Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court
6 months, 1 week ago

Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court

Live Law  

The Delhi High Court has held that the deduction under Section 37 of the Income Tax Act is allowable on unsettled claims as well as Incurred But Not Reported, which would amount to contingent liabilities.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that if the historical trend indicates that a large number of sophisticated goods were. The Delhi High Court has held that the deduction under Section 37 of the Income Tax Act is allowable on unsettled claims as well as Incurred But Not Reported, which would amount to contingent liabilities. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that if the historical trend indicates that a large number of sophisticated goods were being manufactured in the past and if the facts established show that defects existed in some of the items manufactured and sold, then the provision made for warranty in respect of the army of such sophisticated goods would be entitled to deduction from the gross receipts under Section 37 of the 1961 Act. For the years in question, the Assessing Officer had held that both the provision for unsettled claims as well as IBNR would amount to contingent liabilities and thus could not be validly claimed under Section 37 of the Income Tax Act, 1961.

Tax Delhi High Court Income Claims Tribunal Act Provision Itat Section 37 Contingent Ibnr Sophisticated Goods Incurred Unsettled Unsettled Claims Contingent Liabilities  claims  high  unsettled  37  court  income  act  contingent  held  allowable  delhi  reported  provision  liabilities  deduction  ibnr  tax

History of this topic

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
4 days, 11 hours 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 …

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC
5 days, 5 hours ago

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC

Live Law  

The Delhi High Court has made it clear that a Final Assessment order passed by the Income Tax Authorities under Section 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. It said, “.notwithstanding the lack of information with the AO, if an objection has been …

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC
Trending News
1 week, 3 days ago

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

Live Law  

The Delhi High Court has held that under the Direct Tax Vivad Se Vishwas Act, 2020, an Assessee is entitled to confine the settlement of disputes which were subject matter of its appeal, and exclude the disputes which were subject matter of the Revenue's appeal for the same assessment year. It thus allowed a real estate company's plea against the …

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
1 month 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 …

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
4 months, 3 weeks ago

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court

Live Law  

The Delhi High Court has held that the assessing officer cannot disregard the direction of the Income Tax Appellate Tribunal to re-examine the issue by referring to the circular issued by the Central Board of Direct Taxes.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the additional grounds had come to be accepted by the …

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 …

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
5 months, 2 weeks ago

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

Live Law  

The Delhi High Court has held that the order of the Income Tax Settlement Commission is final and conclusive for a particular assessment year for which the application has been filed.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the order of the ITSC is deemed to be conclusive for all the matters pertaining to …

Income Tax Deduction Allowable On Expenditure Incurred On Warranty Claim: ITAT
6 months, 1 week ago

Income Tax Deduction Allowable On Expenditure Incurred On Warranty Claim: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the income tax deduction is allowable on expenditures incurred on warranty claims.The bench of Kul Bharat and M. Balaganesh has relied on the decision of the Supreme Court in the case of Rotork Controls India Ltd., in which it was held that if the facts establish or show that. …

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

AO Can't Draw An Adverse Inference For Mere Non-Response From Directors To Notices: Calcutta High Court
7 months, 1 week 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 …

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 …

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT
7 months, 3 weeks 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 …

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 …

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
8 months, 2 weeks ago

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Case Title: Zila Parisad verses Addl. Case Title: Kishorkumar Bhalara verses The Principal Commissioner of Income Tax On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT directed to set aside the order passed u/s 263 of …

Direct Tax Cases Monthly Round Up: March 2024
8 months, 2 weeks ago

Direct Tax Cases Monthly Round Up: March 2024

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Patna High Court Case Title: Purnendu Shekhar Sinha Versus The Union Of India LL Citation: 2024 LiveLaw 23 The Patna High Court has held that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of …

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT
8 months, 3 weeks ago

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT

Live Law  

While remanding the case back for re-adjudication, the Mumbai ITAT held that the prima facie onus would be upon the Assessee to substantiate its claim of non-granting of TDS credit, by providing relevant documents, such as an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of the ITAT comprising of …

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024
8 months, 4 weeks ago

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024

Live Law  

Delhi High Court Case Title: National Association Of Software And Services Companies Versus Deputy Commissioner Of Income Tax Circle 2 The Delhi High Court has held that a 20% pre-deposit demand is not a precondition for consideration of a stay application during the pendency of the first appeal. Case Title: The Salem Urban Co-operative Bank limited Versus The Income Tax …

Compensation Received Under Mutual Agreement For Non-Renewal Of Contract Can't Form Basis Of Addition U/s 28(Ii)(E): Delhi ITAT
9 months, 1 week ago

