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

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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 the Income tax Act, 1963. Case Title: Shri Jaspreet Singh Mauj verses DCIT/ACIT On finding that the assessee in clear terms has surrendered the additional professional income covering the expenditure incurred on the building, the Chandigarh ITAT held that the invocation of Section 115BBE of the Income Tax Act, is not applicable and hence deleted the addition made by the AO on account of the addition in the value of building u/s 69. Case Title: ACIT verses MP Warehousing and Logistics Corporation While setting aside the order of deduction passed u/s 35AD of the Income Tax Act in relation to investment on warehouse, the Indore ITAT has remitted back the issue to the AO for proper verification and consideration of the bifurcated details of income from specified and non-specified business after finding that such bifurcation of income was not presented earlier before the AO. Case Title: Mohammad Ibraheem Khatri verses ITO While deleting the addition made by the AO u/s 68 of the Income Tax Act, the Indore ITAT held that once the cash sales and availability of the cash with the assessee is duly supported by the books of account of the assessee, then making deposit at one go in the circumstances after declaration of demonetization cannot be a reason for doubting the availability of cash with the assessee.

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History of this topic

Mistake Committed By Assessee Was Inadvertent & Technical; No Wrongful Availment Of ITC: Kerala High Court Quashes Demand Order
2 days, 13 hours ago

Mistake Committed By Assessee Was Inadvertent & Technical; No Wrongful Availment Of ITC: Kerala High Court Quashes Demand Order

Live Law  

The Kerala High Court while quashing the demand order stated that there has been no wrong availment of credit, and that the only mistake committed by the assessee was an inadvertent and technical one, where he had omitted to mention the IGST figures separately in Form GSTR 3B. Jayakumar observed that “……The mistake was also insignificant because it is not …

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC
5 days, 4 hours ago

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

Live Law  

The Delhi High Court has made it clear that a Final Assessment order passed by the Income Tax Authorities under Section 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. It said, “.notwithstanding the lack of information with the AO, if an objection has been …

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC
6 days, 14 hours ago

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC

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The Delhi High Court has reiterated that the Supreme Court's judgment in Abhisar Buildwell does not permit reopening of assessments under Section 147/148 of the Income Tax Act, 1961 beyond the period stipulated under Section 149. It relied on Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Private Limited to contend that in cases where the proceedings under Section …

Tax Weekly Round-Up: December 09 - December 15, 2024
1 week ago

Tax Weekly Round-Up: December 09 - December 15, 2024

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HIGH COURTS Allahabad HC Assesee Cannot File For Requisite Documents Once Plea Is Accepted And Notice Is Issued: Allahabad High Court Case Title: M/s Laxmi Telecom v. State of U.P. Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court Case Title: Dish TV India Limited v. …

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC
Trending News
1 week, 3 days ago

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

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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 Monthly Digest: November 2024
2 weeks, 6 days ago

Tax Monthly Digest: November 2024

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SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could …

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 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 …

Tax Weekly Roundup: November 18 - November 24, 2024
4 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Tax Weekly Roundup: November 18 - November 24, 2024
4 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

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

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

Live Law  

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

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains
Trending News
1 month, 1 week ago

When Is Action For Imposition Of Penalty 'Initiated' U/S 271C Of Income Tax Act For Failure To Deduct Tax At Source: Delhi HC Explains

Live Law  

The Delhi High Court recently explained when an action for imposition of penalty under Section 271C of the Income Tax Act, 1961 can be said to have been “initiated”. At the outset, the High Court noted that when a penalty proceeding can be stated to be initiated is squarely covered in favour of the assessee by Principal Commissioner of Income …

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

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

Live Law  

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

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 …

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

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

Live Law  

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

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

ITAT Weekly Round-Up: 11 To 17 August 2024

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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

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

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

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

Live Law  

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

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT
4 months, 1 week ago

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

Live Law  

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

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 …

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT
4 months, 3 weeks 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 …

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty
4 months, 4 weeks ago

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. and Pradip Kumar Kedia has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed. The bench of Yogesh Kumar U.S. …

