Category: Income Tax
Two different proceedings arising out of same assessment should be disposed together to avoid multiplicity of proceedings and conflicting judicial opinion ABCAUS Case Law Citation:ABCAUS 3223 (2020) (01) ITAT In the instant case appeal arose out of the order passed by the Assessing Officer under Section 154 of …
No bar in law for a person dealing in land to also have investment in land. Assessee can hold same class of assets as investment and also as stock in trade. SC dismissed SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3222 (2020) (01) SC The Respondent …
No disallowance u/s 40(a)(ia) for merely not filing Form 26A before Assessing Officer. Once content of Form-26A not disputed, assessee entitled to benefit ABCAUS Case Law Citation:ABCAUS 3220 (2020) (01) ITAT Important case law relied upon by the parties:New Alignment Vs ITO(2016)69 Taxmann.com 122(Kol)CIT Vs Ansal Land Mark …
Appeal lies before the CIT-A against intimation u/s 143(1) by CPC. There is no requirement in law to approach CPC for rectification of intimation u/s 143(1), if assessee is aggrieved by the order and denies his liability computed ABCAUS Case Law Citation:ABCAUS 3219 (2020) (01) ITAT In the …
It is a settled position of law that while granting registration u/s 12AA CIT (Exemptions) is required to examine the objects of the assessee. If objects are charitable in nature, registration should be granted to the assessee. ABCAUS Case Law Citation:ABCAUS 3218A (2020) (01) ITAT In the instant …
CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21 Ministry of Finance Press Release In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, …
Under mercantile system of accounting interest payable is equal to paid. ITAT deleted disallowance on the ground that interest was not paid during the year ABCAUS Case Law Citation:ABCAUS 3218 (2019) (01) ITAT Important case law relied upon by the parties:Taparia Tools Ltd. vs. JCIT Nasik In the …
Genuine expenses wrongly claimed as deduction not attract penalty u/s 271(1)(c) for furnishing the inaccurate particular of income ABCAUS Case Law Citation:ABCAUS 3217 (2019) (01) ITAT Important case law relied upon by the parties:CIT V/s Zoom Communications Limited 327ITR 510CIT Vs. Reliance Petro Products Ltd reported in 322 …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Maintenance and furnishing of information & document by certain person u/s 92D. CBDT Notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020 New Delhi, the 6th January, 2020 INCOME-TAX G.S.R. 14(E).—In exercise of the powers conferred by sub-section (1) and sub-section (4) of section …