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
1 day, 18 hours 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 and Justice Tushar Rao Gedela observed, “Uploading of information by the investigation wing of the Income Tax department would not be a substitute for recording of a satisfaction note by the AO of a searched person and handing over the assets, books of accounts or other material to the AO of the person other than the searched person for the purpose of initiation of proceedings under Section 153C of the Act.” The bench was hearing a petition filed by builders ATS Township, challenging the initiation of reassessment proceedings on the ground of being barred by limitation. The High Court said “prima facie, this reasoning would also hold good in case of assuming the date of placing information on insight portal as the date of search for the purposes of the proviso to Section 153C of the Act.” Court said in the case at hand there is no reference of any asset representing income escaping assessment. Appearance: Mr. Ved Jain, Mr. Nishcay Kantoor, Ms. Soniya Dodeja and Mr. Divyansh Dubey, Advocates for Petitioner; Mr. Indruj Singh Rai, SSC, Mr. Rahul Singh, JSC and Mr. Anmol Jagga, Advocate for Respondent Case title: ATS Township Pvt Ltd v. Assistant Commissioner Of Income Tax Circle 1 Delhi & Ors Case no.

Court Income Tax Act Person Section 153C Of The Act Insight Portal  date  handing  information  act  person  substitute  153c  uploading  entity  material  mr  insight  nonsearched  assessing  hc  searched  income  tax  officer  portal

History of this topic

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court
4 days, 15 hours 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.” …

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

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
1 month 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 …

Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC
1 month, 2 weeks ago

Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once an assessee offers explanation about nature and source of a credit transaction standing in its books, the burden of proof to show that such explanation is unsatisfactory shifts on the Assessing Officer.A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma further held that in evaluating the transaction so …

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 …

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

Word 'Approved' By PCCIT For Reopening Of Assessment Not Enough, Reasons Necessary, Delhi High Court
4 months, 2 weeks 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 …

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
5 months, 1 week 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 …

Educational Activities Neither Business Nor Profession, Covered Under Section 2 (15) Of Income Tax Act: Delhi High Court
5 months, 1 week ago

Educational Activities Neither Business Nor Profession, Covered Under Section 2 (15) Of Income Tax Act: Delhi High Court

Live Law  

The Delhi High Court has held that the assessee is carrying on educational activities that are covered by the provisions of Section 2 of the Income Tax Act, and it is neither business nor profession of the assessee. During the assessment proceedings, the assessee appears to have been called upon to furnish explanations with respect to the broad nature of …

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

Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition
6 months, 2 weeks 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 …

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 …

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

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

Live Law  

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

Computation Of 6 Assessment Years For Search Assessments U/S 153C Starts From Date Of Receiving Seized Documents: ITAT
7 months ago

Computation Of 6 Assessment Years For Search Assessments U/S 153C Starts From Date Of Receiving Seized Documents: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the computation of six assessment years for search assessments under Section 153C of the Income Tax Act starts from the date of receiving seized documents.The bench of Saktijit Dey and Naveen Chandra has relied on the decision of the Supreme Court in the case of CIT vs. Jasjit Singh,. …

Unexplained Expenditure Addition Merely Based On CBIC Instruction Not Sustainable: Delhi High Court
7 months, 3 weeks ago

Unexplained Expenditure Addition Merely Based On CBIC Instruction Not Sustainable: Delhi High Court

Live Law  

The Delhi High Court has deleted the addition for unexplained expenditure, which was based on the instruction issued by the Central Board of Indirect Taxes and Customs.“Merely proceeding on the basis that CBIC is an apex body and therefore, information provided by it cannot be doubted, without even identifying or meaningfully analyzing such information, is wholly insufficient to. The Delhi …

Unexplained Expenditure Addition Merely Based On CBIC Instruction Not Sustainable: Delhi High Court
7 months, 3 weeks ago

Unexplained Expenditure Addition Merely Based On CBIC Instruction Not Sustainable: Delhi High Court

Live Law  

The Delhi High Court has deleted the addition for unexplained expenditure, which was based on the instruction issued by the Central Board of Indirect Taxes and Customs.“Merely proceeding on the basis that CBIC is an apex body and therefore, information provided by it cannot be doubted, without even identifying or meaningfully analyzing such information, is wholly insufficient to. The Delhi …

Tax Weekly Round-Up: 30th December 2024 - 5th January 2025
8 months ago

Tax Weekly Round-Up: 30th December 2024 - 5th January 2025

Live Law  

SUPREME COURT Motor Accident Claims - Tax Returns Can Be Accepted To Determine Income Only If They Are Appropriately Produced : Supreme Court Case name: New India Assurance Co. Ltd. V. Sonigra Juhi Uttamchand. Co-Accused Can Apply Separately For Compounding Of Offences Committed By Company Or HUF Under Income Tax Act: Delhi High Court Case title: Sumit Bharana v. UoI …

