Income Tax

  • Income Tax

Penalty u/s 271D absurd when assessee himself was karta of HUF giving cash

Penalty u/s 271D was absurd when assessee himself was karta of HUF from where he obtained cash loan-ITAT deleted penalty…

5 years ago
  • Income Tax

Taxability of interest received u/s 28 of Land Acquisition Act 1894-Settled Law

Taxability of interest received u/s 28 of Land Acquisition Act 1894. ITAT quashed CIT order believing that division bench order…

5 years ago
  • Income Tax

Carry forward of unabsorbed depreciation beyond 8 years-SC dismisses SLP of ITD

Carry forward of unabsorbed depreciation beyond 8 years for periods prior to amendment to section 32(2)- SC dismisses SLP of…

5 years ago
  • Income Tax

Reopening for verification of bogus purchases-SC dismisses SLP of ITD

Reopening for verification of purchases from hawala dealer-Supreme Court dismisses SLP of the Department challenging dismissal of appeal by High…

5 years ago
  • Income Tax

No penalty u/s 271D when cash loans treated as undisclosed income u/s 68

No penalty u/s 271D can be levied when cash loans were treated as undisclosed income of the assessee u/s 68…

5 years ago
  • Income Tax

Reopening on account of cancellation of Registration u/s 12AA not permissible

Reopening of assessment for past years on account of the cancellation of Registration u/s 12AA is not permissible unless registration…

5 years ago
  • Income Tax

CBDT advisory on High Value Transactions in FY 2017-18

Have you  done High Value Transactions in F Y 2017-18  but haven't filed ITR Yet? CBDT Advisory Income Tax Department…

5 years ago
  • Income Tax

Prosecution u/s 278B without proof of service of notice u/s 2(35) quashed

Prosecution u/s 278B without proof of service of notice u/s 2(35) expressing intention treating a person as Principal Officer of the Company quashed…

5 years ago
  • Income Tax

ITAT analyses validity of notice u/s 143(2) by non jurisdictional AO

ITAT analyses validity of notice u/s 143(2) by non jurisdictional AO. On objection, AO obligated to refer matter for determination…

5 years ago
  • Income Tax

Mere absence of revised return not justify penalty when mistake admitted suo moto

When assessee during assessment proceedings voluntarily admitted mistake then mere absence of revised return would not justify penalty u/s 271(1)(c)…

5 years ago