Belated Filing Of Form 9A Is Not Attributable To Trust: Bombay HC Allows Exemption U/S 11 After Condoning Delay Under IT Act
1 week, 6 days ago

Belated Filing Of Form 9A Is Not Attributable To Trust: Bombay HC Allows Exemption U/S 11 After Condoning Delay Under IT Act

Live Law  

The Bombay High Court held that bonafide delay in filing Form 9A on part of trust, has to be construed as procedural lapse and shall be condoned by exercising powers u/s 119 of Income tax Act. The Division Bench of Justice G S Kulkarni and Justice Advait M Sethna observed that that the jurisdictional AO completely lost sight of the fact that at the time when assessee claimed deductions towards depreciation and capital expenditure u/s 11 by filing the revised computation, the time limit for submission of Form 9A had lapsed, due to change of procedure. The assessee filed Form 9A though belatedly for reasons not attributable to the assessee, and the Jurisdictional AO wrongly linked up such issue of belated filing of Form 9A with disallowance of the assessees claim of deduction towards depreciation and capital expenditure u/s 11, added the Bench. Thus, the Bench observed that there is the legislative intent to permit condonation of delay in filing Form 9A and 10 u/s 119 authorizing CIT to admit such applications and decide on merit, in cases where the assesses were prevented to file the said forms in time, after showing sufficient cause.

Application Income Delay Form Bench Filing Assessee Cit Form 9A Such Form 9A  bombay  9a  income  form  exemption  trust  application  assessee  bench  hc  attributable  condoning  belated  ao  jurisdictional  filing  delay

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Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24
Trending News
1 week ago

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

India Today  

The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR filing utility or online …

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening
Trending News
1 week, 6 days ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law  

While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. Facts of the case: The petitioner/ assessee company, engaged in investment and trading of shares and securities, filed its return, after which a notice u/s 142 was issued calling upon the assessee to furnish …

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening
Trending News
1 week, 6 days ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law  

While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. Facts of the case: The petitioner/ assessee company, engaged in investment and trading of shares and securities, filed its return, after which a notice u/s 142 was issued calling upon the assessee to furnish …

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC
3 weeks, 2 days ago

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC

Live Law  

The Delhi High Court has reiterated that the Supreme Court's judgment in Abhisar Buildwell does not permit reopening of assessments under Section 147/148 of the Income Tax Act, 1961 beyond the period stipulated under Section 149. It relied on Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Private Limited to contend that in cases where the proceedings under Section …

Tax Weekly Round-Up: December 09 - December 15, 2024
3 weeks, 2 days ago

Tax Weekly Round-Up: December 09 - December 15, 2024

Live Law  

HIGH COURTS Allahabad HC Assesee Cannot File For Requisite Documents Once Plea Is Accepted And Notice Is Issued: Allahabad High Court Case Title: M/s Laxmi Telecom v. State of U.P. Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court Case Title: Dish TV India Limited v. …

Tax Weekly Roundup: November 25 - December 01, 2024
1 month ago

Tax Weekly Roundup: November 25 - December 01, 2024

Live Law  

HIGH COURTS Allahabad HC Time Extension Notification Dated 24.04.2023 Valid Only From 31.03.2023, Not Before: Allahabad High Court Case Title: M/s A.V. Review Plea Against SLP Constitutes "Disputed Tax" U/S 2: Delhi High Court Case title: NRA Iron And Steel Pvt Ltd v. Income Tax Department & Ors. S.99A Customs Act | Final Report Containing Audit Findings Can Be Drawn …

Tax Weekly Roundup: November 18 - November 24, 2024
1 month, 2 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Tax Weekly Roundup: November 18 - November 24, 2024
1 month, 2 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

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, 2 weeks 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 …

Department Can't Deny Grant For Waiver Of Interest U/S 234C Of IT Act Without Disposing Of Issues Flagged By Taxpayer: Bombay High Court
1 month, 2 weeks ago

Department Can't Deny Grant For Waiver Of Interest U/S 234C Of IT Act Without Disposing Of Issues Flagged By Taxpayer: Bombay High Court

Live Law  

The Bombay High Court recently clarified that the Chief Commissioner of Income Tax ought to have addressed the issues/justification as flagged by the taxpayer in supporting its case for grant of waiver of interest u/s 234C. Observations of High Court: From perusal of the application of petitioner for waiver of interest u/s 234C addressed to the respondent/ Revenue, the Bench …

