Category: Judgments

Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return.

Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013  Assessment Year : 2010-11 …

Penalty u/s 271(1)(c) merely because quantum was decided against assessee by ITAT. The assessment and penalty proceedings are independent

Penalty u/s 271(1)(c) not imposable merely because quantum was decided against assessee by ITAT. The assessment proceedings and penalty proceedings are independent proceedings. ITAT Amritsar, in a recent judgment, upheld the deletion of the peanlty when additions were made on estimation basis. Case Law Details : I.T.A No.148 (Asr)/2014 Assessment Year: …

The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court

The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court. The Government officials seems to have double standards when it comes to maintain transparency in their conduct in dealing with sexual harassment at work place. The recent judgment …

Debenture restructuring charge paid to debenture holders for re-negotiating terms and conditions to extend the redemption date held revenue expenditure-ITAT

Debenture restructuring charge paid to debenture holders for re-negotiated terms and conditions to extend the redemption date was held to be revenue expenditure-ITAT Case Law Details: DCIT vs. M/S JUBILANT FOOD WORKS LTD. ITA No.1407/Del/2014 A.Y. : 2004-05 Date of Order/Judgment: 05/05/2016 Important Case Laws Referred: CIT vs. Gujarat Guardian …

CIT(Appeals) must pass speaking order even in ex-parte cases. Appeal dismissed in limine for non appearnace remanded back by ITAT

CIT Appeals must pass speaking order even in ex-parte cases. ITAT Delhi, in a recent case remanded back the appeal of the assessee which was dismissed in limine by CIT(A) for non appearnace.  Case Law Details: I.T.A .No.-2379/Del/2015 (ASSESSMENT YEAR-2010-11) Abhinav Dwivedi vs ITO Date of Judgment/Order: 04/05/2016 Brief Facts of the …

Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

Reopening of a case u/s 147/148, a post mortem exercise of analysing materials produced subsequently will not cure an inherently defective reopening order from invalidity due to non satisfaction of jurisdictional requirement. ITAT Delhi has relied on Delhi High Court judgment and quashed the reassessment proceedings and allowed the legal issue in …

Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

In a recent judgment, ITAT Kolkata has held that the re-assessment under section 143(3)/147 is independent and separate from the original assessment order passed u/s 143(3) and it can not be said that the both the orders of assessment made u/s 143(3) originally and the assessment made subsequently u/s …

Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

In a recent judgment, Hyderabad ITAT has held that grants or contribution in the nature of tied-up grants cannot be taken into consideration for the purpose of computing total income of the charitable institution/trust u/s 11 of the Income Tax Act, 1961. Case Law Details: ITA No. 1443/Hyd/2014 Assessment …
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