-
Question Whether van rent received and paid by the educational institute appearing in both side of income of expenditure account will be counted for calculating turnover of the assessee to allow the benefit U/s 10(23C) of the Act. ITAT AMRITSAR BENCH, AMRITSAR passed the order on 10.8.2022 in thc case of Baba Farid Public Welfare Society vs. ITO (Exemptions), Ward, Amritsar
-
Question : Can the statutory benefit under section 54 of the Income Tax Act, be denied to the assessee merely for the reason that the name of the wife was included in the property newly purchased? HIGH COURT OF DELHI passed the order on 22nd September, 2022
-
Q Can credit of TDS be denied on the ground that income corresponding to the TDS claim made by the assessee is not offered in the in the corresponding year rather offered to tax in earlier years? IN THE ITAT, DELHI BENCH in the case of KEMA India (P) Ltd. v. ITO ITA No. 1616/DEL/2020 on dated 31 March, 2022 Answer: The assessee is entitled to get its credit by way of refund, in spite of not offering any income for tax, arising from profit and loss account, in present assessment year.
-
Question : Is Penalty under Section 271E is permissible in the absence of regular assessment framed against the assessee by the Revenue? ITAT – Ahmedabad in the case of Vijayaben G Zalavadia, … vs The Jt. Cit, Gandhinagar on 11 May, 2022. Answer: Penalty Quashed.
-
No interference is required to be made in the issue of notice under old provisions of Section 148 of the Income Tax Act extended uptill 30th day of June, 2021. The petition of the assessee is dismissed by Chhattisgarh High Court on 23/08/2021 in the case of Palak Khatuja Vs Union Of India
-
Search and Seizure- No seizure of jewellery when it is stock of the assessee as the protection is provided in proviso appearing after sub clause – (iii) to sub Section (1) of Section 132 for stock. Further Satisfaction note clearly disclosed that formulation of “reason to believe” was post search and seizure. Action of search and seizure is bad in law. Saddle the Deptt. with costs at Rs.50,000/-. KHEM CHAND MUKIM Vs.Principal Director of Income Tax. Jan 9, 2020 IT-CASES-214-2020
-
Kindly note Supreme Court in Vodafone Idea on 29th April 2020 held that there is assessment year wise regime in processing of refund u/s 143(1)
-
ITAT Banglore on 13th December, 2019 Penny Stock-Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts. Remanded. Ramesh Chand Kothari (Huf) vs ITO AY 2015-16
-
Madras High Court decision on 5 March, 2020 on stay of demand-consequences of not depositing of 20% of total demand within 30 days alongwith stay application- CBDT’s instruction on stay of demand
-
AO to adopt the value of the property for the purpose of section 50C of the Act for computing capital gains as on the date of execution of agreement to sale, but not as on the date of sale deed reason being that the assessee received the part consideration by an account payee cheque on or before the date of the agreement for transfer: ITAT VISHAKAPATNAM on Mar 11, 2020