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Jun 15, 2024
Reassessment justified if AO ignored provisions of sec. 14A and Circular No. 5/2014 while completing assessment
T.K.Salim vs. Union Of India - [2024] 163 taxmann.com 385 (Kerala) The petitioner was the proprietor of M/s. Greenland Condiments. He was also the managing director of a limited company that was involved in manufacturing wood, cork, straw, and plaiting materials. The petitioner f ... -
Jun 11, 2024
Compensation received for loss in value of ESOP due to disinvestment not taxable as perquisite: ITAT
The petitioner, Sanjay Baweja, was an ex-employee of Flipkart Internet Private Limited (FIPL), a wholly-owned subsidiary of Flipkart Marketplace Private Limited (FMPL). FMPL was a wholly-owned subsidiary of Flipkart Pvt. Ltd., Singapore (FPS). In 2012, FPS rolled out an Employee Stock Option ... -
Jun 10, 2024
CBDT refused request for condonation of delay as assessee was regularly filing belated returns: HC
Lava International Ltd. v. Central Board of Direct Taxes - [2024] 163 taxmann.com 148 (Delhi) In the present case, the petitioner preferred a writ petition against the order passed by the CBDT, refusing to invoke the powers of condonation of delay for the return filed by the peti ... -
Jun 03, 2024
Exempt Income || Income Tax
Have you ever noticed that while filing your income tax return, there is an option to show exempt income? Many people overlook this, but it is equally important to declare exempt income just like taxable income. If you receive any exempt income and think there’s no need to show it in your ITR ... -
Apr 02, 2024
CBDT issues clarification on time limit to verify Income-tax Returns.
The DGIT(Systems) vide notification No. 05 of 2022 dated 29.07.2022 specified the time limit for verification of Income Tax Return (ITR) as 30 days from the date of furnishing of ITR electronically. Now, the Central Board of Direct Taxes (CBDT) has issued notification providing clarificat ... -
May 04, 2022
Books of account not audited at time of filing of ITR isn’t a criteria to deny carry forward of losses: ITAT- Cochin
Books of account not audited at time of filing of ITR isn’t a criteria to deny carry forward of losses: ITAT DCIT v. Brahmos Aerospace (Thiruvananthapuram) Ltd. - [2022] 137 taxmann.com 340 (Cochin - Trib.) The assessee was engaged in the business of Manufacturing ... -
May 02, 2022
No penalty on receiving cash loan over Rs. 20,000 from family members to meet business exigencies: ITAT-Delhi
No penalty on receiving cash loan over Rs. 20,000 from family members to meet business exigencies: ITAT Balwan Singh v. ACIT - [2022] 137 taxmann.com 395 (Delhi - Trib.) Assessee-transporter was engaged in the business of plying the truck and filed return based on estim ... -
May 02, 2022
Sec. 54 relief can’t be denied merely because description of property was mentioned as ‘land’ in sale deed: ITAT-Delhi
Sec. 54 relief can’t be denied merely because description of property was mentioned as ‘land’ in sale deed: ITAT Charu Agarwal v. DCIT - [2022] 137 taxmann.com 283 (Delhi - Trib.) Assessee was an individual and non-resident of India. She had sold a resident ... -
May 02, 2022
Penalty u/s 271G can’t be levied on assessee if TPO asked for doc. which wasn’t available in public domain: ITAT- Mumbai
Penalty u/s 271G can’t be levied on assessee if TPO asked for doc. which wasn’t available in public domain: ITAT ACIT v. DA Jhaveri - [2022] 137 taxmann.com 336 (Mumbai - Trib.) Assessee-company was engaged in the business of cutting and polishing diamonds. It ha ... -
May 01, 2022
ITAT-Ahmedabad gives relief to assessee; set-aside penalty for non-furnishing of Form 3CEB in its first year of applicability
ITAT gives relief to assessee; set-aside penalty for non-furnishing of Form 3CEB in its first year of applicability Faith Intertrade v. ITO - [2022] 137 taxmann.com 259 (Ahmedabad - Trib.) Assessee was a partnership firm engaged in the business of industrial waxes and p ... -
May 01, 2022
No disallowance of exp. relying upon audit report if same was in contrary to view of jurisdictional HC: ITAT Mumbai
No disallowance of exp. relying upon audit report if same was in contrary to view of jurisdictional HC: ITAT Kalpesh Synthetics (P.) Ltd. v. DCIT - [2022] 137 taxmann.com 475 (Mumbai - Trib.) While processing of return, the CPC, Bangalore had proposed some adj ... -
May 01, 2022
CBDT notifies Form ITR-U for filing of updated return
The Finance Act, 2022 has introduced a new concept of updated return, wherein it allows up to 24 months to file the return of income. A new sub-section (8A) has been inserted under section 139 to allow a person to file an updated return of income except in case of search & seizure and ... -
Apr 26, 2022
Notice is said to be issued on date when e-mail is sent & not on date when e-mail is received: Madras HC
