Category: Income Tax

Assessment order quashed as SCN gave less than seven days time to submit response to proposed variation to income In a recent judgment, the Hon’ble Bombay High Court quashed assessment order as show cause notice gave less than seven days time to assessee to submit response to proposed …

No addition can be made on account of cash credit if department accepted repayment of loan in subsequent year In a recent judgment, ITAT Surat has held that where Income Tax Department  had accepted repayment of loan in subsequent year, no addition was to be made in current …

No bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of the same asset – ITAT  In a recent judgment, ITAT Pune has held that there is no bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of …

Penalty u/s 271CA for non collection of TCS on Parking Lot quashed by ITAT In a recent judgment, ITAT Delhi has quashed penalty u/s 271CA for non collection of TCS on Parking Lot by Nagar Palika as it was a non-profit organization and has constraints in correct understanding …

High Court condones delay in filing audit report in Form-10B considering the extent of the delay In a recent judgment, the Hon’ble Kerala High Court, considering the extent of the delay, quashed the order passed by the CIT(Exemptions) denying to condone delay in filing audit report in Form-10B …

Passing on incentives/discounts to retailers is not in the nature of commission paid liable to TDS u/s 194H – ITAT In a recent judgment, ITAT Chennai held that passing on certain amount of incentives/discounts to retailers claimed as business promotion expenses were not in the nature of commission …

Investment made in violation of provisions of section 11(5) can not be treated as income In a recent judgment, ITAT Nagpur held that amount of investment made by a charitable institute in violation of provisions of section 11(5) can not be treated as income, only the income arising …

Failure to file Form 10CCB with return do not constitute escapement of income – High Court In a recent judgment, the Hon’ble High Court has held that failure to electronically upload Form 10CCB along with its Return of Income within due date u/s 139 would not constitute a …

Prosecution u/s 276C / 278B quashed as no concealment found by Settlement Commission In a recent judgment, the Sessions Court Chandigarh quashed the prosecution u/s 276C / 278B as the Settlement Commission decided not to impose any penalties as no act of concealment of records was found on …

Exemption u/s 54G nowhere states asset in undertaking shifted in rural area should be acquired in name of assesse only – ITAT In a recent judgment, ITAT Rajkot has held that the primary condition of exemption u/s 54G is that assessee should have made investment in undertaking shifted …