Category: Income Tax
Appeal against inadequacy of sentence passed by special court in income tax prosecution cases dismissed by High Court In a recent judgment, Hon’ble Karnataka High Court has dismissed the appeal filed by the Income Tax Department against inadequacy of sentence passed by special court in prosecution cases under …
CPC order u/s 143(1) is appealable and hence the doctrine of merger with order u/s 143(3) do not arise – ITAT In a recent judgment, ITAT Chennai has held that CPC order u/s 143(1) is appealable and hence the doctrine of merger with order u/s 143(3) do not …
Merely increasing agriculture expenditure & reducing agriculture income will not result in income from other sources – ITAT In a recent judgment, ITAT Bengaluru has held that increasing or decreasing of any agriculture expenditure is irrelevant if income of the assessee is solely agriculture in nature & merely …
Expenses for making house habitable are not renovation expenses and hence qualified for exemption u/s 54 In a recent order, the ITAT Delhi has held that when house was purchased in inhabitable condition and expenditure was necessary for the proper electrification, water facilities, wood work, glass work, etc.. …
Claiming depreciation on revalued cost of assets after conversion of partnership firm into company Supreme Court dismissed Special Leave Petition of Income Tax Department In a recent order, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Income Tax Department challenging claim of …
Commercial expediency – Expression “for the purposes of the business” is wider than “for the purpose of earning profits” – ITAT In a recent judgment, Ahmedabad ITAT has allowed an expenses u/s 37(1) considering Commercial expediency holding that the expression given in section 37 “for the purposes of …
“LIC Mutual Fund” not ‘Public Financial Institution’, interest payable can not be disallowed u/s 43B In a recent judgment, Hon’ble Calcutta High Court has held that “LIC Mutual Fund” is not “Public Financial Institution” u/s 43B therefore interest payable can not be disallowed on the ground of non-compliance …
Issue decided on merits by ITAT cannot again be subject matter of reopening of assessment under section 147 In a recent judgment, ITAT Delhi has held that once the issue has been decided on merits by the Tribunal, being the highest fact finding authority and a categorical finding …
Mere creation of video conferencing (VC) meeting ID/Link does not absolve responsibility of offering personal hearing – High Court In a recent judgment, Calcutta High Court has held that mere creation of video conferencing (VC) meeting ID/Link, does not absolve the Faceless Assessment Unit from discharging its responsibility …
Penalty u/s 270A for claiming bogus deductions deleted by ITAT for failure to identify specific Clauses from (a)to (f) of section 270A(9) In a recent judgment, ITAT Pune has deleted penalty u/s 270A for claiming bogus deductions for failure to identify in show cause notice the specific clauses …