Compensation Received Under Mutual Agreement For Non-Renewal Of Contract Can't Form Basis Of Addition U/s 28(Ii)(E): Delhi ITAT

Live Law  

While clarifying the difference between profession and business, the Delhi ITAT reiterated that compensation received under mutual agreement for non-renewal of contract cannot form basis of addition u/s 28 of the Income Tax Act, 1961 The Bench of the ITAT comprising of Yogesh Kumar U.S and N.K. Billaiya reiterated while considering the decision of Supreme Court in the case of …

Payee Who Has Considered Amounts Received By Payer In Its Return & Paid Taxes On Same, Can't Be Treated As In Default U/s 201(1): New Delhi ITAT
9 months, 1 week ago

Payee Who Has Considered Amounts Received By Payer In Its Return & Paid Taxes On Same, Can't Be Treated As In Default U/s 201(1): New Delhi ITAT

Live Law  

On finding that CIT has failed to consider all submission of assessee and evidences placed on record, the New Delhi ITAT restored the matter back to file of AO for fresh adjudication regarding the TDS deduction u/s 194J or u/s 194C of the Income Tax Act, 1961 on the payments made towards maintenance of X-Ray machine and CVC machine. However, …

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party
9 months, 2 weeks ago

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party

Live Law  

While holding the argument that an assessee is entitled to a stay on the recovery proceedings on payment of 20% of the demand during the pendency of appeal before the Tribunal, as too general, the New Delhi ITAT dismisses the stay application of Indian National Congress treating it as meritless. At the same time, on the merits of the matter, …

Delhi High Court Quashes Income Tax Notice Issued Prior To Date Of Approval Of Resolution Plan
1 year ago

Delhi High Court Quashes Income Tax Notice Issued Prior To Date Of Approval Of Resolution Plan

Live Law  

The Delhi High Court has quashed the income tax notices and orders issued prior to the date of approval of the resolution plan.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed the notices and orders pertaining to the income tax claims of the respondents or department pertaining to the period much prior to the date of approval …

Employee Can’t Be Penalised For Non-Deposit Of TDS By Employer: Delhi High Court
1 year ago

Employee Can’t Be Penalised For Non-Deposit Of TDS By Employer: Delhi High Court

Live Law  

The Delhi High Court has held that the employer of the petitioner or assessee, having failed to perform his duty to deposit the deducted tax with the department, cannot be penalized. It would always be open for revenue to proceed against the employer of the petitioner for recovery of the deducted tax.The bench of Justice Rajiv Shakdher and Justice Girish …

AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice
1 year, 1 month ago

AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice

Live Law  

The Delhi High Court has held that AO did not have the tangible material on record that could have persuaded him to form the belief that income, otherwise chargeable to tax, had escaped assessment.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia, the AO, did not employ diligence while triggering the reassessment proceedings against the petitioner or assessee. The …

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Eltek Sgs Pvt. Case Title: Anokhi Realty Private Limited vs. Income Tax Officer 2023 LiveLaw 132 Case Citation: 2023 LiveLaw 132 The Gujarat High Court has quashed the income tax reassessment notice against a non-existent entity. Case Title: Commissioner Of Income Tax Versus Star Rays The Gujarat High Court has held that …

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT
1 year, 4 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 …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 7 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 …

Department Can Bring Expenditure Incurred In Earlier Years To Be Taxed In Subsequent Years On Grounds Of Bogus Expenditure: ITAT
1 year, 7 months ago

Department Can Bring Expenditure Incurred In Earlier Years To Be Taxed In Subsequent Years On Grounds Of Bogus Expenditure: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has observed that the department can bring expenditures incurred in earlier years to be taxed in subsequent years on grounds of bogus expenditure.The bench of B. R. R. Kumar has observed that the department can bring the expenditure incurred in the earlier years to be taxed in the subsequent years if …

Assessment Order Issued Without DIN, Invalid; S. 292B Of ITA Not Applicable: Delhi High Court
1 year, 8 months ago

Assessment Order Issued Without DIN, Invalid; S. 292B Of ITA Not Applicable: Delhi High Court

Live Law  

The Delhi High Court has upheld the order of the Income Tax Appellate Tribunal where it had set aside the assessment order issued by the Income Tax Department without quoting the Document Identification Number. The court ruled that Paragraph 4 of the 2019 Circular clearly provides that any communication, including the communication of assessment order, which is not in conformity …

