Category: Judgments
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 …
Interest paid on delayed payment of GST/VAT is compensatory and not penal in nature for allowability under section 37. In a recent judgment, ITAT Delhi has held that interest paid on delayed remittance of GST / VAT is compensatory and not penal in nature for the purpose of …
Once appeal of assessee is set aside by ITAT with certain directions, then the consequential proceedings are fresh proceedings – ITAT In a recent judgment, ITAT Delhi has held that once the appeal of the assessee is set aside by Tribunal with certain directions for reconsideration of the …
New facts surfaced during investigation and would not have become known but for investigation amounts to wilful suppression to evade tax – High Court In a recent judgment, Patna High Court has held that where facts surfaced during investigation were not earlier known to them and they would …
CBDT Circular fixing a time limit for making condonation application u/s 119(2)(b) of the Income Tax Act, 1961 (the Act) is illegal – Madras High Court In a recent judgment, Madras High Court condoned the delay in filing audit report Form 10-B observing that CBDT Circular fixing a …
Interest income to be excluded from gross receipts while computing percentage of Govt. finance for determining the exemption u/s 10(23C)(iiiab). In a recent judgment, ITAT Ranchi has held that interest income is not to be included in gross receipts of the society while computing 50% of Govt. financing …