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 …

Direct Tax Cases Monthly Round Up: March 2024
9 months 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 …

No Addition U/S 69 Is Permitted Without Examining & Finding Fault In Cash Book Produced By Taxpayer: Delhi ITAT
9 months ago

No Addition U/S 69 Is Permitted Without Examining & Finding Fault In Cash Book Produced By Taxpayer: Delhi ITAT

Live Law  

On finding that the CIT has failed to examine the cash book presented by the assessee, the New Delhi ITAT deleted the addition sustained by CIT u/s 69 of the Income Tax Act. The Bench of the ITAT comprising of Yogesh Kumar U.S. and N. K. Billaiya observed that “The assessee having been produced the cash book and explained the …

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 …

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024
9 months, 2 weeks ago

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

Live Law  

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

Delhi High Court rejects Congress’s plea against tax reassessment
9 months, 2 weeks ago

Delhi High Court rejects Congress’s plea against tax reassessment

The Hindu  

In a huge setback to the Congress ahead of the Lok Sabha elections, the Delhi High Court on Friday rejected its pleas challenging the reassessment proceedings initiated against it by the Income Tax department. The Congress has challenged initiation of proceedings under Section 153C of the Income Tax Act for assessment pertaining to assessment years 2014-15 to 2016-17. The I-T …

Procedure U/S 148A Need Not Be Complied With Before Issuing Reassessment Notices: Kerala High Court
9 months, 2 weeks ago

Procedure U/S 148A Need Not Be Complied With Before Issuing Reassessment Notices: Kerala High Court

Live Law  

The Kerala High Court has held that the procedure contemplated by the provisions of Section 148A of the Income Tax Act, 1961, need not be complied with before issuing notices under Section 148 of the Income Tax Act, 1961.The bench of Justice Gopinath P. has observed that when an item or cash, as in this case, is produced before a …

AO Fails To Demonstrate Live Link Between Tangible Material & Reason To Believe Escaped Income: Delhi ITAT Quashes Reopening
9 months, 3 weeks ago

AO Fails To Demonstrate Live Link Between Tangible Material & Reason To Believe Escaped Income: Delhi ITAT Quashes Reopening

Live Law  

On finding that the requirement of application of mind is missing in the instant case, the Delhi ITAT held that the reassessment made in the section 143 read with section 147 of the Income Tax Act, 1961, is bad in law and hence, the re-assessment order is quashed. The ITAT pointed that there is no independent application of mind by …

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT
9 months, 3 weeks ago

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

Live Law  

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

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 …

Ahmedabad ITAT Quashes Reopening In Absence Of Tangible Material With AO To Form Reason To Believe Escaped Assessment
9 months, 3 weeks ago

Ahmedabad ITAT Quashes Reopening In Absence Of Tangible Material With AO To Form Reason To Believe Escaped Assessment

Live Law  

The Ahmedabad ITAT quashed reopening proceedings finding that there was no tangible material available with the AO to form a reason to believe that the income of assessee has escaped assessment. The Bench of Waseem Ahmed and Siddhartha Nautiyal observed that “simply that Shri Prakash bhai Ishwar bhai Changela and the assessee are maintaining the bank account in the Social …

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 …

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
9 months, 3 weeks ago

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Live Law  

While allowing the appeal of assessee in respect of the fact that whether the PCIT had validly assumed his revision jurisdiction u/s 263 of the Income Tax Act, 1961, both in law and on facts, the New Delhi ITAT held that the PCIT erred in assumption of jurisdiction u/s 263 of the Income Tax Act, 1961. The Bench of the …

AO Must Make Independent Enquiry To Verify Veracity Of Identity, Genuineness & Credit-Worthiness Of Lenders Before Making Addition U/s 68: Kolkata ITAT
9 months, 3 weeks ago

AO Must Make Independent Enquiry To Verify Veracity Of Identity, Genuineness & Credit-Worthiness Of Lenders Before Making Addition U/s 68: Kolkata ITAT

Live Law  

Finding that the AO without examining any of the documents, simply made the addition u/s 68 on account of failure of assessee to produce share subscribers, the Kolkata ITAT held that AO cannot take adverse inference without pointing out discrepancies or insufficiency in the evidences and without examining statement of the directors of the subscriber companies. As per the brief …

Reopening Of Income Tax Assessments : Supreme Court Refuses To Interfere With Delhi High Court's Guidelines To Tax Dept
10 months, 3 weeks ago

Reopening Of Income Tax Assessments : Supreme Court Refuses To Interfere With Delhi High Court's Guidelines To Tax Dept