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC
1 month, 4 weeks ago

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once scrutiny assessment is held under Section 143 of the Income Tax Act but due to a mistake of the Assessing Officer there is under assessment of income, reopening assessment under Section 147 of the Income Tax Act, 1961 is not permissible. At the outset, the High Court observed that escapement …

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
4 months, 3 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 …

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court
5 months, 3 weeks ago

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the Jurisdictional Assessing Officer would cease to have jurisdiction to issue any notice under Section 148A and to take further actions under Section 148A and Section 148 of the Act, outside the faceless assessment.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan has observed that the JAO did not have the …

Indirect Tax Cases Monthly Round Up: June 2024
6 months, 1 week ago

Indirect Tax Cases Monthly Round Up: June 2024

Live Law  

Bombay High Court Non-Communication Of SCN To Call Book Is Fatal; Bombay High Court Quashes SCNs Against ICICI Home Finance Citation: 2024 LiveLaw 305 Case Title: ICICI Home Finance Company Ltd. Slump Sale Doesn't Amount To Sale Of Goods Within MVAT Act: Bombay High Court Citation: 2024 LiveLaw 306 Case Title: Piramal Enterprises Limited Versus The State of Maharashtra The …

Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval
6 months, 2 weeks ago

Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval

Live Law  

The Bangalore Bench of Income Tax Appellate Tribunal has quashed the order rejecting the approval under Section 80G of the Income Tax Act as the Central Board of Direct Taxes has extended the due date for filing Form 10A/10AB via press release dated April 25, 2024, to June 30, 2022.The bench of Beena Pillai and Laxmi Prasad Sahu has. The …

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

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

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court
8 months, 3 weeks ago

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court

Live Law  

The Allahabad High Court has held that Supreme Court in Union of India v. Ashish Agarwal had not issued a general mandamus quashing all notices issued under Section 148 of the Income Tax Act, 1961. In Union of India v. Ashish Agarwal, the Union Government had challenged the order of the Allahabad High Court quashing the reassessment notices issued by …

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT
9 months, 1 week 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 …

Claim Seeking Application Of Income For Charitable Purpose U/s 11 & 12 Can't Be Denied To Trust On Mere Technicalities: Delhi ITAT
9 months, 3 weeks ago

Claim Seeking Application Of Income For Charitable Purpose U/s 11 & 12 Can't Be Denied To Trust On Mere Technicalities: Delhi ITAT

Live Law  

The New Delhi ITAT emphasized that the Revenue Authorities have to tax the right person in right manner and shall not disallow the eligible deductions on mere technicalities. The Bench of M. Balaganesh and Yogesh Kumar U.S observed that “the Revenue has rejected the plea of the Assessee based on mere technicalities and it is not the case of the …

Prima Facie Adjustment Made By CPC Towards Deduction U/s 80P Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT
9 months, 3 weeks ago

Prima Facie Adjustment Made By CPC Towards Deduction U/s 80P Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT

Live Law  

The Kolkata ITAT ruled that section 80AC of the Income tax Act puts a bar against claiming of deduction in respect of certain income provided under the head of Chapter VIA which includes section 80P of the Act also if the return of income are not filed before the due date prescribed u/s. The return filed by assessee was processed …

Accepting Submissions Of Assessee Cannot Be Said As Faulty If Assessment Was Made By National E-Assessment Centre: Indore ITAT Quashes Sec 263 Order
9 months, 3 weeks ago

Accepting Submissions Of Assessee Cannot Be Said As Faulty If Assessment Was Made By National E-Assessment Centre: Indore ITAT Quashes Sec 263 Order

Live Law  

While holding the revision-order passed by PCIT as invalid, the Indore ITAT recently clarified that I-T authorities cannot punish the assessee by merely saying that the payee has not filed income-tax return. The Bench of Vijay Pal Rao and B.M Biyani observed that “the action of AO in accepting the replies/ submissions of assessee cannot not lack bona fides and …

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
9 months, 3 weeks 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 …

AO Competent To Invoke Section 154 Jurisdiction If Glaring Mistake Of Fact/Law Is Committed While Passing Assessment Order: Madras High Court
9 months, 3 weeks ago

