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

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

Live Law  

Referring to the decision in case of Association of Indian Panel board Manufacturer v Deputy Commissioner of Income Tax 157 taxmann.com 550, the Ahmedabad ITAT reiterated that filing of Form 10B along with the return of income is only a procedural requirement and cannot be treated as mandatory requirement for the purpose of claiming exemption u/s 11 & 12 of the Income tax Act and even if filed at a later stage the assessee is entitled to exemption claimed. The adjustment relating to entire income of the assessee trust including corpus donation, voluntary donation and other income, amounting in all to Rs.16,40,71,000/- being denied exemption claimed u/s 11/12 of the Act to the assessee and treated as entirely taxable in the intimation u/s 143 of the Act. The Bench noted that while the assessee had claimed its entire income exempt in terms of Sections 11 & 12 of the Act, the intimation made u/s 143 denied the assessee's claim of exemption subjecting its entire income of Rs.16.40 crores to tax. The Bench therefore observed that assessee's claim of exemption of its entire income including voluntary donation, corpus donation and other income amounting in all to Rs.16.40 crores was denied on the ground that the assessee had failed to furnish the necessary Form 10B one month prior to the due date of filing of return of income u/s 139 of the Act.

Income Form Bench Claim Return Exemption Itat Entire Assessee Intimation Its Entire Income  claiming  voluntary  mandatory  assessee  ahmedabad  entire  requirement  itat  exemption  advance  return  filing  income  intimation  claim  1431  form

History of this topic

Notice U/S 263 Of Income Tax Act Cannot Be Issued By Authority After Approval Of Resolution Plan U/S 31 Of IBC: Gujarat High Court
5 days, 15 hours ago

Notice U/S 263 Of Income Tax Act Cannot Be Issued By Authority After Approval Of Resolution Plan U/S 31 Of IBC: Gujarat High Court

Live Law  

The Gujarat High Court bench of Justice Bhargav D. Karia and Justice D.N.Ray has held that after approval of the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, all liabilities prior to the approval of the plan stand extinguished. Therefore, the Income Tax Authority cannot be permitted to issue a notice under Section 263 of the …

Retracted Statement Can't Be Termed As Incriminating Material, No Addition Can Be Made In Respect Of Completed Assessment: Gauhati High Court
2 weeks ago

Retracted Statement Can't Be Termed As Incriminating Material, No Addition Can Be Made In Respect Of Completed Assessment: Gauhati High Court

Live Law  

The Gauhati High Court stated that retracted statement cannot be termed as incriminating material and no addition can be made in respect of completed assessment. Being aggrieved with the Assessment Order, the assessee preferred an appeal before the Commissioner of Income Tax, Guwahati under Section 250 of the Income Tax Act. The department/appellant submitted that the Assessing Officer has invoked …

'Entire Case Based On Records Already Considered During Scrutiny': Mumbai ITAT Quashes Reopening Of Assessment Against Shah Rukh Khan For AY 2012-13
3 weeks, 4 days ago

'Entire Case Based On Records Already Considered During Scrutiny': Mumbai ITAT Quashes Reopening Of Assessment Against Shah Rukh Khan For AY 2012-13

Live Law  

The Mumbai ITAT has quashed the reopening of assessment proceedings against the Assessee/ Appellant i.e., Shah Rukh Khan for AY 2012-13. The tribunal held that the reasons recorded while initiating the re-assessment, were completely silent as regards the allegation that income chargeable to tax has escaped assessment due to failure on the part of the assessee to disclose fully and …

'Entire Case Based On Records Already Considered During Scrutiny': Mumbai ITAT Quashes Reopening Of Assessment Against Shah Rukh Khan For AY 2012-13
3 weeks, 4 days ago

'Entire Case Based On Records Already Considered During Scrutiny': Mumbai ITAT Quashes Reopening Of Assessment Against Shah Rukh Khan For AY 2012-13