ITAT Weekly Round-Up: 14 To 20 July 2024
5 months ago

ITAT Weekly Round-Up: 14 To 20 July 2024

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Final Assessment Passed Within Two Days Of Issuing Intimation, Violation Of 143 IT Act : Mumbai ITAT Case Title: Add More Real Estate Developers LLP verses The Asst. Loans Brought Forwarded Can't Form Basis For Addition In Current Year if Genuineness Is Established: Mumbai ITAT Case Title: Arun Babulal Shah verses CIT Appeal NFAC Finding that the genuineness of loan …

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

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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
5 months, 1 week 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
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 …

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 …

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 …

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

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

Live Law  

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

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 …

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 …

Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court
6 months, 1 week ago

Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court

Live Law  

The Delhi High Court has held that the deduction under Section 37 of the Income Tax Act is allowable on unsettled claims as well as Incurred But Not Reported, which would amount to contingent liabilities.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that if the historical trend indicates that a large number of sophisticated goods …

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 …

Computation Of 6 Assessment Years For Search Assessments U/S 153C Starts From Date Of Receiving Seized Documents: ITAT
6 months, 2 weeks 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,. …

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

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

Live Law  

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

UPVAT | Computation Of Correct ITC Be Examined By Assessing Authority Not Later Than Stage Of Making Regular Assessment Order: Allahabad High Court
7 months, 1 week ago

UPVAT | Computation Of Correct ITC Be Examined By Assessing Authority Not Later Than Stage Of Making Regular Assessment Order: Allahabad High Court

Live Law  

The Allahabad High Court has held that computation of correct input tax credit can only be done till the passing of the regular assessment order by the Assessing Authority and not at a later stage. Section 29 of the UPVAT Act empowers the Assessing Authority to initiate reassessment proceedings against an assesee if there is “reason to believe” that whole …

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 …

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT
7 months, 2 weeks ago

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that since the assessee was a non-resident, the entire tax was to be deducted at source on payment made by the payer to it, and there was no question of advance tax payment by the assessee; accordingly, no interest under Section 234B could be levied upon the assessee.The bench of …

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 Is Eligible For Credit Of TCS Paid U/S 194Q If There Is No Shortfall In Payment Of TDS: Vishakhapatnam ITAT
7 months, 3 weeks ago

Assessee Is Eligible For Credit Of TCS Paid U/S 194Q If There Is No Shortfall In Payment Of TDS: Vishakhapatnam ITAT

Live Law  

On finding that there is no short fall of TDS and the assessee is eligible to get credit of the entire amount, the Visakhapatnam ITAT directed the AO to grant credit of the entire amount deducted as tax at source u/s. The Bench noted that Kaccha Arahtias turnover includes only the gross commission and not the sales effected on behalf …

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT
7 months, 3 weeks ago

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT

Live Law  

While allowing deduction u/s 54 of the Income tax Act, the New Delhi ITAT explained that under the light of section 54, exemption of capital gain from being charged to income tax as income of the previous year is attracted when another residential house has been purchased within one year before or two years after the date of transfer or …

Time Barred Appeal Is Not Maintainable In Absence Of Sufficient Cause For Condonation: Vishakhapatnam ITAT
7 months, 3 weeks ago

Time Barred Appeal Is Not Maintainable In Absence Of Sufficient Cause For Condonation: Vishakhapatnam ITAT

Live Law  

On finding that the assessee had neither substantiated his case before the Tribunal or before the CIT, the Visakhapatnam ITAT rejected the condonation and dismissed the appeal filed by the assessee in-limine. The Bench of the ITAT comprising of Duvvuru Rl Reddy and S Balakrishnan observed that “Even though the CIT and the Tribunal has given sufficient time to file …

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 …

ITAT Cases Weekly Round-Up: 14 April To 20 April 2024
8 months ago

ITAT Cases Weekly Round-Up: 14 April To 20 April 2024

Live Law  

Case Title: Hyfun Frozen Foods Pvt. Ltd. Verses Income Tax Officer The Ahmedabad ITAT recently ruled that actual expenditure, the source of which has not been explained, attracted the deeming provisions provided u/s 69 of the Income tax Act. Case Title: Shri Ramajayam Charitable Trust verses Income Tax Officer The Chennai ITAT recently clarified that once the timeline prescribed for …

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