AO Competent To Invoke Section 154 Jurisdiction If Glaring Mistake Of Fact/Law Is Committed While Passing Assessment Order: Madras High Court

Live Law  

The Madras High Court has held that the Assessing Officer is not incompetent to invoke the jurisdiction under Section 154 of the Income Tax Act, 1961, if such officer had committed a glaring mistake of fact or law while passing the assessment order.The bench of Justice C. Saravanan has observed that the meaning of the expression “error apparent on the …

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT
9 months, 3 weeks ago

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

Live Law  

While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139 of the Income Tax Act, 1961 is only directory and not mandatory for the year under consideration, the New Delhi ITAT directed the AO to allow deduction claimed u/s 80IA of the Income Tax Act, 1961. The ADIT …

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
10 months 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, …

A Trust Is Not Barred From Getting Approval U/S 80G In Future Because It Has Not Opted For It Previously: Kolkata ITAT
11 months ago

A Trust Is Not Barred From Getting Approval U/S 80G In Future Because It Has Not Opted For It Previously: Kolkata ITAT

Live Law  

The Kolkata ITAT ruled that simply because a trust/charitable institution has not opted for getting benefits under the Income-tax Act, then such institution is not barred in future from applying from registration/approval under the relevant provisions. As per the brief facts of the case, the assessee trust, duly registered u/s 12A, applied for provisional approval u/s 80G which was granted …

S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court
11 months ago

S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court

Live Law  

The Allahabad High Court has held that under the new law, it is not necessary for the assessing authority to record “reasons to believe”. The Court held that the assessing authorities are only required to record bonafide satisfaction regarding escapement of income for assuming jurisdiction under the Income Tax Act, 1961. A bonafide satisfaction reached as to escapement of income …

Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT
11 months ago

Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT

Live Law  

On finding the reasoning behind the Assessment made by the Assessing Officer to be wrong, the Mumbai ITAT allowed the assessee's appeal against the order of Commissioner of Income Tax and National Faceless Appeal Centre. It is fact on record that assessee has filed its return of income and Assessing Officer has accepted the same.” “The assessment order is bad …

Direct Tax Cases Monthly Round Up: January 2024
11 months ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

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 Court Case Title: Anamallais Bus Transports P. Ltd verses …

CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT
11 months, 3 weeks ago

CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT

Live Law  

While setting aside the CIT's order enhancing assessee's income under Section 251 of Income tax Act, 1961 by disallowing Employees Stock Option Plan expenses under Section 37, the Mumbai ITAT held that the CIT has acted beyond his jurisdiction in enhancing assessee's income, since the AO during the course of assessment, has not taken into consideration the assessee's revised return …

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year, 1 month 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 …

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment
1 year, 1 month ago

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment

Live Law  

The Calcutta High Court has quashed the reassessment order on the grounds that the department’s personal opinion is not tangible material for reopening the assessment.The bench of Chief Justice T. S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that unless glaring omissions are demonstrated or conditions precedent for exercise of the power to reopen assessment are not. The Calcutta High …

UPVAT | Exemption/Concession Form Not Produced During Assessment Due To Unavoidable Circumstances, Can Be Considered By Tribunal: Allahabad HC
1 year, 2 months ago

UPVAT | Exemption/Concession Form Not Produced During Assessment Due To Unavoidable Circumstances, Can Be Considered By Tribunal: Allahabad HC

Live Law  

The Allahabad High Court has held that if a form through which exemption/concession has been claimed under the Uttar Pradesh Value Added Tax Act, 2008 could not be produced at the time of assessment due to unavoidable circumstances, the same can be produced before the Tribunal. The bench comprising of Justice Piyush Agrawal held, “The transaction already claimed by the …

CBDT Condones Delay In Filing Of Form No. 10-IC For Assessment Year 2021-22
1 year, 2 months ago

CBDT Condones Delay In Filing Of Form No. 10-IC For Assessment Year 2021-22

Live Law  

The Central Board of Direct Taxes has notified the condonation of delay under section 119 of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22.Form 10-IC is required to be filed only if a Domestic Company chooses to pay tax at concessional rate of 22% under Section 115BAA of the Income Tax Act, 1961.The Board …

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 …

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 …

Reassessment Notices Issued After Elapse Of Six Years: Gujarat High Court Quashes Assessment
1 year, 9 months ago

