Tax Cases Weekly Round-Up: 04 December To 10 December 2022
2 years ago

Tax Cases Weekly Round-Up: 04 December To 10 December 2022

Live Law  

Supreme Court Case Title: State of Jharkhand and others Versus Linde India Limited and Another The Supreme Court has held that the main function of oxygen in manufacturing steel is to reduce the carbon content; therefore, it can be considered a refining agent but not a raw material, so the concessional rate of sales tax is not available on oxygen. Case Title: Molasi Primary Agricultural Versus ITO The Madras High Court has held that the TDS exemption under Section 194N of the Income Tax Act is not applicable to cash withdrawal by primary agricultural credit co-operative societies. ITAT Case Title: BBC World Distribution Ltd. versus ADIT The Delhi Bench of the Income Tax Appellate Tribunal has ruled that the distribution revenue earned by the assessee- BBC World Distribution Ltd., from distribution of BBC World News Channel in India, is not in the nature of royalty and thus, it is not taxable in India in the absence of a Permanent Establishment. Case Title: Grih Kalyan Kendra Board Versus ITO The Delhi Bench of the Income Tax Appellate Tribunal has held that a mistake in the personal information of the assessee is always rectifiable at any stage. Case Title: Fernandez Foundation Versus Commissioner of Income Tax The Hyderabad bench of the Income Tax Appellate Tribunal has held that the assessee hospital is charging on the basis of commercial rates from the patients and is not entitled to registration as a charitable organization under Section 12A of the Income Tax Act.

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History of this topic

S.68 IT Act | Whether Assessee Discharged Burden To Substantiate Identity & Genuineness Of Share Application Money Is 'Question Of Fact', Not Law: Gauhati HC
4 days, 14 hours ago

S.68 IT Act | Whether Assessee Discharged Burden To Substantiate Identity & Genuineness Of Share Application Money Is 'Question Of Fact', Not Law: Gauhati HC

Live Law  

The Gauhati High Court refused to entertain an appeal with respect to genuineness of credit received by an assessee from share application money, holding that the same would require it to venture into factual matrix of the case which is beyond its jurisdiction under Section 260A of the Income Tax Act, 1961. The appeal was preferred by the Revenue, following …

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 …

Tax Weekly Round-Up: December 02 - December 08, 2024
1 week, 6 days ago

Tax Weekly Round-Up: December 02 - December 08, 2024

Live Law  

SUPREME COURT Subsequent Purchaser Of Imported Vehicle Cannot Be Asked To Pay Customs Duty; Liability On Importer : Supreme Court Case Title: NALIN CHOKSEY VERSUS THE COMMISSIONER OF CUSTOMS, KOCHI The Supreme Court ruled that the 'subsequent purchaser' of an imported motor car cannot be called an 'importer' to attract the liability under the Customs Act, 1962 to pay customs …

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court
2 weeks, 2 days ago

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court

Live Law  

The Allahabad High Court has upheld the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax that when an agreement between parties specifies a direct transfer of money, doing so indirectly by keeping the funds in a distinct account before sending them to the final account, does not place the money under the definition of 'unexplained money' …

[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 …

Only Income From Investment Made By Charitable Institution In Violation Of S.13(1)(d) Income Tax Act Is Liable To Tax: Telangana HC
2 weeks, 6 days ago

Only Income From Investment Made By Charitable Institution In Violation Of S.13(1)(d) Income Tax Act Is Liable To Tax: Telangana HC

Live Law  

The Telangana High Court has held that the benefit of exemption under Section 11 of the Income Tax Act, 1961, can be denied only on income from such investments made by charitable or religious institutions, which are in violation of Section 13 of the Act. In the case at hand, the Andhra Pradesh State Civil Supplies Corporation Limited, a charitable …

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

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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 …

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 …

[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 …

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 …

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

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
4 months, 1 week 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 …

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 …

ITAT Half Yearly Digest: January To June 2024 - PART II
5 months, 1 week 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 …

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 …

Indirect Tax Cases Monthly Round Up: June 2024
5 months, 3 weeks ago

Indirect Tax Cases Monthly Round Up: June 2024

Live Law  

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

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

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition
6 months, 2 weeks 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 …

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 …

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024
7 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024

Live Law  

Supreme Court Case Name- All India Bank Officers' Confederation Vs The Regional Manager, Central Bank Of India & Others Citation : 2024 LiveLaw 352 A Division bench of the Supreme Court comprising of Justice Sanjiv Khanna and Justice Dipankar Datta while deciding a Civil Appeal in the case of All India Bank Officers' Confederation Vs The Regional Manager, Central Bank …