Live Law  

The Mumbai ITAT has quashed the reopening of assessment proceedings against the Assessee/ Appellant i.e., Shah Rukh Khan for AY 2012-13. The tribunal held that the reasons recorded while initiating the re-assessment, were completely silent as regards the allegation that income chargeable to tax has escaped assessment due to failure on the part of the assessee to disclose fully and …

Assessee Entitled To Interest On Refund Under Direct Tax 'Vivad Se Vishwas' Scheme: Gujarat High Court
3 weeks, 5 days ago

Assessee Entitled To Interest On Refund Under Direct Tax 'Vivad Se Vishwas' Scheme: Gujarat High Court

Live Law  

The Gujarat High Court stated that the assessee is entitled to the interest on refund under Direct Tax Vivad Se Vishwas Scheme. “it is true that the assessee is not entitled to interest under Section 244A of the Income Tax Act, 1961, however, when the assessee has opted for direct tax for Vivad se Visvas Scheme 2020 and filed the …

Andhra Pradesh VAT Act | Pleadings On Suppression Of Material Facts, Wilful Evasion Of Tax Are Sine Qua Non For Invoking S.21(5): High Court
1 month, 3 weeks ago

Andhra Pradesh VAT Act | Pleadings On Suppression Of Material Facts, Wilful Evasion Of Tax Are Sine Qua Non For Invoking S.21(5): High Court

Live Law  

The Andhra Pradesh High Court has held that pleadings relating to suppression of material facts, in an assessment order are the sine qua non for invoking section 21; by way of which limitation for filing an assessment order is extended to 6 years from 4 years. "There is nowhere any mention of suppression of facts, much less, wilful suppression of …

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

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

Live Law  

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

Tax Weekly Round-Up: February 03 - February 09, 2025
1 month, 3 weeks ago

Tax Weekly Round-Up: February 03 - February 09, 2025

Live Law  

SUPREME COURT Income Tax Act | Offence Committed Before Show-Cause Notice Compoundable As Covered By 'First Offence' In Compounding Guidelines: Supreme Court Case title: VINUBHAI MOHANLAL DOBARIA Vs CHIEF COMMISSIONER OF INCOME TAX Case no. What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains Case title: Kanwaljeet Kaur v. …

Direct Tax Annual Digest 2024: Part I
1 month, 3 weeks ago

Direct Tax Annual Digest 2024: Part I

Live Law  

ITAT Deletes Additions Against Unsuspecting Investor In A 'Penny Stock' To Make Quick Profit The Mumbai Bench of Income Tax Appellate Tribunal has held that the assessee was an unsuspecting investor who transacted in a 'penny stock' with a view to earning a quick profit, and since his involvement in any dubious transaction relating to price rigging or connection with …

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

Employees cautioned against claiming deductions without proper document

The Hindu  

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

What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains
1 month, 3 weeks ago

What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains

Live Law  

The Delhi High Court has interpreted the Supreme Court's decision in Union of India v. Rajeev Bansal to elucidate the time period surviving under Section 149 of the Income Tax Act, 1961 for issuing reassessment notices. Further, the period between the date of issuance of the impugned reassessment notices up to the date of the decision rendered by the Supreme …

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

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

Live Law  

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

Tax Weekly Round-Up: January 20 - January 26, 2025
2 months ago

Tax Weekly Round-Up: January 20 - January 26, 2025

Live Law  

SUPREME COURT Supreme Court Sets Aside Excise Duty Demand On Oil Marketing Companies For Inter-Supply Of Petroleum Products Case Title: Bharat Petroleum Corporation Ltd. versus Commissioner of Central Excise Nashik Commissionerate Case no. A bench comprising Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar said that the petition filed by BJP leader Ashwini Upadhyay was "badly drafted" and …

