Category: Income Tax
Deposits per se in the bank account no basis of holding that income has escaped assessment. Nothing can be added to or deleted from reasons recorded for reopening-ITAT ABCAUS Case Law Citation: ABCAUS 2171 (2018) (01) ITAT Important Case Laws Cited/relied upon by the parties: NTPC Ltd. vs. …
TDS Defaulter arrested and sent to jail by the Tis Hazari Court As per Press Release of Finance Ministry, Tis Hazari Court has sentenced a TDS defaulter to jail. The Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT …
Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption. Whether a land is agricultural or not is a question of fact – High Court Prelude: Section 2(14) of the Income Tax Act, 1961 (the Act) defines “capital assets”. It also provides for …
Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC …
Provision for interest on overdue fixed deposits was ascertained liability as the assessee was able to identify it when it filed returns-High Court ABCAUS Case Law Citation: ABCAUS 2168 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Bharat Earth Movers Ltd. Vs CIT, (2000) 245 …
Specifying limb of penalty section 271(1)(c) arises only when addition is made by the AO and not where assessee surrenders the income – ITAT Prelude: Issuance of show cause notice u/s 274 of the Income Tax Act, 1961 (the Act) for imposing penalty u/s 271(1)(c) of the Act …
ITAT explains the law on exemption u/s 10(2A) for partners share of profit in the income of the firm. Revision order u/s 263 quashed as it failed to state what kind of enquiry AO failed to make. Prelude: Section 10 of the Income Tax Act, 1961 (the Act) …
Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court Prelude: Section 32(2) of the Income Tax Act, 1961 (“the Act”) provides that where due to loss or inadequate profits in any year, full depreciation allowance could not …
Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The additions on account of accommodation entries have been a common feature in income tax proceedings which have attracted litigation. A typical modus operandi adopted by the receiver of the such …
Sharp increase in cases of prosecutions by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and …