Recovery Of Tax Dues Of A Company From Its Directors Under Section 179 Of Income Tax Act, Cannot Be Invoked Casually: Bombay High Court
2 years, 4 months ago

Recovery Of Tax Dues Of A Company From Its Directors Under Section 179 Of Income Tax Act, Cannot Be Invoked Casually: Bombay High Court

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The Bombay High Court has ruled that exercise of jurisdiction under Section 179 of the Income Tax Act, 1961 against the director of a public company, to recover the tax dues of the said company, is violative of the principles of natural justice, where the Income Tax Authority has failed to give any opportunity of hearing to the director before applying the principle of 'lifting the corporate veil'. The Assistant Commissioner of Income Tax passed an order under Section 179 of the Income Tax Act, 1961 holding that the petitioner Rajendra R. Singh, the director of the assessee company- M/s. The Court also observed that the Punjab and Haryana High Court in Kishan Lal versus Union of India had quashed the order passed by the revenue authorities against the director of a public company by exercising jurisdiction under Section 179 of the Income Tax Act. Noting that the ACIT, in the notice issued under Section 179 of the Income Tax Act, did not inform the petitioner of its intention to treat the assessee company as a private company by invoking the principle of 'lifting the corporate veil', the Court held that the said notice did not refer to any material or conclusion based upon which the revenue department could assume jurisdiction against the directors of the assessee company under Section 179.

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History of this topic

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, 11 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 …

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
6 days, 21 hours 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
1 week 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. …

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 …

[Income Tax] No Substantial Question Of Law Arises If Perversity Cannot Be Shown In Order Passed By Tribunal: Allahabad High Court
2 weeks, 3 days ago

[Income Tax] No Substantial Question Of Law Arises If Perversity Cannot Be Shown In Order Passed By Tribunal: Allahabad High Court

Live Law  

The Allahabad High Court has held that no substantial question of law arises in a case where no perversity can be shown in the order passed by the Income Tax Tribunal in appeal under Section 260A of the Income Tax Act, 1961. had passed orders without inquiries or verification and thus the present situation stood covered under Explanation 2 to …

Appeals U/S 260A Of Income Tax Act Not Sustainable In Absence Of Perversity In Tribunal's Fact Finding: Allahabad High Court
3 weeks ago

Appeals U/S 260A Of Income Tax Act Not Sustainable In Absence Of Perversity In Tribunal's Fact Finding: Allahabad High Court

Live Law  

While entertaining an Income Tax Appeal, the Allahabad High Court has held that an appeal under Section 260A of the Income Tax Act, 1961 cannot be sustained without establishing a perversity with the fact finding of the Tribunal. A catena of Supreme Court judgments have concluded that in relation to facts, no substantial question of law would arise unless the …

Tax Weekly Roundup: November 18 - November 24, 2024
4 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
4 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 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 …

Order Passed U/S 148A(d) Income Tax Act Is Not Appealable, Writ Jurisdiction Can Be Invoked: Madhya Pradesh High Court
1 month, 1 week ago

Order Passed U/S 148A(d) Income Tax Act Is Not Appealable, Writ Jurisdiction Can Be Invoked: Madhya Pradesh High Court

Live Law  

The Madhya Pradesh High Court has held that an order passed under Section 148A of the Income Tax Act 1961 is not an appealable order, therefore, the only remedy with an aggrieved party is to invoke writ jurisdiction of the High Court. In this scheme, a division bench of Justices Vivek Rusia and Binod Kumar Dwivedi observed, “Admittedly, the order …

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
1 month, 1 week 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 …

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
1 month, 1 week ago

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Live Law  

The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma observed, “Twin conditions have to be met for assuming jurisdiction under Section 263 of the Act, and the PCIT has to form …

Entry Made In Dispatch Register Is Not Primary Evidence To Prove Service Of Notice On Assessee: Orissa High Court
1 month, 1 week ago

Entry Made In Dispatch Register Is Not Primary Evidence To Prove Service Of Notice On Assessee: Orissa High Court

Live Law  

The Orissa High Court has made it clear that an entry in the dispatch register maintained by the Revenue is not primary evidence to show service of notice on an assessee. At the outset, the High Court division bench of Justices Arindam Sinha and MS Sahoo observed, “Entry made in the system is not primary evidence. In light of the …

GST | Assessee Entitled To Fresh Notice If Initial Notice U/S 73 Was Missed Due To Being Uploaded Under 'Additional Notices' Tab: Allahabad HC
1 month, 1 week ago

GST | Assessee Entitled To Fresh Notice If Initial Notice U/S 73 Was Missed Due To Being Uploaded Under 'Additional Notices' Tab: Allahabad HC

Live Law  

The Allahabad High Court has held that an assessee is entitled to fresh notices demanding unpaid tax or short tax under Section 73 of the Goods and Service Tax Act, 2017, if the initial notices were not duly communicated to the assessee. Ltd. v. State of UP whereby “benefit of doubt” was given to the assessee since notices issued to …