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

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

Live Law  

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

Tax Weekly Round-Up: January 13 - January 19, 2025
2 months, 1 week ago

Tax Weekly Round-Up: January 13 - January 19, 2025

Live Law  

SUPREME COURT 'Will Pull You Up' : Supreme Court Asks GST Department To Rectify Issues Over Fake Invoices, Asks How Genuine Purchasers Are Liable The Supreme Court on Wednesday flagged a recurring problem in GST matters whereby genuine purchasers who paid Goods and Services Tax face issues because their suppliers raised fictitious bills to evade crediting the GST to the …

Tax Annual Digest 2024: Part I
2 months, 2 weeks ago

Tax Annual Digest 2024: Part I

Live Law  

Reopening Of Assessment Inspired From 'Review' & 'Change Of Opinion' By Subsequent AO Is Deprecated: Madras HC While setting aside the order disposing of assessee's objection for re-opening of assessment pursuant to the issue of notice u/s 148 of the Income tax Act, 1961 and the consequent reassessment order, the Madras High Court held that there is no scope for …

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court
2 months, 2 weeks ago

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court

Live Law  

The Delhi High Court recently said aside an order passed by the Income Tax Appellate Tribunal, deciding grounds that did not arise from the impugned order passed by the Commissioner of Income Tax. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela observed, “The Assessee's challenge to the addition of ₹4,30,00,000/- under Section 68 of …

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC
Trending News
2 months, 2 weeks ago

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has held that an Assessing Officer is required to be satisfied that accommodation entries as alleged in show cause notice under Section 148A of the Income Tax Act 1961 exist, particularly where the assessee produces its accounts. Clearly, the AO is required to be satisfied that such entries exists particularly where the petitioner had produced its …

Twin Conditions U/S 127 Of Income Tax Act For Transferring Assessee's Case From One Officer To Another Are Mandatory: Himachal Pradesh HC
2 months, 3 weeks ago

Twin Conditions U/S 127 Of Income Tax Act For Transferring Assessee's Case From One Officer To Another Are Mandatory: Himachal Pradesh HC

Live Law  

The Himachal Pradesh High Court has elucidated the mandatory twin conditions for transfer of an assessee's case under Section 127 of the Income Tax Act, 1961, from one Assessing Officer to another. A division bench of Justices Tarlok Singh Chauhan and Rakesh Kainthla observed, “The twin conditions to be complied with by the respondents for transferring the case of the …

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC
2 months, 3 weeks ago

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC

Live Law  

The Delhi High Court has held that the provision under Section 153C of the Income Tax Act, 1961 for the Assessing officer of a searched person to record 'satisfaction' and handover documents regarding undisclosed income of another person cannot be substituted by merely uploading such information on the Department's insight portal. A division bench of Acting Chief Justice Vibhu Bakhru …

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court
2 months, 4 weeks ago

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court

Live Law  

The Delhi High Court has held that Section 150 of the Income Tax Act, 1961 can be invoked for reassessment only to give effect to a 'conclusive finding' by an appellate authority regarding escapement of income by an assessee. Both terms demand a direct and substantive nexus to the matter under adjudication and cannot extend to incidental or ancillary conclusions.” …

Income From Capital Gains On Certain Assets Which Are Excluded U/S 10(38) Of IT Act Must Be Included While Computing Book Profits: Delhi HC
3 months ago

Income From Capital Gains On Certain Assets Which Are Excluded U/S 10(38) Of IT Act Must Be Included While Computing Book Profits: Delhi HC

Live Law  

The Delhi High Court held that proviso to Sec 10 cannot be read in reverse to mean that if gains are not included as book profits u/s 115JB, the same are liable to be included as income for purposes of assessment to tax under the normal provisions. The Division Bench of Acting Chief Justice Vibhu Bakhru and Justice Swarana Kanta …

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

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

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

Live Law  

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

Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court
3 months, 2 weeks ago

Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court

Live Law  

The Allahabad High Court has held that an assesse claiming refund of excess TDS is not required to fill Form 26B under the Income Tax Rules once Form 5 of the Vivad Se Vishwas Act, 2020 has been issued to them. Subsequently, petitioner withdrew the Income Tax Appeal and the respondent issued an order for final settlement of Tax under …