Reassessment Notices Issued After Elapse Of Six Years: Gujarat High Court Quashes Assessment

Live Law  

The Gujarat High Court has held that the reassessment notices were issued after the lapse of six years and are therefore time-barred.The single bench of Justice Sonia Gokani has observed that the board's circulars and instructions are binding only on the departmental authorities and not on the court or the assessee.The petitioners/assessees challenged the reassessment notice dated July 26,. The …

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court
1 year, 10 months ago

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court

Live Law  

The Orissa High Court has deprecated the Income Tax Authority who, despite being informed that the assessee was in judicial custody, failed to serve a notice upon him through the Superintendent of the concerned jail, in the proceedings initiated against the assessee under Section 263 of the Income Tax Act, 1961. The Court further ruled that appearance of the authorized …

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings
1 year, 10 months ago

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings

Live Law  

The Bombay High Court has quashed the reassessment proceedings as the issue of "large loans and advances" was not only raised during the scrutiny assessment but also responded to by the assessee.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that between the date of the order of assessment, which is sought to be reopened, …

Tax Cases Weekly Round-Up: 18 December to 24 December 2022
2 years ago

Tax Cases Weekly Round-Up: 18 December to 24 December 2022

Live Law  

Supreme Court Small Tax Effect: Monetary Limit To Prefer An Appeal Before The Supreme Court Is Rs. Bombay High Court Case Title: The Principal Commissioner of Income Tax Versus M/s. Bombay High Court Case Title: M/s Bhatewara Associates Versus Union Of India The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine hardships." …

Technical Consideration Cannot Come In The Way Of Substantial Justice: Bombay High Condones ITR-filing Delay
2 years ago

Technical Consideration Cannot Come In The Way Of Substantial Justice: Bombay High Condones ITR-filing Delay

Live Law  

The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine hardships. "The division bench of Justice Dhiraj Singh Thakur and Justice Abhay Ahuja has observed that technical considerations cannot come in the way of substantial justice. The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine …

Bombay High Court Allows Deduction On Issuance Of Completion Certificate
2 years ago

Bombay High Court Allows Deduction On Issuance Of Completion Certificate

Live Law  

The Bombay High Court has allowed the income tax deduction under Section 80-IB on the grounds that a completion certificate was issued by the competent authority.The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki S.A. Menezes, while upholding the order of the Income Tax Appellate Tribunal, observed that there was no allegation by the survey team during the …

Filing Of Form 10–IC Is Mandatory Condition To Claim The Benefit Of Reduced Corporate Tax Rate For The Domestic Companies: ITAT
2 years, 1 month ago

Filing Of Form 10–IC Is Mandatory Condition To Claim The Benefit Of Reduced Corporate Tax Rate For The Domestic Companies: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that in order to claim the benefit of a reduced corporate tax rate, domestic companies have to mandatorily file Form 10–IC.The two-member bench of Sandeep Singh Karhail and Om Prakash Kant has observed that the assessee did not file Form 10–IC before the due date of filing the return. …

Tax Cases Weekly Round-Up: 13 November To 19 November 2022
2 years, 1 month ago

Tax Cases Weekly Round-Up: 13 November To 19 November 2022

Live Law  

Supreme Court Sec.194H Income Tax Act Attracted For 'Supplementary Commission' Earned By Travel Agents ; Airlines Liable To Deduct TDS : Supreme Court Case Title: Singapore Airlines Ltd. vs C.I.T., Delhi Citation: 2022 LiveLaw 959 The Supreme Court held that Section 194H of the Income Tax Act is attracted in the case of Supplementary Commission amounts earned by the travel …

Liability To Deduct TDS Under Section 201 of Income Tax Act Is A Vicarious Liability, Which Ends With Discharge Of Principal Liability Of Recipient Of Income: ITAT
2 years, 1 month ago

Liability To Deduct TDS Under Section 201 of Income Tax Act Is A Vicarious Liability, Which Ends With Discharge Of Principal Liability Of Recipient Of Income: ITAT

Live Law  

The Mumbai bench of the Income Tax Appellate Tribunal has ruled that the liability to deduct tax at source under Section 201 read with Section 195 of the Income Tax Act, 1961, is a vicarious liability of the payer of an income and thus, the liability to deduct TDS ceases to exist when the primary liability of the recipient of …

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

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 …

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