Category: Income Tax
Denial of Registration 12AA for not spending income by trust. CIT to consider issue u/s 12AA(3) if the facts justify Registration – Supreme Court ABCAUS Case Law Citation:ABCAUS 3276 (2020) (02) SC In the instant case, a Special Leave Petition was filed by the Commissioner of Income Tax …
Registration u/s 12AA can not be denied for non-commencement of activities. Registration can be applied for by a new trust. Supreme Court settles the law. ABCAUS Case Law Citation:ABCAUS 3275 (2020) (02) SC Important case law relied upon by the parties:Commissioner of Income Tax-II vs. R.S. Bajaj SocietySelf …
Court of CJM Chandigarh notified as Special Court u/s 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)(INVESTIGATION DIVISION-V) Notification No. 13/2020 New Delhi, …
Penalty notice u/s 271AAB without specifying at what percentage the penalty will be levied makes it defective and invalid and deserved to be quashed-ITAT ABCAUS Case Law Citation:ABCAUS 3274 (2020) (02) ITAT Important case law relied upon by the parties:DCIT v/s R. ElangovanRavi Mathur vs. DCITPr. CIT vs. …
Fixed medical allowance to employees taxable without proof that medical expenditure actually incurred. ITAT upheld addition u/s 201(1) for short deduction of TDS ABCAUS Case Law Citation:ABCAUS 3273 (2020) (02) ITAT In the instant case, the appeal was filed by the Branch Manager of LIC (the assessee) against …
Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …
For Revision u/s 263, records include records relating to assessment proceedings of preceding assessment years ABCAUS Case Law Citation:ABCAUS 3271 (2020) (02) ITAT Important case law relied upon by the parties:Rotork Controls India Private Limited v. CIT reported in (2009) 314 ITR 62(SC)CIT v. Gabriel India Ltd., reported …
Addition u/s 56(2)(ii) deleted as Law cannot operate in vaccum de-horse ground realities though deeming section not requires any incriminating material ABCAUS Case Law Citation:ABCAUS 3270 (2020) (02) ITAT Section 56(2) of the Income Tax Act, 1961 (the Act) is a deeming provision which creates an artificial …
Non striking of applicable limb of penalty u/s 271(1)(c) in notice. ITAT permits restoration of appeal if issue is decided by Supreme Court in favour of Revenue ABCAUS Case Law Citation:ABCAUS 3269 (2020) (02) ITAT In a recent judgment, Tribunal had dealt with a challenge to the validity …
Assessment framed by AO having no territorial jurisdiction based on Postal Pin Code as per CBDT Notification quashed ABCAUS Case Law Citation:ABCAUS 3268 (2020) (02) ITAT Important case law relied upon by the parties:National Thermal Power Co. Ltd. vs. Commissioner of Income Tax (1998) 29 ITR 383 (SC)Ramshila …