Category: Income Tax

Mere creation of video conferencing (VC) meeting ID/Link does not absolve responsibility of offering personal hearing – High Court In a recent judgment, Calcutta High Court has held that mere creation of video conferencing (VC) meeting ID/Link, does not absolve the Faceless Assessment Unit from discharging its responsibility …

Penalty u/s 270A for claiming bogus deductions deleted by ITAT for failure to identify specific Clauses from (a)to (f) of section 270A(9) In a recent judgment, ITAT Pune has deleted penalty u/s 270A for claiming bogus deductions for failure to identify in show cause notice the specific clauses …

Dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable. In a recent judgment, Hon’ble High Court has held that once dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable ABCAUS Case Law Citation:ABCAUS 4140 …

For payment of interest on refund of amounts paid as tax is quite different from amount seized from the possession of a person –High Court  In a recent judgment, Hon’ble High Court has held that for payment of interest, refund of amounts paid as tax or deemed tax …

Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …

Maintenance charges received from tenants taxable under income from other sources not house property – ITAT In a recent judgment, ITAT Bangalore has held that maintenance charges received from tenants are to be assessed under the head Income from other sources and not under income from House Property …

Filing revised return in reply to show cause does not deprive assessee of opportunity to oppose proposed variation In a recent judgment, Hon’ble High Court of Orissa has held that filing revised return in response to show cause notice does not deprive assessee of opportunity to state his …

Income Tax benefits for senior citizens, higher exemptions, relief and rebates  Income Tax benefits for senior citizens, higher exemptions, relief and rebates. Income-tax Act provides several benefits and exemptions to the senior citizens. However,  to become eligible to these benefits the senior citizen/very senior citizen must be resident …

Disallowance u/s 40A(2)(a) without following yardstick for arriving at unreasonableness cannot be sustained – ITAT In a recent judgment, ITAT Raipur has held that disallowance u/s 40A(2)(a) without taking recourse to prescribed basis/yardstick, for arriving at unreasonableness cannot be sustained ABCAUS Case Law Citation:ABCAUS 4135 (2024) (07) ITAT …

Month wise receipt and income slightly more than last year cannot warrant the cash deposited into the bank account as unexplained cash In a recent judgment, ITAT Jaipur has held that month wise receipt and income slightly more than last year cannot warrant the cash deposited into the …