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

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

Live Law  

While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139 of the Income Tax Act, 1961 is only directory and not mandatory for the year under consideration, the New Delhi ITAT directed the AO to allow deduction claimed u/s 80IA of the Income Tax Act, 1961. The ADIT issued letter proposing various adjustments including disallowance of deduction c laimed u/s 80IA on account of failure to file Form 10CCB before the due date specified u/s 139. The CIT also rejected the claim of the assessee filled with the contention that filing of Form 10CCB along with the return of income before the due date for filing return u/s 139 is only directory and not mandatory and sustained the disallowance of deduction u/s 80IA. Arunachalam 208 ITR 481 / 75 Taxman 529 and in CIT v.Jayant Patel 248 ITR 199/ 117 Taxman 707 that, “the filing of audit report along with the return was not mandatory but directory and that if the audit report was filed at any time before the framing of the assessment, the requirement of the provisions of the Act should be held to have been met.” Therefore, while relying on various decisions squarely applying to the facts of the case, ITAT allowed the assessee's appeal.

Audit Case Report Form Bench Itr Deduction Itat Assessee Cit Deduction U Mandatory Due Date Filing Return Only Directory Form 10Ccb  itat  directory  report  form  filing  return  mandatory  delhi  income  audit  sec  filed  case  date  deduction  assessee

History of this topic

Finance Act, 2013 | Audit Report Determining Tax Liability Doesn't Bar Eligibility Under Voluntary Compliance Encouragement Scheme: Delhi HC
3 weeks ago

Finance Act, 2013 | Audit Report Determining Tax Liability Doesn't Bar Eligibility Under Voluntary Compliance Encouragement Scheme: Delhi HC

Live Law  

The Delhi High Court has held that an audit report determining liability towards tax dues is not a notice or an order of determination as contemplated under Section 106 of the Finance Act, 2013. Sub-section states that any person may declare his tax dues in respect of which no notice or an order of determination under section 72 or section …

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 …

Direct Tax Weekly Round-Up: 23 To 29 June 2024
5 months, 3 weeks 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 …

Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval
5 months, 4 weeks ago

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

Live Law  

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

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

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

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

Live Law  

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

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

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

Live Law  

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

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 …

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

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

Live Law  

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

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

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

Live Law  

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

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

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

Live Law  

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

Disallowance Of Claim U/s 80P By CPC Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT
9 months, 1 week ago

Disallowance Of Claim U/s 80P By CPC Prior To Apr 01, 2021 Is Beyond Its Jurisdiction: Kolkata ITAT

Live Law  

On finding that the alleged disallowance by CPC is beyond its jurisdiction as the adjustment towards deduction u/s. 80P of the Income Tax Act came to CPC only from Apr 01, 2021, the Kolkata ITAT interfered with the action of CPC in denying the deduction u/s 80P of the Income Tax Act, 1961. The Bench of the ITAT comprising Sanjay …

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

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

Live Law  

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

Direct Tax Cases Monthly Round Up: January 2024
10 months, 2 weeks ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High Court Case Title: Anamallais Bus Transports P. Ltd verses …

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

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

Live Law  

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

CBDT Extends Due Date For Educational & Charitable Institution Audit And Form ITR-7 For The Assessment Year 2023-24
1 year, 3 months ago

CBDT Extends Due Date For Educational & Charitable Institution Audit And Form ITR-7 For The Assessment Year 2023-24

Live Law  

The Central Board of Direct Taxes has extended the due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24.The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the CBDT to 31.10.2023.Form 10B is associated with charitable institutions and religious trusts …

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

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

Live Law  

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

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

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

Live Law  

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

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

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

Live Law  

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

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

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

Live Law  

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

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT
2 years, 6 months ago

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal consisting of C.N. The assessee/appellant has challenged the validity of the assessment made by the Assessing Officer as the assessment was reopened for escapement of income on account of cash deposits made into the bank account by the assessee. The reasons recorded by the Assessing Officer have reason to believe that …

Filing Written Statement In Prescribed Time Without Affidavit Of Admission/ Denial Of Documents Not 'Non-Est' Filing: Delhi High Court
2 years, 7 months ago

Filing Written Statement In Prescribed Time Without Affidavit Of Admission/ Denial Of Documents Not 'Non-Est' Filing: Delhi High Court

Live Law  

The Delhi High Court has observed that the filing of a written statement within the prescribed time but without an accompanying affidavit of admission or denial of documents, does not amount to non-est filing since it cannot be said that nothing was filed at all. It was thus submitted that the written statement was filed within the time of 120 …

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

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

Live Law  

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

Finance Ministry Extends Due Date For Filing Of Income Tax Returns (ITRs) For FY 2020-2021 To December 31
3 years, 3 months ago

Finance Ministry Extends Due Date For Filing Of Income Tax Returns (ITRs) For FY 2020-2021 To December 31

Live Law  

The Central Board of Direct Taxes today extended the due date of filing of income-tax returns and various reports of audit for the Assessment Year 2021-22 yet again and now, the new ITR filing deadline is December 31, 2021.Earlier, it was extended from July to September and now, the same has been extended to December 31, 2021.The same has been …

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations
3 years, 11 months ago

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations

Live Law  

The Uttarakhand High Court on Friday directed the Central Board of Direct Taxes to consider representations seeking extension of due date of filing the Tax Audit Report and Income Tax Return for the assessment year 2021-21. A Division Bench of Chief Justice Raghvendra Singh Chauhan and Justice Manoj Kumar Tiwari observed that due to nationwide COVID19 pandemic, a large number …

'Such Decision Must Have Been Taken After Due Deliberations': Gujarat HC Refuses To Interfere With CBDT's Decision To Not Extend Deadline For Filing ITRS
3 years, 11 months ago

'Such Decision Must Have Been Taken After Due Deliberations': Gujarat HC Refuses To Interfere With CBDT's Decision To Not Extend Deadline For Filing ITRS

Live Law  

The Gujarat High Court on Wednesday declined to interfere with the decision of the Central Board of Direct Taxes, to not grant any further extension for filing of Audit Reports and Income Tax Returns for the Assessment Year 2020-21. 'Govt Needs Revenue To Carry Out Relief Work For Poor In These Difficult Times': CBDT Declines Further Extension Of Due Dates …

Deadline For Income Tax Returns : Gujarat High Court Asks CBDT To Decide On Extension By Jan 12
3 years, 11 months ago

Deadline For Income Tax Returns : Gujarat High Court Asks CBDT To Decide On Extension By Jan 12

Live Law  

A division bench of the Gujarat High Court comprising of Justice J.B. Pardiwala and Justice Ilesh J. Vora on Friday directed Central Board of Direct Taxation to take a decision by January 12 on the extension of filing of Income Tax Returns and Tax Audit Reports for the annual year 2020-21. BACKGROUND OF THE CASE The petitioner, The All Gujarat …

Discover Related