Category : Income Tax

Income Tax Income Tax Latest Recent Case Laws

Where the assessee provided all the confirmation of the creditors at the CIT(A) level, the orders of the lower authorities set aside and send back for reconsideration – ITAT Delhi

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During the assessment proceedings, the Assessee fails to provide confirmation of 04 creditors and the AO added the whole amount of creditors to its income....
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The Reopening of assessment is an entirely independent and vastly different jurisdiction and cannot be confused with the revisional powers of the higher authority – Bombay High Court

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The Bombay High Court in its recent judgement in the case of Saurabh Suryakant Mehta WRIT PETITION NO.3495 OF 2018 stated that “the reopening of assessment...
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The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court

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Held :  “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
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In terms of section 194A(1), The time of deduction of tax u/s 194A(1) is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not obligate assessee bank from penalty for not deducting tax at source at time of credit of said income in payee’s account – HC Allahabad

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Held :  Deduction of tax at source on interest income before close of the financial year concerned as provided under Section 194 A (4) of...
Income Tax Income Tax Income Tax Latest Recent Case Laws

HC wrong in taking the technical view of dismissing the appeal on the ground of delay when it has to decide the question of law between the parties in any case in respect of earlier assessment year – Supreme Court

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Held :  The High Court should not have taken such a technical view of dismissing the appeal in the instant case on the ground of delay,...
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The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person – ITAT Delhi

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ITAT Delhi in the judgement of Vinod Soni Vs. ITO TDS Faridabad in ITA No. 2736/Del/2015  held the following: Section 194-IA(2) provides that Section 194-IA(1)...
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