktijit Dey and M. Balaganesh has adopted a hyper-technical approach while dealing with. The Delhi Bench of Income …

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year, 3 months ago

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Live Law  

Delhi High Court Case Title: Resorts Consortium India Limited Versus ITAT Citation: 2023 LiveLaw 1178 The Delhi High Court has condoned a 79-day delay in filing an appeal as a review petition was filed before the Income Tax Appellate Tribunal. Allahabad High Court Income Tax Authority Cannot Dissect An Otherwise Indivisible Contract In Absence Of Legal Provision: Allahabad High Court …

Bombay High Court Quashes Income Tax Assessments Against Agriculturist And Rickshaw Driver For Improper Sanction
1 year, 4 months ago

Bombay High Court Quashes Income Tax Assessments Against Agriculturist And Rickshaw Driver For Improper Sanction

Live Law  

The Bombay High Court has quashed the income tax assessments for the assessment year 2016-2017 against agriculturists and rickshaw drivers for improper sanction.The bench of Justice K.R. The Bombay High Court has quashed the income tax assessments for the assessment year 2016-2017 against agriculturists and rickshaw drivers for improper sanction. The assessee challenged the income tax assessments for the assessment …

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT
1 year, 6 months ago

Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that assessment invalid on account of a mechanical non-speaking approval under Section 153D of the Income Tax Act.The bench of Kuldip Singh and S. Rifaur Rahman has observed that the assessing officer has passed a draft assessment order making huge additions, and such huge additions. The Mumbai Bench of …

Income Would Accrue Only When The Assessee Gets A Right To Receive The Income: ITAT
1 year, 7 months ago

Income Would Accrue Only When The Assessee Gets A Right To Receive The Income: ITAT

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has held that the income would be receivable only when the income accrues to the assessee, and the income would accrue to the assessee only when the assessee gets such a right to receive the income.The bench of George George K. and Laxmi Prasad Sahu has observed that the assessee would …

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT
1 year, 7 months ago

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the income tax addition in respect of immovable property, warranting revision by the PCIT.The bench of Anubhav Sharma and M. Balaganesh has observed that AO, after making adequate inquiries, proceeded to make an addition for alleged money receipts on a protective basis in the hands of. The Delhi Bench …

ITAT Disallows Interest Paid On Loan Taken For Paying Compensation To Family Members Pursuant To Arbitral Award On Family Settlement
1 year, 8 months ago

ITAT Disallows Interest Paid On Loan Taken For Paying Compensation To Family Members Pursuant To Arbitral Award On Family Settlement

Live Law  

The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for paying compensation to the assessee’s family members pursuant to an arbitral award on family settlement.The bench of R.S. The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for …

Bombay High Court Declares Notices And Proceedings Under Income Tax Act For Deceased Assessee As Null And Void
1 year, 8 months ago

Bombay High Court Declares Notices And Proceedings Under Income Tax Act For Deceased Assessee As Null And Void

Live Law  

While emphasizing that if the concerned officers followed the settled law and refrained from issuing null and void notices, it would be beneficial not only for the citizens but also for the already overburdened courts in the country, the Bombay High Court ruled that all notices and consequential proceedings under the Income Tax Act in the name of a deceased …

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT
1 year, 10 months ago

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale and B.R. Baskaran has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of. The …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 10 months ago

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023

Live Law  

Supreme Court Case Title: Heinz India Limited v The State of Kerala Citation: 2023 LiveLaw 411 The Supreme Court Bench has held that prickly heat powders fall under the category of ‘medicated talcum powder’ and not ‘medicine’ for the purpose of sales tax under Kerala General Sales Tax Act, 1963. Chhattisgarh High Court Case Title: M/s Nava Raipur Atal Nangar …

Section 10AA Deduction Can’t Be Denied Merely Not Receiving Convertible Foreign Exchange On The Deemed Exports: ITAT
1 year, 11 months ago

Section 10AA Deduction Can’t Be Denied Merely Not Receiving Convertible Foreign Exchange On The Deemed Exports: ITAT

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that the Section 10AA deduction cannot be denied merely on the reasoning that the assessee did not receive the convertible foreign exchange on the deemed exports.The bench of Madhumita Roy and Waseem Ahmed has observed that there was no condition applicable for the Assessment. The Ahmedabad Bench of the …

Without Corroborating Evidence, Addition Can’t Be Made On The Basis Of A Declaration Made U/s 132(4) Of The Income Tax Act: ITAT
1 year, 11 months ago

Without Corroborating Evidence, Addition Can’t Be Made On The Basis Of A Declaration Made U/s 132(4) Of The Income Tax Act: ITAT

Live Law  

The Guwahati Bench of the Income Tax Appellate Tribunal has held that without corroborating evidence, an addition ought not to be made on the basis of a declaration made under Section 132 of the Income Tax Act.The bench of Rajpal Yadav and Manish Borad has observed that apart from the disclosure statement, no other document is being referred to. The …

S. 80-IB Of Income Tax Act - Assessee Not Entitled To Deduction Under On Profit Derived From DEPB And Duty Drawback Schemes: Supreme Court
1 year, 11 months ago

S. 80-IB Of Income Tax Act - Assessee Not Entitled To Deduction Under On Profit Derived From DEPB And Duty Drawback Schemes: Supreme Court

Live Law  

The Supreme Court has ruled that the assessee is not entitled to deduction under Section 80- IB of the Income Tax Act, 1961 on the amount received / profit derived from the Duty Entitlement Pass Book Scheme and the Duty Drawback Schemes. The court noted that in the case of Liberty India, the Apex Court had observed and held that …

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