Category: Income Tax

Notice under Section 148(A)(b) was defective as the assessee was dead earlier to its issuance – Karnataka High Court. In a recent judgment, the Hon’ble Karnataka High Court has held that notice under Section 148(A)(b) was defective on the ground that the assessee was dead earlier to it …

Onus to prove source of source of a loan/borrowing mandatory from AY 2023-24 In a recent judgment, ITAT Raipur has held that under section 68, onus to prove source of source of a loan or borrowing is mandatory w.e.f. 01.04.2023 i.e. from A.Y 2023-24 ABCAUS Case Law Citation:ABCAUS …

Notice u/s 148A(b) giving less than seven days time to submit response quashed In a recent judgment, the Hon’ble High Court of Karnataka has set aside show cause notice u/s 148A(b) giving less than seven days’ time to submit response ABCAUS Case Law Citation:ABCAUS 4085 (2024) (06) HC …

Deduction u/s 54F allowed for residential house purchased in the name of wife – ITAT In a recent judgment, the ITAT Chennai has allowed Deduction u/s 54F for residential house purchased in the name of wife holding that assessee and his wife would have commonality of interest to …

TDS 194IA not applicable if individual share of assessee is less than 50 lakhs in property purchased – ITAT In a recent judgment, the ITAT Indore held that TDS u/s 194IA not applicable if assessee’s individual share of payment was less than 50 lakhs in property purchased. Law …

CIT(A) should decide the issue on merit rather than suggesting remedial action In a recent judgment, the ITAT Ahmedabad has stated that CIT(A) should decide the issue on merit rather than suggesting remedial action as the powers of CIT(A) are co-terminus with that of the Assessing Officer. ABCAUS …

Not striking-off of limb of penalty u/s 271AAB – ITAT deleted penalty as assessee was not made aware of the specific charge on which the penalty proceedings will be initiated. In a recent judgment, the ITAT Chandigarh has deleted penalty u/s 271AAB for non striking off the limb …

ITAT is required to follow the Hon’ble Jurisdictional High Court instead of orders of Co-ordinate Bench – ITAT In a recent judgment, the ITAT Kolkata has held that Tribunal being subordinate to Hon’ble High Court is required to follow the judgment of the Hon’ble Jurisdictional High Court instead …

TCS Payable not hit by section 43B as it can not be debited in Profit and Loss account and claimed as deduction – ITAT In a recent judgment, the ITAT Amritsar has held that TCS Payable is not hit by the provisions of section 43B of the Income …

Sale of scrap not generated from a manufacturing/mechanical process not liable to TCS u/s 206C of the Act although to be liable seller need not be a manufacturer itself – ITAT In a recent judgment, the ITAT Cochin has held that a seller is liable to deduct TDS …