[Income Tax] Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court
1 month, 1 week ago

[Income Tax] Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court

Live Law  

The Kerala High Court stated that while determining the assessment of relevant years assessing authority cannot determine the assessment for earlier years without enquiry. observed that “…….we fail to understand how the assessing authority, as well as the First Appellate Authority, while considering assessment proceedings for the assessment years 2011-12 could have embarked upon an enquiry with regard to the …

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court
1 month, 1 week ago

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court

Live Law  

The Division Bench of Kerala High Court comprising Justices A.K. observed that “the concern of the Assessing Authority, while passing a consequential order, has to be limited to those specific issues that have been remanded to it for consideration by the Commissioner……….” Section 263 of the Income Tax Act, 1961 empowers the Commissioner of Income Tax to revise any order …

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, 1 week 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 …

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

Word 'Approved' By PCCIT For Reopening Of Assessment Not Enough, Reasons Necessary, Delhi High Court
4 months ago

Word 'Approved' By PCCIT For Reopening Of Assessment Not Enough, Reasons Necessary, Delhi High Court

Live Law  

The Delhi High Court has held that mere appending of the word “approved” by the PCCIT while granting approval under Section 151 of the Income Tax Act to the reopening under Section 148 is not enough.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that while the Principal Chief Commissioner of Income Tax is not required to …

'HC Was Not Right' : Supreme Court Questions Delhi HC For Asking Congress To Approach ITAT To Stay Tax Recovery
4 months ago

'HC Was Not Right' : Supreme Court Questions Delhi HC For Asking Congress To Approach ITAT To Stay Tax Recovery

Live Law  

The Supreme Court, today, issued notice on the petition filed by the Indian National Congress against the Delhi High Court rejecting its application for a stay on the recovery of income tax demand for an Assessment Year 2018-2019. The Division Bench of the High Court had refused to re-examine or reconsider the questions decided by the Income Tax Appellate Tribunal …

Direct Tax Weekly Round-Up: 11 To 17 August 2024
4 months ago

Direct Tax Weekly Round-Up: 11 To 17 August 2024

Live Law  

Delhi High Court Failure Of Dept. Value Of Shares Allotted Under Employees Stock Purchase Scheme Can't Be Treated As Perquisite As Per Sec 17: Delhi High Court Case Title: Ravi Kumar Sinha vs. CIT While emphasizing that no tax can be levied on notional income, the Delhi High Court held that Valuation Report obtained by employer could have no application …

Rajasthan High Court Quashes Income Tax Reassessment As Income Tax Dept. Failed To Hold Proper Investigation
4 months, 1 week ago

Rajasthan High Court Quashes Income Tax Reassessment As Income Tax Dept. Failed To Hold Proper Investigation

Live Law  

The Jaipur Bench of the Rajasthan High Court has quashed the income tax reassessment and held that the Income Tax Department had not done any investigation or held an inquiry. The bench of Justice Avneesh Jhingan and Justice Ashutosh Kumar has observed that the additions were made solely based on the order passed by the AO determining the value 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
4 months, 1 week 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 …

Direct Tax Weekly Round-Up: 4 To 10 August 2024
4 months, 1 week ago

Direct Tax Weekly Round-Up: 4 To 10 August 2024

Live Law  

Delhi High Court Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court Case Title: PCIT Versus Karina Airlines International Ltd. Reopening Based On Entirely New Material Deprives Taxpayer's Right To Object To Re-Assessment: Delhi High Court Case Title: Banyan Real Estate Fund Mauritius Verses Assistant Commissioner Of Income Tax …

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 …

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court
5 months, 1 week 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 …

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court
5 months, 1 week ago

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court

Live Law  

The Meghalaya High Court has held that once the revision order becomes final, no question of passing another order will arise.The bench of Chief Justice S. Vaidyanathan and Justice W. Diengdoh has observed that the Assessing Officer had passed an order under Section 263 of the Income Tax Act, 1961, which was set aside by the Principal Commissioner of Income …

Reassessment Notice Not Issued In Terms Of Procedure Prescribed Under Faceless Assessment; Karnataka High Court Grants Interim Stay
5 months, 1 week ago

Reassessment Notice Not Issued In Terms Of Procedure Prescribed Under Faceless Assessment; Karnataka High Court Grants Interim Stay

Live Law  

The Karnataka High Court has granted an interim stay on a reassessment notice issued under Section 148 of the Income Tax Act, 1961 which was not issued in terms of the procedure prescribed under Faceless Assessment.The bench of Justice Sunil Dutt Yadav has stayed the reassessment notice issued by the jurisdictional assessing officer under Section 148 of the Income Tax …

AO Can't Review Its Own Order: Delhi High Court
5 months, 2 weeks ago

AO Can't Review Its Own Order: Delhi High Court

Live Law  

The Delhi High Court has held that the Assessing Officer cannot review its own order.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed in the extract of the impugned corrigendum that no new material has been found by the department, which would warrant reopening the assessment. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar …

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 …

Absence Of Incriminating Materials, AO Not Empowered To Reopen Assessments In Block Period Of Six Years: Kerala High Court
6 months ago

Absence Of Incriminating Materials, AO Not Empowered To Reopen Assessments In Block Period Of Six Years: Kerala High Court

Live Law  

The Kerala High Court has held that based on the material obtained during the search, the Assessing Officer, who gets the jurisdiction to re-open the assessments, can do so in respect of the individual assessment years comprised in the block period of six years only if the material obtained during the search under Section 132 of the Income Tax Act, …

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT
6 months ago

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the assessment order cannot be held to be erroneous and prejudicial to the interest of revenue merely on the allegation that the Assessing Officer has not made an inquiry and verification with regard to cash deposits as well as scrap sales.The bench of Saktijit Dey and Naveen Chandra. The …

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 …

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off
6 months, 2 weeks ago

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off

Live Law  

The Delhi High Court dismissed a writ petition challenging the constitutional validity of Section 31 of the Finance Act, 2017. Since the house was constructed using borrowed capital, under Section 24 of the Income Tax Act, the interest payable on such capital was eligible for deduction from the head “Income from house property.” The income chargeable under this head was …

Direct Taxes Weekly Round-Up: 19 To 25 May 2024
6 months, 3 weeks ago

Direct Taxes Weekly Round-Up: 19 To 25 May 2024

Live Law  

Delhi High Court Case Title: PT Bukaka Teknik Utama Versus Commissioner Of Income Tax, Delhi - 2 The Delhi High Court has held that the assessee can't be obstructed from availing of the benefits of the Direct Tax Vivad se Vishwas Act, 2020 even where the time limit for an appeal has not expired. Case Title: New Delhi Television Limited …

Bombay High Court Quashes Reassessment Notices Issued Merely On Basis Of Information Received From Directorate General Of GST
7 months ago

Bombay High Court Quashes Reassessment Notices Issued Merely On Basis Of Information Received From Directorate General Of GST

Live Law  

The Bombay High Court has quashed the reassessment notices issued merely on the basis of information received from the Directorate General of GST.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the AO is only referring to the information received from the Directorate General of GST. The Bombay High Court has quashed the reassessment notices …

S.144B(6) Income Tax Act | If Assessee “Requests” Then Opportunity Of Personal Hearing Is Mandatory, Not Optional: Allahabad High Court
7 months, 1 week ago

S.144B(6) Income Tax Act | If Assessee “Requests” Then Opportunity Of Personal Hearing Is Mandatory, Not Optional: Allahabad High Court

Live Law  

The Allahabad High Court has held that opportunity of personal hearing is mandatory under Section 144B and of the Income Tax Act, 1961 when show cause notice is issued regarding why assessment may not be completed as proposed. The bench comprising of Justice Saumitra Dayal Singh and Justice Donadi Ramesh held that “the word "request" used under Section 144B and …

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 …

Reassessment Order Can't Merely Be Based On Tax Evasion Report Or An Audit Report: Orissa High Court
7 months, 2 weeks ago

Reassessment Order Can't Merely Be Based On Tax Evasion Report Or An Audit Report: Orissa High Court

Live Law  

The Orissa High Court has held that reassessment orders cannot merely be based on a tax evasion report or an audit report.The bench of Justice B.R. Sarangi and Justice G. Satapathy has observed that it is not enough if the Assessing Officer refers to the tax evasion report or an audit report; he has to independently apply his mind and …

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 …

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court
7 months, 2 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 …

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

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

Live Law  

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

[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 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 …

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 …

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024
8 months, 1 week ago

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024

Live Law  

Nominal Index Suhas Manohar Wankhede v. Election Commission of India & Others 2024 LiveLaw 176 Kirloskar Pneumatic Company v. Kataria Sales Corporation 2024 LiveLaw 177 Riak Insurance and Financial Services & Ors. 2024 LiveLaw 186 Cardinal Energy and Infra Structure Private Ltd. v. Subramanya Construction and Development Co. Ltd. 2024 LiveLaw 187 Reports/Judgments ECI Has Already Taken Steps: Bombay High …

Direct Tax Cases Quarterly Digest 2024
8 months, 2 weeks ago

Direct Tax Cases Quarterly Digest 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited vs ACIT 2024 LiveLaw 44 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. AO Lacks Jurisdiction To Pass Draft Assessment Order …

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 …

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

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

Live Law  

Delhi High Court Case Title: Jetibai Grandsons Services India Pvt Ltd Versus Union Of India & Ors. Case Title: Blackberry India Pvt Ltd -Earlier Known As Research In Motion India Pvt Ltd Versus The Commissioner CGST The Delhi High Court has held that the department cannot, after being unsuccessful before this Court on its own, declare the refund of the …

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

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

Live Law  

Delhi High Court Case Title: Valley Iron & Steel Co.Ltd Versus PCIT The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act. Case Title: Senapati Santaji Ghorpade Sugar Factory Versus Assistant Commissioner of Income Tax The Bombay High Court has held that retrospective …

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 …

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