Tax Cases Weekly Round-Up: 12 March To 18 March, 2023
1 year, 9 months ago

Tax Cases Weekly Round-Up: 12 March To 18 March, 2023

Live Law  

Supreme Court Case Title: Commercial Tax Officer Versus Neeraja Pipes Pvt. Gujarat High Court Case Title: Keenara Industries Private Limited Versus Income Tax Officer The Gujarat High Court has held that the reassessment notices were issued after the lapse of six years and are therefore time-barred. Case Title: Manishkumar Tulsidas Kaneriya Versus Assistant Commissioner Of Income Tax, Central 1, Rajkot …

Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT
1 year, 10 months ago

Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that the disallowance under Section 14A of the Income Tax Act is not warranted if no exempt income is earned.The two-member bench of Anubhav Sharma and Anil Chaturvedi has observed that Section 14A envisages that there should be actual receipt of income, and hence Section 14A of the Act. …

Merely Making Unsustainable Claim Will Not Amount To Furnishing Of Inaccurate Particulars Of Income: ITAT
1 year, 10 months ago

Merely Making Unsustainable Claim Will Not Amount To Furnishing Of Inaccurate Particulars Of Income: ITAT

Live Law  

The Pune bench of the Income Tax Appellate Tribunal has held that the mere making of a claim, which is not sustainable by the law itself, will not amount to furnishing inaccurate particulars of income.The bench of S.S. Vishwanethra has observed that the appellant cannot be held guilty of furnishing inaccurate particulars of income, and, therefore, the Assessing. The Pune …

Department Is Not Allowed To Travel Beyond The Issues Involved In Limited Scrutiny Cases: ITAT
2 years ago

Department Is Not Allowed To Travel Beyond The Issues Involved In Limited Scrutiny Cases: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that the department is not allowed to travel beyond the issues involved in limited scrutiny cases.The two-member bench of N.K. The Delhi Bench of the Income Tax Appellate Tribunal has held that the department is not allowed to travel beyond the issues involved in limited scrutiny cases. The assessee …

Tax Cases Weekly Round-Up: 30 October To 5 November 2022
2 years, 1 month ago

Tax Cases Weekly Round-Up: 30 October To 5 November 2022

Live Law  

Supreme Court Industrial Townships Are "Local Areas" For Entry Tax Levy By States Though They Are Excluded From Municipalities : Supreme Court Case Title: OCL India Limited vs State of Orissa Citation: 2022 LiveLaw 911 The Supreme Court upheld States' power to impose entry tax from Industrial Township/Areas. Delhi High Court Case Title: Commissioner Of Income Tax Versus Daikin Shri …

Amendment To Section 36(1)(va) Of Income Tax Act Is Prospective In Nature: Delhi High Court
2 years, 4 months ago

Amendment To Section 36(1)(va) Of Income Tax Act Is Prospective In Nature: Delhi High Court

Live Law  

The Delhi High Court has allowed the assessee- TV Today Network Ltd.'s claims for deduction of expenses in nature of 'consumption incentive' offered to the advertisers for booking more The Bench, consisting of Justices Manmohan and Manmeet Pritam Singh Arora, reiterated that the 'due date', in case of delay by the assessee in depositing the employees' contribution to Provident Fund …

Explanation To Section 14A Of Income Tax Act Will Not Apply Retrospectively: Delhi High Court
2 years, 5 months ago

Explanation To Section 14A Of Income Tax Act Will Not Apply Retrospectively: Delhi High Court

Live Law  

The Delhi High Court has ruled that the Explanation to Section 14A of the Income Tax Act, 1961, added vide the Finance Act, 2022, cannot be presumed to be retrospective in nature since it is clarificatory in nature and alters the law as it stood earlier. The revenue department submitted before the High Court that the ITAT had relied on …

Failure To File Income Tax Return | Prosecution U/S 276CC IT Act Not Permissible Without Previous Sanction Of Appropriate Authority: Delhi High Court
2 years, 5 months ago

Failure To File Income Tax Return | Prosecution U/S 276CC IT Act Not Permissible Without Previous Sanction Of Appropriate Authority: Delhi High Court

Live Law  

The Delhi High Court has made it clear that a person cannot be prosecuted for the offence under Section 276-CC of the Income Tax Act, except with the previous sanction of the Principal Commissioner/appropriate authority.A single judge bench of Justice Asha Menon held,"Since the law provides that without sanction u/s 278B of the IT Act, the Department. The Delhi High …

Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings
2 years, 6 months ago

Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the penalty proceedings as the notice issued to the assessee did not mentioned a categorical indication of specific violation in respect of furnishing inaccurate particulars or concealment of particular income. Therefore, the AO held it to be a case of concealment of the income and an assessee penalty was …

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 …

Delhi High Court Quashes Assessment Order For Not Giving Opportunity To File Objection To SCN
2 years, 6 months ago

Delhi High Court Quashes Assessment Order For Not Giving Opportunity To File Objection To SCN

Live Law  

The Delhi High Court bench of Justice Manmohan and Justice Dinesh Kumar Sharma has quashed the assessment order as the assessee was not given an opportunity to file an objection to the show cause notice. The petitioner/assessee has challenged the reassessment notices for the assessment years 2014-15 and 2015-16 as well as the assessment orders passed under Section 147 read …

Assessee Should Be Given Opportunity To Produce Evidence Which Has Impact On Tax Liability : Calcutta High Court
2 years, 6 months ago

Assessee Should Be Given Opportunity To Produce Evidence Which Has Impact On Tax Liability : Calcutta High Court

Live Law  

The Calcutta High Court bench has held that assessees should be given the opportunity to produce evidence which has an impact on tax liability. However, subsequently, the writ petitioner received the document dated August 25, 2021, which impacts the tax liability of the appellant/writ petitioner. The certificate is material evidence which the revisional authority needs to consider in order to …

Setting Aside Of Assessment Orders By ITAT On Technical Grounds Will Not Lead To Automatic Quashing Of Criminal Complaint: Madras High Court
2 years, 6 months ago

Setting Aside Of Assessment Orders By ITAT On Technical Grounds Will Not Lead To Automatic Quashing Of Criminal Complaint: Madras High Court

Live Law  

The Madras High Court recently held that when an assessment order is quashed by the Income Tax Appellate Tribunal on technical grounds, the same cannot be made a ground to evade criminal prosecution before the concerned court under the Income Tax Act. ii)The assessment order passed by the Assessing Officer, confirmed by the CIT have been set aside by the …

ITAT Final Arbiter Of Facts, Its Order Can Be Interfered With Only If There Is Substantial Question Of Law, Manifest Illegality/ Perversity: Delhi HC
2 years, 7 months ago

ITAT Final Arbiter Of Facts, Its Order Can Be Interfered With Only If There Is Substantial Question Of Law, Manifest Illegality/ Perversity: Delhi HC

Live Law  

Observing that the Income Tax Appellate Tribunal is the final arbiter of the facts, the Delhi High Court has observed that the High Court can interfere with its order only if there is substantial question of law or there is manifest illegality or it suffers from perversity.Justice Manmohan and Justice Dinesh Kumar Sharma was dealing with an appeal challenging the …

'Reason To Believe' Sufficient To Issue Notice U/S 148 Income Tax Act, Sufficiency/ Correctness Of Material Not Considered At This Stage: Delhi HC
2 years, 8 months ago

'Reason To Believe' Sufficient To Issue Notice U/S 148 Income Tax Act, Sufficiency/ Correctness Of Material Not Considered At This Stage: Delhi HC

Live Law  

The Delhi High Court has observed that the sufficiency or correctness of the material is not a thing to be considered at the stage of issue of notice for reassessment under Section 148 of the Income Tax Act.A division bench comprising of Justice Manmohan and Justice Dinesh Kumar Sharma was dealing with a bunch of pleas challenging the notices dated …

AO's claim That The Assessee Is Only Into Job Work And Not Manufacturing Rejected, Deduction Allowed By ITAT Delhi
2 years, 9 months ago

AO's claim That The Assessee Is Only Into Job Work And Not Manufacturing Rejected, Deduction Allowed By ITAT Delhi

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal while allowing the deduction under Income Tax Act has rejected the claim of AO that the assessee is only into job work and not manufacturing. The assessee electronically filed its return of income, declaring nil income after claiming a deduction under section 80IC of the Income Tax Act. During the course …

Delhi High Court: Findings Of Fact Recorded By ITAT Not Perverse, Cannot Be Interfered Under Section 260A
2 years, 9 months ago

Delhi High Court: Findings Of Fact Recorded By ITAT Not Perverse, Cannot Be Interfered Under Section 260A

Live Law  

The Delhi High Court has ruled that in an appeal to the High Court under Section 260A of the Income Tax Act, 1961 there can be no interference with the finding of fact if it involves re-appreciation of the evidence. The counsel for the CIT before the Delhi High Court submitted that the ITAT had not considered the fact that …

Discover Related