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For the purpose of carrying forward the loss in terms of section 72 read with ‎section 80 of the Act, in a case where search operations have been conducted ‎under section 132 of the Act, the time to file the return within the meaning of ‎section 139(3) of the Act has to be regarded as the reasonable time afforded by ‎the consequent notice under section 153A(1)(a) of the Act.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ For the purpose of carrying forward the loss in terms of section 72 read with ‎section 80 of the Act, in a case where search operations have been…
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132, 132A-Powers to requisition books of account, 139(1), 139(3)-Loss return to be filed in time, 148, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue, Calcutta High Court

November 16, 2019

When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice is issued for such purpose under section 153A(1)(a) of the Act. If the return ‎is filed by the assessee within the reasonable time permitted by such notice under ‎section 153A(1)(a) of the Act, such return would then be deemed to have been ‎filed within the time permitted under section 139(1) of the Act for the benefit ‎under section 139(3) of the Act to be availed of by the assessee.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice…
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132, 132A-Powers to requisition books of account, 139, 139(1), 139(3)-Loss return to be filed in time, 153, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue

November 16, 2019

The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year is ‎a question that has to be determined by the assessing officer who deals with the ‎assessment of the subsequent year.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year…
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132, 132A-Powers to requisition books of account, 139, 139(1), 139(3)-Loss return to be filed in time, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue, etc.

November 16, 2019

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.‎

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…
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139, 139(1), 139(4), 54, 54F, 54F(4), Indore Tribunal

November 16, 2019

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. ‎

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…
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139, 139, 139(1), 139(4), 54, 54(2)

November 16, 2019

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.

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…
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263-Revision of orders prejudicial to revenue, Ahmedabad Tribunal

November 16, 2019

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.‎

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…
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68, Penny stock

November 16, 2019

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

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…
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133A, 263-Revision of orders prejudicial to revenue, 69A-Unexplained money, Revision of orders prejudicial to revenue-Section 263, Unexplained Money-Sec 69A

November 16, 2019

मित्रों 24 अक्टूबर 2018 को विशाखापट्टनम ट्रिब्यूनल ने फैसला देते हुए कहा कि आयकर आयुक्त अपील एकदम नए सोर्स में एडिशन यह कह कर नहीं कर सकता कि आयकर अधिकारी ने इसकी जांच पूरी नहीं की है इसके लिए आयकर प्रोविजन में ही धारा 147 148 263 154 समुचित रूप से उपलब्ध है

मित्रों 24 अक्टूबर 2018 को विशाखापट्टनम ट्रिब्यूनल ने फैसला देते हुए कहा कि आयकर आयुक्त अपील एकदम नए सोर्स में एडिशन यह कह कर नहीं कर सकता कि आयकर अधिकारी ने इसकी जांच पूरी नहीं की है इसके लिए आयकर…
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November 16, 2019