Taxcharcha

Category : Income Tax

Income TaxRecent Case Laws

As the assessee is regularly following the accounting practice of making provision on year to year basis on the basis of the performance of the employees and the same is definite and accured liability of the assessee for the year for which the services have been rendered by the employees and the same partakes the character of the salary and hence cannot be disallowed. – ITAT Delhi

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by Team Taxcharcha0390
    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/ITAT-Delhi-28.03_03.odt” comments=”true” SVG=”true”]   To Download, TV Today Network Limited...
Income TaxRecent Case Laws

The provisions of Section 142(2C) did not preclude the exercise of jurisdiction and authority by the assessing officer to extend time for the submission of the audit report directed under sub-section (2A), without an application by the assessee. We hold and declare that the amendment was intended to remove an ambiguity and is clarificatory in nature – Supreme Court

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    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/Supreme-Court.odt” comments=”true” SVG=”true”] To Download, Commissioner of Income-tax, New Delhi) vs Ram Kishan Dass Civil Appeal Nos. 3211 to 3230 of 2019...
Income TaxRecent Case Laws

It is an undisputed fact that during the year the assessee did not earn any exempt income. The Hon’ble High Court of Delhi in the case of CHEM Invest Pvt. Ltd. Vs. CIT (supra) has clearly held that if there is no exempt income no disallowance can be made.- ITAT Delhi

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by Team Taxcharcha0340
    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/ITAT-Delhi-23.03_03-1.odt” comments=”true” SVG=”true”]   To Download the complete order, 387 Del 2018...
Income TaxRecent Case Laws

It is irrelevant whether the assessee is a public sector undertaking. Unless specifically provided under law or intended by necessary implication under specific provisions of law, or held in binding judicial precedents; a public sector undertaking cannot legitimately claim a preferential treatment in determination of its tax liabilities.- ITAT Delhi

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by Team Taxcharcha0316
      [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/ITAT-Delhi-23.03_03.odt” comments=”true” SVG=”true”]...
Income TaxRecent Case Laws

Where the Ld. CIT(A) passed the order exparte due to non appearance by the assessee, the assessee is given one final opportunity of being heard and in case of adjournment, the CIT(A) can pass any order which e may deem fit under law. – ITAT Delhi

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IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. R.K PANDA, ACCOUNTANT MEMBER AND SH. KULDIP SINGH, JUDICIAL MEMBER ITANo.1757/Del/2019 AssessmentYear:2015-16...
Income TaxRecent Case Laws

Where the assessing officer made certain additions on the basis of the information provided by DGIT (Inv.) , Mumbai, the same holds valid- ITAT Mumbai

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by Team Taxcharcha0301
    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/ITAT-Mumbai.odt” comments=”true” SVG=”true”] Since the information is provided by the DGIT(Inv) , Mumbai and the proceedings of escapement of income initiated on...
Income TaxRecent Case Laws

That the salary paid in the year of operation for the period before the commencement of the operation should not be disallowed- ITAT Delhi

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by Team Taxcharcha0464
    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/ITAT-Delhi-2.odt” comments=”true” SVG=”true”] Since, the assessee is providing health care services before the commencement of its super speciality hospital “Medanta”, the salary...
Income TaxRecent Case Laws

When the assessee company stands dissolved as defunct company u/s 560(5) of the Companies Act, 1956 (section 248(2) of the Companies Act, 2013) that doesn’t mean that income tax proceedings and appeals become infructuous. – Supreme Court of India

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    [docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/03/Defunct-Company-1.odt” comments=”true” SVG=”true”] To download, High Court of Rajasthan at Jaipur- Gopal Shri Scrips Pvt Ltd. Supreme Court of India _ Gopal...
Income TaxRecent Case Laws

Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee company to establish the credit worthiness of investor companies stood discharge. Assessing Officer was justified in passing assessment order making additions under section 68 for share capital/share premium received by assessee company – SC

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by Team Taxcharcha0449
Held:  The Court/Authorities below did not even advert to the field enquiry conducted by the AO which revealed that in several cases the investor companies...
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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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by Team Taxcharcha0484
Held :  “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
Income TaxIncome TaxLawRecent Case LawsTax

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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by Team Taxcharcha0699
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 TaxIncome TaxIncome TaxLatestRecent 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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by Team Taxcharcha0410
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,...
Income TaxIncome TaxIncome TaxLatestRecent Case LawsTax

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)...
Income TaxIncome TaxIncome TaxLatestLawRecent Case Laws

Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi

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The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...