Category: Judgments

Penalty u/s 271AAC deleted by ITAT as income surrendered was declared in revised return substituting original return. In a recent judgment, ITAT Jaipur deleted Penalty u/s 271AAC as income surrendered in survey u/s 133A by the assessee was declared in revised return filed which substituted the original return …

ITAT deleted addition for cash deposited in bank account where return of income was filed u/s 44AD of the Income Tax Act In a recent judgment, ITAT Guwahati deleted addition u/s 69A on account of cash deposited in bank account out of sales, of which return of income …

Exemption u/s 11 can not be denied for belated filing of revised Form 10B when original Form 10B was filed within due date – ITAT In a recent judgment, ITAT Lucknow has held that benefit of exemption u/s 11 can not be denied on the ground of belated …

Prosecution under section 276B for TDS/TCS default -CBDT SOP not to be read as to give undue advantage to an erring party In a recent judgment, the Sessions Court held that timeline for prosecution u/s 276B of thirty days of receiving approval under Section 279(1) as specified under …

Escapement of income is to be examined in the original return and not the return filed in response to notice u/s 148 of the Act – ITAT In a recent judgment, ITAT Chennai has quashed the reassessment order observing that the issue whether the assessee has underdeclared income …

There is no legislative mandate to collect tax at source under section 206C (1C) from the person involved in illegal mining or illegal transportation of minerals. In a recent judgment, Chhattisgarh High Court has held that there is no legislative mandate to collect tax at source under section …

Organizing Garba event was not business within the meaning of section 2(15) to deny the benefit of exemption u/s 11 and 12 of the Income Tax Act, 1961 – SLP dismissed Organizing the event like Graba event cannot be termed as a business or trade within the meaning …

When Trust had no activities, it was incumbent upon the CIT(E) to evaluate such explanation objectively then rejecting application for registration. In a recent judgment, ITAT Rajkot has held that when the trust has explicitly stated that it has not filed returns as it had no activities and …

Profit from exchange rate fluctuation is independent of export earnings. Fluctuations from the EEFC account does not fall within the meaning of “derived from” the export. In a recent judgment, Allahabad High Court has denied deduction u/s 80HHC following Supreme Court that the profit from exchange rate fluctuation …

Merely because of no response to notice u/s 133(6) in the manner the AO expected not a basis for making additions – ITAT In a recent judgment, ITAT Delhi held that merely because bank not responded to notice issued u/s 133(6) in the manner the AO expected cannot …