Malavika Enterprises v. Central Board of Direct Taxes - [2022] 137 taxmann.com 398 (Madras) The assessee filed a writ-petition challenging the date of issuance of the notice under section 148 of the Income-tax Act. In the case of the assessee, notice was issued vide email on 31/0 ... -
Apr 22, 2022
Rule 11U doesn't mandate that Balance Sheet should be audited on date of valuation of shares: ITAT-Chd
Electra Paper and Board (P.) Ltd. v. ITO - [2022] 137 taxmann.com 74 (Chandigarh - Trib.) Assessee-company had allotted certain shares at Rs. 20/- (including premium of Rs. 10) to the family members and related group companies on 31-03-2016. During the assessment, the Assess ... -
Apr 22, 2022
CBDT made return filing mandatory where turnover, TDS/TCS or deposit in saving bank account exceeds certain limit
Notification No. 37/2022, dated 21-04-2022 The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in the following situations: 1. If total sales, turnover, or gross receipt of the business exceeds Rs ... -
Apr 16, 2022
Failure of AO to issue scrutiny notice in time couldn’t be cured by resorting to sec. 292BB: Karnataka HC
Failure of AO to issue scrutiny notice in time couldn’t be cured by resorting to sec. 292BB: HC PCIT v. Cherian Abraham - [2022] 137 taxmann.com 73 (Karnataka) A search under section 132 was conducted in the assessee's case in connection with a search in an ... -
Apr 14, 2022
ITAT gives relief to senior citizen; CIT to look at practical situation before treating cash deposits as unexplained income
ITAT gives relief to senior citizen; CIT to look at practical situation before treating cash deposits as unexplained income Shergil Harjit v. PCIT - [2022] 136 taxmann.com 413 (Pune - Trib.) The assessee was engaged in the business of readymade garments and also ... -
Mar 10, 2022
Agreement to Sale' can't be considered as date of purchase of property for computing Sec. 54 deduction
In an important judgement, the ITAT -Mumbai has held Agreement to Sale' can't be considered as date of purchase of property for computing Sec. 54 deduction -Reji Easow v. ITO - [2022] 136 taxmann.com 111 The assessee and his wife booked a new residential house property. The assessee ... -
Mar 07, 2022
Assessee paying rent to his wife is entitled to claim benefit of HRA: Delhi ITAT
In an important judgement, the ITAT-Delhi in the matter of Abhay Kumar Mittal v. DCIT - [2022] 136 taxmann.com 78 held the assessee paying rent to his wife is entitled to claim benefit of HRA. The assessee claimed the benefit of House Rent Allowance (HRA) on rent pai ... -
Mar 04, 2022
Date of possession of new flat to be considered to calculate threshold limit to allow sec. 54F deduction: ITAT-Indore
In an important judgement, the Indore-Tribunal in the matter of Yogesh Jhingan v. DCIT - [2022] 135 taxmann.com 291 held that Date of possession of new flat to be considered to calculate threshold limit to allow sec. 54F deduction. The assessee in the case, sold agricultural ... -
Mar 01, 2022
Gifting freebies to doctors is prohibited by law; Pharma Cos. are not eligible for deduction: SC
The Supreme Court of India has put the controversy to rest regarding the deductibility of freebies gifted by Pharma Company to doctors. The Apex Court held that when acceptance of freebies is punishable under Indian Medical Council Regulations, pharmaceutical companies cannot be granted the& ... -
Mar 01, 2022
HC isn't an IT authority; Sec. 149 time limit applies to reassessment initiated to give effect of HC's order
In the instant case Pavan Morarka v. ACIT - [2022] 136 taxmann.com 2 (Bombay), the Assessing Officer issued a reassessment notice relying on the observations of the Delhi High Court. The assessee filed the writ petition before the Bombay High Court against the issue of reassessment notice. ... -
Mar 01, 2022
Karnataka HC condoned delay of 6 years in filing revised ITR as AO didn't pass rectification order to allow assessee's claim
In an interesting case the Karnataka HC in the matter of Devendra Pai v. ACIT - [2022] 135 taxmann.com 196 (Karnataka) allowed filing of revised return u/s 119 (2)(b) after a delay of 6 years. In the instant case, The assessee was a retired bank employee. He availed o ... -
Jan 28, 2022
Allowability of CSR expenditure - expectation from Budget 2022
Corporate Social Responsibility ('CSR') started out as a philanthropic pursuit, a voluntary act of kindness undertaken by the large corporate business houses. However, this pursuit had a transitory existence, as its voluntary nature was short-lived with the introduction of the Companies Act, 2013 (' ... -
Sep 02, 2021
CBDT notifies Rule for computing taxable interest on PF contributions exceeding threshold limits
The CBDT vide notification Notification No. 95/2021/ F.No.370142/36/2021-TPL, dated 31st August 2021 brought in the ammendments to Income Tax Rules, called the Income-tax (25th amendment) Rules,2021, by inserting Rule 9D, which will come in force from 1st April 2022 for computing taxable interest on ...
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