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC
Trending News
3 months, 2 weeks 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 …

AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC
3 months, 4 weeks ago

AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC

Live Law  

The Delhi High Court has made it clear that an Assessing Officer cannot assess other incomes of an Assessee in a case where no addition is made on account of the “reasons” for which reassessment under Section 147 of the Income Tax Act, 1961 was initiated. Section 147 empowers the AO to assess or reassess income and also any other …

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

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

Live Law  

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

Amount Received In Advance For Services To Be Treated As Income Of Assessee, Chargeable Under Income Tax: Madras High Court
4 months, 2 weeks ago

Amount Received In Advance For Services To Be Treated As Income Of Assessee, Chargeable Under Income Tax: Madras High Court

Live Law  

The Madras High Court ruled that any amount received in advance for services should be treated as the income of the assessee and is, therefore, subject to income tax. However, if an assessee fails to adopt “Accounting Standards” properly for computation of income, the discretion is vested with the Assessing Officer under Section 145 of the Income Tax Act, 1961.” …

Entry Made In Dispatch Register Is Not Primary Evidence To Prove Service Of Notice On Assessee: Orissa High Court
4 months, 3 weeks 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 …

[Income Tax] Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court
4 months, 3 weeks 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 …

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
4 months, 3 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 …

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

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

Live Law  

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

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

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

Live Law  

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

ITAT Weekly Round-Up: 11 To 17 August 2024
7 months, 2 weeks ago

ITAT Weekly Round-Up: 11 To 17 August 2024

Live Law  

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust Case Title: Legal Initiative For Forest And Environment Versus PCIT The Delhi Bench of Income Tax Appellate Tribunal has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. ITAT Allows …

Direct Tax Weekly Round-Up: 11 To 17 August 2024
7 months, 2 weeks 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 …

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

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

Live Law  

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

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

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

Live Law  

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

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

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

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

Live Law  

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

ITAT Half Yearly Digest: January To June 2024 - PART II
8 months, 3 weeks ago

ITAT Half Yearly Digest: January To June 2024 - PART II

Live Law  

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …

ITAT Half Yearly Digest: January To June 2024 - PART I
8 months, 3 weeks ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law  

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
8 months, 4 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 …

Direct Tax Weekly Round-Up: 23 To 29 June 2024
9 months ago

Direct Tax Weekly Round-Up: 23 To 29 June 2024

Live Law  

Calcutta High Court Raising Issue Of Non-Service Of Bills At Appellate Stage Not Permissible; Calcutta High Court Upholds 50% Interest Waiver On Property Tax Citation: 2024 LiveLaw 149 Case Title: Saila Ghosh Versus State of West Bengal The Calcutta High Court, while dismissing the appeal of the assessee, upheld the 50% waiver of the interest on property tax. ITAT Orders …

Wrong Classification In ITR Can't Result Into Denial In Deduction: Chennai ITAT
9 months ago

Wrong Classification In ITR Can't Result Into Denial In Deduction: Chennai ITAT

Live Law  

The Chennai Bench of Income Tax Appellate Tribunal has held that the claim of the assessee cannot be denied for the reason that a deduction was mentioned in the wrong classification in the ITR, especially in the circumstances where all other evidence is available on record suggesting the deduction in pursuance of the provisions of Section 43B is available.The bench …

Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval
9 months, 1 week 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 …

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

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

Live Law  

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

Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition
9 months, 1 week ago

Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has deleted the income tax addition of Rs. 1.61 crores on the grounds that the seized documents lack information as to date and mode of receipt of “on money.”.The bench of Anikesh Banerjee and B.R. 1.61 crores on the grounds that the seized documents lack information as to date and mode of …

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT
9 months, 1 week ago

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing foreign tax credit.The bench of Sudhir Pareek and S. Rifaur Rahman has observed that filing Form-67 is a procedural or directory requirement and is not a mandatory requirement. The Delhi Bench of Income Tax Appellate Tribunal has held that submission of …

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