Income Tax

  • Income Tax

Acceptance of loans by journal entries not violates section 269SS – SLP dismissed

Acceptance of loans by passing journal entries in books of accounts not in violation of section 269SS hence no penalty u/s 271D imposable – SC dismisses…

5 years ago
  • Income Tax

News of mass prosecution notices for TDS default are misleading – CBDT

News of en masse prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies-…

5 years ago
  • Income Tax

Penalty u/s 271(1)(c) imposed by CIT without recording satisfaction in order u/s 263 invalid

No Penalty u/s 271(1)(c) can be imposed by CIT without recording satisfaction in revision order 263.  Provision of Section 271(1B)…

5 years ago
  • Income Tax

Penalty SCN not striking off relevant limb upheld when later notices not challenged

Validity of Penalty notice non striking off relevant limb u/s 271(1)(c) upheld when subsequent opportunity notices sent by AO were…

5 years ago
  • Income Tax

When ITAT quashed revision u/s 263 inspecting records furnished-no interference called

When ITAT inspected documents furnished in response to show-cause notice u/s 263 and found transactions not bogus, no interference was…

5 years ago
  • Income Tax

Malba charges rejected as cost of investment for claiming deduction u/s 54F

Malba charges was rejected as cost of investment for claiming deduction u/s 54F as there was no occasion for purchasing…

5 years ago
  • Income Tax

No penalty u/s 271D for cash loans taken to meet financial liabilities

No penalty u/s 271D for cash loans taken to meet financial liabilities of a closed business as it constituted a…

5 years ago
  • Income Tax

Statutory liability accrues on issuance of demand notice-disallowance u/s 43B deleted

Statutory liability accrues on issuance of demand notice-ITAT deleted disallowance u/s 43B and allowed payment of Local Body Tax in…

5 years ago
  • Income Tax

Addition u/s 69C for unexplained expenses on foreign tour with spouse deleted

Addition u/s 69C for unexplained expenses on foreign tour along with spouse deleted by Tribunal as it was part of…

5 years ago
  • Income Tax

Cash found during search belonging to parents- ITAT deleted addition

Cash found during search belonging to parents- ITAT deleted the addition on account of cash belonging to the parents of…

5 years ago