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 …

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 …

Assessee Has Not Benefited From Round-Tripping Of Share Transactions; Mumbai ITAT Deletes Addition U/s 68
7 months, 3 weeks ago

Assessee Has Not Benefited From Round-Tripping Of Share Transactions; Mumbai ITAT Deletes Addition U/s 68

Live Law  

On finding that the assessee has issued share application money and subsequently allotted shares which shows that the transactions are genuine and there is no material brought on record by tax authorities that the assessee has benefited from round-tripping, the Mumbai ITAT deleted the addition made u/s 68 of the Income Tax Act, 1961. The Bench of the ITAT comprising …

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 …

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 …

Indirect Tax Cases Weekly Round-Up: 7 April To 13 April 2024
8 months, 1 week ago

Indirect Tax Cases Weekly Round-Up: 7 April To 13 April 2024

Live Law  

Supreme Court Case Title: The State Of Gujarat & Anr. Madras High Court Case Title: M/s.Eicher Motors Limited Versus The Assistant Commissioner of Central Tax and Central Excise Citation: 2024 LiveLaw 159 The Madras High Court has restrained the department from appropriating interest liability against Eicher Motors until the matter is taken up by the appellate court. UPVAT | Intention …

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 …

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 …

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT
8 months, 3 weeks ago

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT

Live Law  

On finding that the facts of the case do not warrant application of section 263 of the Income Tax Act, the Indore ITAT set aside the revision order passed by PCIT and restored the original assessment-order passed by the AO. In the light of those rulings, the AO has rightly assessed the income at normal rates of tax, hence there …

ITAT Cases Monthly Round-Up: March 2024
8 months, 3 weeks ago

ITAT Cases Monthly Round-Up: March 2024

Live Law  

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 Case Title: Indian National Congress Verses Deputy Commissioner of Income Tax While holding the argument that an assessee is entitled to a stay on the recovery proceedings on payment of 20% of the demand …

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024
8 months, 4 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 …

ITAT Cases Weekly Round-Up: 10 To 16 March 2024
9 months ago

ITAT Cases Weekly Round-Up: 10 To 16 March 2024

Live Law  

Case Title: Balduhak Co-operative Agriculture Service Society verses ITO Finding that that the assessee is a Cooperative Society which was engaged in providing short term credit facility to its members, the Chandigarh ITAT ruled that interest income has been earned on deposits placed with a co-operative society and duly eligible for deduction under section 80P of the Income tax Act. …

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 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 …

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT
9 months, 1 week ago

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT

Live Law  

On finding that the CIT has not rebutted the contention that the assessee was dealing in share investment and not in the business activities, the Jaipur ITAT deleted the penalty imposed u/s 271A of the Income Tax Act. The Bench comprising of Sandep Gosain and Dr. M. L. Meena observed that, “when the assessee has filed a return on account …

Taxpayer Can't Be Penalised For Failure To Get Its Books Of Accounts Audited If There Exists Reasonable Cause For Such Failure: Jaipur ITAT
9 months, 1 week ago

Taxpayer Can't Be Penalised For Failure To Get Its Books Of Accounts Audited If There Exists Reasonable Cause For Such Failure: Jaipur ITAT

Live Law  

While allowing the appeal against the order passed u/s 271B of the Income tax Act, the Jaipur ITAT held that provision of section 273B gives power to the taxing authority not to impose the penalty if the assessee proves that there was a reasonable cause for failure to get the books of accounts audited and directed the AO to delete …

IT tribunal dismisses Congress' plea against action by tax authorities
9 months, 2 weeks ago

IT tribunal dismisses Congress' plea against action by tax authorities

Hindustan Times  

​The Income Tax Appellate Tribunal on Friday dismissed the Congress’s appeal against action by tax authorities over alleged discrepancies in tax returns that the party says has crippled its functioning just weeks ahead of general elections. IT authorities have attached ₹65 crore from five bank accounts of the Congress and its youth and students’ wings against the lien of ₹115 …

Direct Tax Cases Monthly Round Up: February 2024
9 months, 3 weeks ago

Direct Tax Cases Monthly Round Up: February 2024

Live Law  

Supreme Court Case Title: Asst. Delhi High Court Case Title: The Commissioner Of Income Tax - International Taxation Versus S.A.Chitra Ventures Ltd. Citation: 2024 LiveLaw 211 The Delhi High Court has held that the AO, under Section 144C of the Income Tax Act, would have no jurisdiction to pass a draft assessment order in the absence of "any variation in …

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