Category: Judgments

ITAT deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported In a recent judgment, ITAT Jaipur has deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported. It was also held that when …

Advance received by Managing Director / shareholder held deemed dividend u/s 2(22)(e) though repaid within two months. In a recent judgment Hon’ble Bombay High Court has upheld that business advance received by the Managing Director/shareholder of the company though repaid within two months constituted “deemed dividend” within the …

ITAT upheld claim of deduction on account of embezzlement of funds unearthed during the relevant assessment year In a recent judgment, ITAT Mumbai has upheld claim of deduction on account of embezzlement of funds unearthed during assessment year following the ratio laid down by the Hon’ble Supreme Court …

Disallowance under section 40(a)(ia) of the Income Tax Act, 1961 cannot be made applicable to short deduction of tax at source  – High Court In a recent judgment Hon’ble Uttarakhand High Court has upheld that disallowance under section 40(a)(ia) of the Income Tax Act, 1961 cannot be made …

ITAT deleted addition on account of employer contribution to LIC for purchasing an annuity policy for assessee-payable in future In a recent judgment, ITAT Ahmedabad held that merely because the employer chose to contribute to LIC to effect an annuity for the future benefit of the employee, the …

There is marked distinction between the expressions, “entitlement to” claim input tax credit and “entitled to avail” input tax credit. There is marked distinction between the expressions, “entitlement to” claim input tax credit and “entitled to avail” input tax credit. In a recent judgment, Hon’ble High Court of …

Assessee who inadvertently opted out of new tax regime eligible for deductions under chapter VIA though not claimed in the return of income – ITAT In a recent judgment, ITAT Chennai has held that assessee,who inadvertently opted out of new tax regime, was eligible for deductions under chapter …

There is no reason to doubt that conditions of Explanations to section 43(5) fulfilled when statement of account from brokers certifying derivative trades submitted In a recent judgment, ITAT Allahabad has held that ideally, the assessee should submit the time stamped contract notes but considering that the time …

Training workshop for performance management, and career management for employees are general training programs that cannot be considered as technical services – HC In a recent judgment, Hon’ble Karnataka High Court has held that training workshop for performance management, and career management for employees are general training programs …

High Court directed closure of Capital Gain Deposit Scheme (CGDS) Account opened mistakenly by the assessee on wrong advice by tax consultant. In a recent judgment, Hon’ble High Court of Meghalaya has directed Income Tax Authorities to expeditiously close the Capital Gain Deposit Scheme (CGDS) Account of the …