Category: Judgments

Revision u/s 263 upheld as AO accepted creditworthiness of lender merely on the basis of acknowledgement of ITRs In a recent judgment, ITAT Pune has upheld the revision u/s 263 where Assessing Officer accepted the creditworthiness of the lender merely on the basis of the copies of the …

Delay of 1 and ½ years cannot be considered as inordinate delay unless negligence or want of due diligence on the part of assessee is shown – ITAT  In a recent judgment, ITAT Cuttack while condoning the delay in filing appeal observed that delay of 1 and ½ …

If amount of TDS has already been deposited though belatedly, to allow the proceeding u/s 276B/278B will be abuse of process of law – High Court   In a recent judgment/order Hon’ble Jharkhand High Court has quashed criminal proceedings u/s 276B and 278B of the Income Tax Act, 1961 …

Incorrect claim or erroneous claim not willful evasion, in certain circumstances can be erroneous interpretation of law.  In a recent judgment/order Hon’ble Supreme Court dismissed the SLP of the Revenue against the order of Karnataka High Court quashing proceedings u/s 276C of the Income Tax Act, 1961 holding …

Penalty u/s 272A(2)(c) confirmed on Sub Registrar for non compliance of statutory notice u/s 133(6) calling for information of immovable property. In a recent judgment, ITAT Lucknow has confirmed penalty u/s 272A(2)(c) of the Income Tax Act, 1961 levied on the Sub Registrar for non compliance of statutory …

Proviso to Section 10(38) of the Act cannot be read in the reverse to mean that if the gains are not included as book profits under Section 115JB of the Act, the exemption u/s 10(38) can be denied – High Court In a recent judgment, Hon’ble High Court …

Reopening u/s 148 was rightly done as income of the company was shifted to partnership firm to avoid tax by setting off bad debts – SLP dismissed by Supreme Court In a recent order/judgment, Hon’ble Supreme Court has dismissed the SLP filed by the assessee company against the …

Finding recorded by lower authorities on the basis of evidence can not be interfered with by the third Appellate Court – High Court In a recent judgment, Hon’ble Guwahati High Court has held that finding once recorded by both the lower authorities on the basis of evidence with …

Maintainability of appeal must be decided at the outset not at fag end – ITAT In a recent judgment, ITAT Chandigarh has observed that whether the appeal is maintainable and is filed within the prescribed time limit must be decided at the outset and not at the fag …

Powers and statutory discretion conferred on the commissioner of income tax to condone delay u/s 119(2)(b) ought to be judiciously exercised so that undue hardship to the assessee is avoided – High Court In a recent judgment, Hon’ble Bombay High Court has observed that powers and statutory discretion …