-
ITAT COCHIN held on Mar 13, 2020 that if Primary agricultural credit society give Loan for agricultural purpose then the assessee’s activities are in compliance with the activities of primary agricultural credit society and therefore claim of deduction u/s 80P(2) of the I.T. Act can not be denied.
-
HIGH COURT OF MADRAS on Mar 3, 2020 hold that there is no capital gain on Refundable Security Deposit received through development agreement when owner continues to be owner throughout agreement, and has at no stage purported to transfer rights akin to ownership to developer—At highest, possession alone is given under agreement, and that too for a specific purpose, purpose being to develop property, as envisaged by all parties
-
ITAT Bangalore on Mar 13, 2020 hold that For reopening an assessment, the Assessing Officer cannot consider the information which is already on record and it should be from outside sources.
-
ITAT KOLKATA On 26.2.2020 held that it is settled legal proposition that the Sec. 263 revision jurisdiction is not attracted when there is absence of the corresponding assessment being both erroneous as well as causing prejudice to interest of the Revenue hence the order of PCIT to set aside the said assessment order and directing the A.O. to frame the assessment afresh is bad in law and facts.
-
On 11th March 2020 ITAT Delhi held that when the books of accounts have been rejected by the Assessing Officer, estimation of profit should be as per the material available on record. where the directors are the employees of the company and receive commission for services rendered to the company as per the resolution passed by the Board, the commission paid to the directors was part of the salary and cannot be considered for the purpose of disallowance u/s 36(1)(ii) of the Act.
-
11 मार्च 2020 अहमदाबाद ट्रिब्यूनल ने फेसला दिया कि अगर कर निर्धारण अधिकारी धारा 148 का नोटिस मृत व्यक्ति के नाम से दिया है और उसके उत्तराधिकारी नोटिस का जवाब देते हैं और उस समय कोई ऑब्जेक्शन नहीं उठाते हैं और कर निर्धारण अधिकारी उत्तराधिकारी के नाम से एसेसमेंट ऑर्डर करते हैं तो वह नोटिस 148 वैलिड रहेगा लेकिन चूंकि एसेसमेंट ऑर्डर केवल एक उत्तराधिकारी के खिलाफ है इस कारण सेट एसाइड किया गया की यह आर्डर सभी उत्तराधिकारी के खिलाफ किया जावे।
-
SUPREME COURT OF INDIA hold on 6th March, 2020 that it is trite law that, unless there is preference given to the Crown debt by a statute, the dues of a secured creditor have preference over Crown debts. When the sale of the property was pursuant to the order passed by the DRT with regard to the property over which a charge was already created prior to the issuance of notice by the income tax department on 11.02.2003, the dues of a secured creditor have preference over Crown debts. In the case of Connectwell Industries Pvt. Ltd vs. UOI (Supreme Court)
-
सोसाइटी या ट्रस्ट को कैपिटल या कॉरपस फंड के रूप में जो पैसा मिलता है वह टैक्सेबल नहीं है भले ही सोसाइटी या ट्रस्ट को 12A रजिस्ट्रेशन नहीं मिला हो।
-
Search case-Initiating the penalty u/s 271(1)(c) and conducting the proceedings u/s 271AAA is bad in law. VISHAKAPATNAM BENCH ‘’ BENCH held on Mar 4, 2020
-
Section 68, 133(6), 143(1), 147, 153C किसी अन्य पार्टी के यहां आयकर छापा पड़ने पर एसएससी के इनक्रिमिनेटिंग मटेरियल मिलने पर धारा 153C की प्रोसीडिंग्स होगी। अगर धारा 147 148 की प्रोसिडिंग की जाती है तो वह नोटिस एवं प्रोसीडिंग्स इल्लीगल है तथा सारी प्रोसिडिंग रद्द करने योग्य है। NAWAL OILS AND CONTAINERS P. LTD. vs. ITO