Category: Income Tax

Section 43CB read with ICDS-III is applicable to contractors and not real estate developers – ITAT In a recent judgment, ITAT Chennai has held that provisions of Section 43CB read with ICDS-III were applicable to contractors and not real estate developers and therefore the assessee being a developer …

Expenses incurred on ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act – ITAT Delhi In a recent judgment, ITAT Delhi has held that expenses of ESOP is considered as allowable u/s 37(1) of the Act and mere admission of SLP before Supreme Court would …

Compliance history of supplier could not be used to invalidate the genuine business transactions of the buyer especially when the same was supported by documentary evidences – ITAT In a recent judgment, ITAT Chandigarh has held that compliance history of the supplier could not be used to invalidate …

Reassessment quashed as AO issued u/s 148 instead of 153C as reopening was based on incriminating material found during search In a recent judgment, ITAT Pune has quashed the reassessment order as Assessing Officer (AO) should have issued notice u/s 153C instead of notice u/s 148 since the …

Minor delay should not come in the way of legitimate claim for any deduction if the assessee is otherwise entitled to exemption/deduction – High Court In a recent judgment, Hon’ble Madras High Court has condoned delay of 25 days in filing Audit Report in Form 10B holding that …

Capital gain on sale of unlisted equity shares transferred pursuant to an arrangement impermissible under law, not entitled to exemption under DTAA – SC In a recent judgment, Hon’ble Supreme Court has held that capital gain on sale of unlisted equity shares which were transferred pursuant to an …

Provisions of section 69C not applicable for addition made on account of disallowance of expenditure on employee salary and Wages – ITAT In a recent judgment, ITAT Varanasi has held that provisions of section 69C not applicable for addition made on account of disallowance of expenditure on employee …

High Court declines to direct ITD to investigate allegations of tax evasion as per Tax Evasion Petition due to limitation In a recent judgment, Hon’ble Chhattisgarh High Court declined to direct Income Tax Department to investigate Tax Evasion Petition filed by Petitioner being barred by limitation ABCAUS Case …

Condoning delay in filing audit report in Form 10B as CA of the assessee was not aware of newly introduced online filing – SLP of Revenue dismissed In a recent judgment, Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High Court in …

There is no bar in penalty u/s 271B for non-audit u/s 44AB if penalty u/s 271A is also levied for non-maintenance of books of accounts u/s 44AA – ITAT In a recent and interesting judgment, Guwahati ITAT has held that section 271B of the Income Tax Act does …