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On 26th Oct, 2018 INDORE TRIBUNAL held that if the assessee has already purchased a new house within the stipulated period and as such is entitled to the deduction u/s.54F even though the assessee failed to deposit entire sale consideration scheme of deposits in capital gains account on or before due date of filing its return of income.
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Assessee can fulfil the requirement of s. 54 of depositing the unutilised portion of the capital gain on sale of residential property in notified scheme upto the expiry of time-limit for filing return under s. 139(4). From a plain reading of sub-s. (2) of s. 54, it is clear that only s. 139 is mentioned in s. 54(2) in the context that the unutilised portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the income-tax under s. 139. Sec. 139 cannot be meant only as s. 139(1) but it means all sub-sections of s. 139.
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On 26th Oct 2018 AHMEDABAD TRIBUNAL held that Action u/s 263 can be justified only when twin condition is fulfilled as held by The Karnataka High Court in the case of CIT Vs. Shri D.G. Gopala Gowda i.e. assessment order should be erroneous and it should cause a prejudice to the Revenue. In the instant case Assessee argued the moment addition on account of disallowance of the deprecation would be made to the assessee’s income, it will be allowed as deduction u/s80IA/80IC. Therefore, order of the Commissioner is not sustainable on this issue.
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Penny Stock – On Oct 24, 2018 KOLKATA TRIBUNAL held that Addition made u/s 68 solely on the basis of general report of the investigation wing, Kolkata and accordingly the action of the ld AO was based purely on surmises and suspicions. There is no finding by the ld AO that the transactions were between related parties. Further the concerned scrip was not suspended by SEBI either at the time of transaction of allotment of shares to the assessee or sale of shares by the assessee.
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सर्वे के दौरान अगर आप ने कोई आय सरेंडर करते समय यह लिखा कि यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन से है तो यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन स्की मानी जाएगी एवं प्रॉफिट एंड लॉस अकाउंट में इनकम सरेंडर के रूप में दर्शाई जाएगी और पूरा प्रॉफिट एंड लॉस अकाउंट निकाला जाएगा लेकिन यहीं आय आपने इनकम फ्रॉम अदर सोर्सेज बताइ तो यह आय इनकम फ्रॉम अदर सोर्सेस मानी जाएगी। कृपया ध्यान रखें इसका बहुत फर्क पड़ता है
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ट्रिब्यूनल के द्वारा सेट एसाइड ऑर्डर को डिपार्टमेंटल रिप्रेजेंटेटिव के द्वारा लिए गए फाइनेंसियल ईयर के अगले फाइनेंसियल ईयर में 31 दिसंबर तक ऑर्डर किया जा सकता है बाद में नहीं
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Appeal filed manually instead of online. Proper opportunity should be allowed to file online.
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Appeal filed manually in time but online filed with delay. It was held that delay was occasioned due to technical issue and lack of knowledge regarding the duly introduced e-filing procedure and being first time. So it was directed to the learned Commissioner (Appeals) to decide the appeal of the assessee on merits after condoning the delay
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INCENTIVE IN FORM OF DEDUCTION OF 30% OF THE EMOLUMENTS PAID TO ADDITIONAL EMPLOYEES -SECTION 80JJA OF INCOME TAX ACT
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Addition u/s 68 cannot be made where the assessee explains the source of the capital contribution, established the identity of the creditor and also credit worthiness of the parties.