Live Law  

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed by the Income Tax Department in 2018 against the 2017 High Court verdict.The Delhi High …

Gujarat High Court Upholds Income Tax Department's Search and Seizure, Condemns Misconduct
10 months, 4 weeks ago

Gujarat High Court Upholds Income Tax Department's Search and Seizure, Condemns Misconduct

Live Law  

The Gujarat High Court on Tuesday, upheld the search and seizures conducted by the Income Tax department at a lawyer's residence and office last year over alleged income tax evasion as valid. The bench stated that concerning the commencement of search proceedings, based on the material seized from the lawyer's premises and presented by the department before the bench in …

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 …

Discrepancies In Maintaining KYC Documentation Does Not Constitute Incriminating Material: ITAT Deletes Income Tax Addition
11 months ago

Discrepancies In Maintaining KYC Documentation Does Not Constitute Incriminating Material: ITAT Deletes Income Tax Addition

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax addition cannot be made for discrepancies in maintaining KYC documentation, account opening forms, and violation of society bye-laws.The bench of Sandeep Singh Karhail and B.R. The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax addition cannot be made for discrepancies in maintaining KYC …

Delhi HC quashes CIC order directing I-T dept to disclose PM CARES Fund info
11 months, 2 weeks ago

Delhi HC quashes CIC order directing I-T dept to disclose PM CARES Fund info

Hindustan Times  

The Delhi high court on Monday set aside an order of the Central Information Commission directing the income-tax department to disclose information related to the grant of tax exemption status to the PM CARES Fund to Girish Mittal, a right to information applicant,. An RTI was filed in the Delhi high court seeking the disclosure of information related to the …

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act
1 year ago

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act

Live Law  

The Delhi High Court has upheld the constitutional validity of Section 115BBE of the Income Tax Act.The bench of Acting Chief Justice Manmohan and Justice Mini Pushkarna has observed that Statutory Acts and their provisions are not to be declared unconstitutional on the fanciful theory that power would be exercised in an unrealistic fashion or in a vacuum or on …

Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court
1 year, 1 month ago

Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court

Live Law  

The Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.The bench of Justice Rajiv Shakdher and Justice Anish Dayal has observed that the reopening of the concluded scrutiny assessment is a serious business. The Delhi High Court has …

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 …

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

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

Live Law  

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

Delhi High Court Grants Assessee An Opportunity To Adduce Evidence On Qualification, Experience, Work Profile Of Employees To Avoid Section 40A(2) Disallowance
1 year, 2 months ago

Delhi High Court Grants Assessee An Opportunity To Adduce Evidence On Qualification, Experience, Work Profile Of Employees To Avoid Section 40A(2) Disallowance

Live Law  

The Delhi High Court has granted the assessee an opportunity to adduce appropriate evidence—documentary or otherwise—before the Assessing Officer in order to establish its claim regarding educational qualification, experience, work profile, and in particular the duties discharged by the concerned persons to justify the claim of the appellant or assessee qua payment of salary to the. The Delhi High Court …

Income Tax Act; Mere Uploading Of Notice On Assessee’s E-Portal Is Not Proper Service: ITAT
1 year, 3 months ago

Income Tax Act; Mere Uploading Of Notice On Assessee’s E-Portal Is Not Proper Service: ITAT

Live Law  

The Chandigarh Bench of the Income Tax Appellate Tribunal has held that mere uploading of notice on the assessee’s e-Portal of the Income Tax Department is not proper service as per the Income Tax Act.The bench of Sanjay Garg and Vikram Singh Yadav has observed that service of notice on the portal alone without compliance with Section 282 of. The …

Income Tax Raid, ITAT Finds Money Laundering, Directs Assessing Officer To Inform SEBI, PMLA Authorities
1 year, 4 months ago

Income Tax Raid, ITAT Finds Money Laundering, Directs Assessing Officer To Inform SEBI, PMLA Authorities

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has directed the AO to share information on all persons allegedly involved in the racket of money laundering.The bench of Sandeep Singh Karhail and Prashant Maharishi has issued the directions to the AO to communicate vital details on 32,855 beneficiaries involved in accommodation. The Mumbai Bench of the Income Tax Appellate …

Write-Off Of A Bad Debt Can’t Be Held To Be An Asset Under Section 153A(1) Of The Income Tax Act, 1961: Bombay High Court
1 year, 4 months ago

Write-Off Of A Bad Debt Can’t Be Held To Be An Asset Under Section 153A(1) Of The Income Tax Act, 1961: Bombay High Court

Live Law  

The Bombay High Court has held that a write-off of a bad debt cannot be held to be an asset under section 153A of the Income Tax Act, 1961.The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla has observed that since the write-off of bad debt cannot be held to be an asset, clause of the 4th …

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

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

Live Law  

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

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