Category: Income Tax
No penalty u/s 271C on mere delay in deposit of TDS after deduction – Supreme Court No penalty can be levied u/s 271C of the Income Tax Act 1961 on mere delay in deposit of TDS after its deduction – Supreme Court In a recent judgment, the Hon’ble …
Sale of Agricultural land converted into commercial land held non taxable as agricultural operations were continued – SC dismisses SLP of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3702 (2023) (04) SC Important Case Laws relied upon by parties:CIT vs Murali Lodge (1992) 194 ITR 125 (Ker)CWT vs. …
Income Tax assessment order passed u/s 143(3) supports that party was not bogus, very much existed and carried out business – ITAT ABCAUS Case Law Citation:ABCAUS 3701 (2023) (04) ITAT In the instant appeal, the Revenue had challenged the order of CIT(A) in deleting disallowance made by the …
Payment made by family member for purchase of new property not a bar to assessee in claiming exemption u/s 54F. No one to one co-relation is essential and investment in the name of assessee made within stipulated time is entitled to exemption – ITAT ABCAUS Case Law Citation:ABCAUS …
Arbitration award paid by sale of property not cost of improvement – Supreme Court holds assessment order as erroneous and prejudicial ABCAUS Case Law Citation:ABCAUS 3699 (2023) (04) SC Important Case Laws relied upon by parties:Malabar Industrial Co. Ltd. vs. CIT (2000) 2 SCC 718 (2000) 243 ITR …
Amendment to Section 153C vide Finance Act, 2015 applicable to searches conducted u/s 132 before 01.06.2015 – Supreme Court ABCAUS Case Law Citation:ABCAUS 3698 (2023) (04) SC Important Case Laws relied upon by parties:Pepsico India Holdings Private Limited Vs. Assistant Commissioner of Income Tax, 2014 SCC OnLine Del …
NFAC did not sent notice to email id mentioned in Form 35. ITAT remand case despite CIT(A) had given finding on the merits. ABCAUS Neutral Case Law Citation:ABCAUS 3697 (2023) (04) ITAT Important Case Laws relied upon by parties:N. Balakrishnan vs. M. Krishnamurthy (1998) 7 SSC 123 (SC)New …
NFAC passes copy paste order narrating wrong facts. ITAT deleted addition towards cash deposits u/s 69A ABCAUS Neutral Case Law Citation:ABCAUS 3696 (2023) (04) ITAT Important Case Laws relied upon by parties:Chuharmal Vs CIT (1988) 172 ITR 250Smt. Srilekha Banerjee and others vs CIT 1964 AIR 697Rajendran & …
TDS under New Personal Tax Regime – Employer to seek information from each employee clarifies CBDT F. No.370142/06/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No. 04 of 2023 Dated: 5th April, 2023 Sub: Clarification regarding deduction …
Business Promotion Expenses – It is impossible for assessee to produce all persons with whom company had meetings in hotels – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the disallowance made by the Assessing Officer (AO) towards travelling …
