Category: Income Tax

No Revision u/s 263 when AO after careful examination and detail enquiry took a plausible view that the provisions of section 115BBE of the Act are not applicable. In a recent judgment, ITAT Amritsar held that where the Assessing Officer (AO) after careful examination of the submissions made …

Penalty / Late Fee u/s 234E confirmed for delay in filing Form 26QB for TDS voluntarily deducted u/s 194IA on purchase of property though it was an agricultural land In a recent judgment, ITAT Ahmedabad confirmed penalty / Late fee u/s 234E for delay in filing TDS return …

High Court penalised Assessing Officer to pay cost of Rs. 50000/- to assessee for unnecessary harassment during the course of re-assesment proceedings u/s 148A(d) In a recent judgment, a division bench of the Hon’ble Jharkhand High Court directed AO to pay cost of Rs. 50000/- for unnecessary harassment …

No penalty u/s 270A when disallowances were mentioned in Tax Audit Report but assessee by mistake not added it back to the total income. In a recent judgment, the ITAT Pune held that no penalty u/s 270A can be levied when disallowances u/s 43B were mentioned in Tax …

Re-opening u/s 148 on incorrect facts assuming that assessee does not have PAN and he did not file any of his return quashed as invalid In a recent judgment, ITAT Delhi has held that AO had invoked jurisdiction for reopening assessment u/s 147/148 on basis of incorrect facts …

Reasons assigned for explaining the condonation of delay are to be construed with a justice oriented approach – ITAT In a recent judgment, ITAT Chandigarh condoned the delay in filing appeal before CIT(A) due to mistake of counsel observing that Courts are unanimous in their approach to propound …

Shares sold after seven years cannot be considered as an accommodation entry in penny stock Shares sold after seven years cannot be considered as an accommodation entry in penny stock – Supreme Court dismisses SLP In a recent judgment, Hon’ble Supreme Court has dismissed a SLP of the …

Notice u/s 148 invalid as reasons recorded incorrect information that return was processed u/s 143(1) and no scrutiny assessment was done under Section 143(3) of the Act. In a recent judgment, Hon’ble Supreme Court has dismissed a SLP of the Revenue against the judgment of the Gujarat High …

ITAT quashed penalty u/s 271AAB for non-mentioning of specific limb in the show cause notice In a recent judgment, Delhi ITAT quashed penalty u/s 271AAB for non-mentioning of specific limb in the show cause notice and following decision of Hon’ble Supreme Court that the construction which is favourable …

Assessee not expected to prove the negative that he has not availed fictitious loan – ITAT In a recent judgment, Chennai ITAT quashed revisionary proceedings u/s 263 holding that assessee cannot be expected to prove the negative that he has not availed fictitious loan in the absence of …