Category: Income Tax

There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

April 8, 2016 Income Tax, ITAT, Judgments
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that  there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of …
Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

April 7, 2016 Income Tax, ITAT, Judgments
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of  sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …
Right of appeal is a substantive right created by statute which cannot be retrospective. Appeal has to be filed within limitation prescribed

Right of appeal is a substantive right created by statute which cannot be retrospective. Appeal has to be filed within limitation prescribed

April 6, 2016 High Courts, Income Tax, Judgments
In a recent judgment, Allahabad High Court has held that  right of appeal is a matter of procedure which gets converted into a substantive right as a creature of statute which cannot create a retrospective right. The appeal has to be filed within the limitation prescribed. Case Details: ITA …
ITAT condoned 7 days delay in filing appeal before CIT(A)-Cause of substantial justice deserves to be preferred over technical considerations

ITAT condoned 7 days delay in filing appeal before CIT(A)-Cause of substantial justice deserves to be preferred over technical considerations

April 6, 2016 Income Tax, ITAT, Judgments
“When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred” ITAT quotes Apex Court observation while condoning delay of seven days in filing appeal before CIT(A). Case Details: ITA No. 435,436,437 & 438/JP/2014 Assessment Years : 2006-07 to 2009-10 …
Granting exemption not claimed in return of income-Reservation of Supreme Court in Goetze India Ltd case is applicable to AO not to appellate authority

Granting exemption not claimed in return of income-Reservation of Supreme Court in Goetze India Ltd case is applicable to AO not to appellate authority

April 5, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Jaipur while allowing assessee’s claim of exemption u/s 11 held that the Supreme Court decision in Goetze India Ltd. vs. CIT  that assessee was not entitled to claim exemption which was not made in the return was applicable to AO and not to the appellate authority. Case …