Category: Income Tax
Income returned under other sources can not be recharacterised as income u/s 69A and subjected to higher tax u/s 15BBE – ITAT In a recent judgment, ITAT has held that Income returned by the assessee under the head income other sources can not be recharacterised as income u/s …
New allegation added in order passed u/s 148A(d) not present in show cause notice u/s 148A. High Court declines interference. In a recent judgment, Allahabad High Court has declined to entertain a Petition challenging addition of a new allegation in order passed u/s 148A(d) in reassessment proceedings. ABCAUS …
Penalty u/s 270A can not be levied for additions made on estimation basis. Penalty on the basis of findings in quantum proceedings not independently examined can not be sustained – ITAT Bangalore ABCAUS Case Law Citation:ABCAUS 3861 (2024) (02) ITAT Important Case Laws relied upon by parties:Jai Balaji …
Rectification application u/s 154 for claim of leave salary encashment exemption u/s 10(10AA) dismissed as barred by limitation In a recent judgment, ITAT has dismissed a plea for claim for leave salary encashment exemption u/s 10(10AA) as the rectification application u/s 154 was made nearly after eight years. …
Order held erroneous but not prejudicial despite depreciation allowed at higher rate because there was no taxable income on account of business loss In a recent case, the ITAT has held that the assessment order though erroneous was not prejudicial to the Revenue despite depreciation allowed at higher …
Allegation of Paper Companies without further facts insufficient to reopen assessments – SLP dismissed by Supreme Court. High Court laid down guidelines for reopening of assessments u/s 147 and 148 Recently the Supreme Court dismissed the SLP filed by the Income Tax Department against the judgment of the …
Reopening due to bank’s mistake in reporting PAN of partnership firm in bank account of proprietorship– ITAT deleted additions made In a recent judgment, ITAT has deleted additions made in reopening proceedings based on reporting of cash deposit against PAN of partnership in place of proprietorship. ABCAUS Case …
High Court declines interference under writ jurisdiction at conclusion stage of re-assessment proceedings. In a recent order, the Hon’ble Allahabad High Court has declined interference under writ jurisdiction at conclusion stage of re-assessment proceedings. ABCAUS Case Law Citation:ABCAUS 3857 (2024) (02) HC In the instant case, the assessee …
No deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it In a recent judgment ITAT has held that there is no deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it ABCAUS Case …
Supreme Court to decide if non mentioning DIN by income tax authorities makes order void or it’s just a procedural mistake ABCAUS Case Law Citation:ABCAUS 3855 (2024) (02) SC CBDT Circular No.19/2019 dated 14th August 2019 provides that on or after the 15th day of October, 2019, no communication …
