Category: Income Tax

In case of admitted income, it is not for the Assessing Officer to establish the evidentiary basis thereof – High Court In a recent judgment, the Hon’ble High Court has held that in the case of admitted income, it is not for the Assessing Officer to establish the …

Government of India and France sign the Amending Protocol to amend the India-France Double Taxation Avoidance Convention CBT has stated that during the recent visit of the President of France to India, the Government of the Republic of India and the Government of the French Republic have signed …

Once cash sales are accepted, section 68/69A cannot be invoked merely for violation of RBI guidelines for receipt of SBNs after demonetisation– ITAT In a recent judgment, ITAT Ahmedabad has held that once cash sales recorded in books are accepted, section 68/69A cannot be invoked merely for violation …

Payment made on behalf of the shareholder and debited to his deposit account having credit balance not deemed dividend u/s 2(22)(e) – ITAT In a recent judgment, ITAT Ahmedabad has held that payment made by the company on behalf of the shareholder and debited to his deposit account …

Assesssing Officer can’t refer decision to initiate levy of Penalty u/s 271D to Superior Officer unless he himself arrives at a finding of a violation In a recent judgment Hon’ble Supreme Court has dismissed SLP of the Revenue against the High Court judgment holding that Assesssing Officer can’t …

New Tax Regime benefit granted despite belated filing of Form 10IE in view of directions of Supreme Court for exclusion of covid period from limitation In a recent judgment, ITAT Bangalore has held that the failure to file the Form 10IE on or before the due date for …

Revenue can not take advantage of mistakes of assessee, ITAT remands claim of exemption u/s 10(23C)(iiiad) to AO In a recent judgment, ITAT Lucknow remanded the claim of exemption u/s 10(23C)(iiiad) to AO as assessee by inadvertent typographical mistake wrongly claiming exemption u/s 10(23C)(iv) instead of correct section …

Reopening based on audit objection invalid when AO had all the information at the time of assessment In a recent judgment, High Court held that reopening of assessment based on audit objection would be invalid being a change of opinion where the Assessing Officer had all the information …

Personal appearance of a director is not a statutory substitute for documented traceability in a corporate assessment – High Court In a recent judgment, High Court has held that personal appearance of a director is not a statutory substitute for documented traceability in a corporate assessment, especially when …

Claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of tribal status and residence – ITAT In a recent judgment, ITAT Guwahati has held that the claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of …