Saturday, August 24, 2019

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

That the return of notices issued under Section 133(6) unserved by the postal authorities is not sufficient to reach to the conclusion that sales to those parties are not genuine where the assesse has provided all the documentary evidence to prove genuineness of the sales. Further, disallowance on the ground of non-genuine sales cannot be a basis for addition u/s 68 of the Income Tax Act, 1961 – ITAT Delhi

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      To Download, M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018

M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Recent Case Laws 

When an amount is paid as Dharmada along with the sale price of goods, such payment is not made in consideration of the transfer of goods. Such payment is meant for charity and is received and held in trust by the seller – SC

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

Having regard to the manner in which the Assessing Officer has issued notice under section 274 r.w.s. 271(1)(c) of the Act without striking off the irrelevant words, the penalty proceedings show a non-application of mind by the Assessing Officer and is, thus, unsustainable.- ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

Even if no activity has been carried out by the assessee-society towards its objects, it would not make the assessee-society disentitle for approval under section 80G of the I.T. Act. – ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

Merely recording of the conclusion and not the reasoning makes the order of the CIT(A) invalid and the same transfered back to CIT(A) for fresh adjudication. – ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

Where the notice issued by the CIT(A) was not served on the assessee and the CIT(A) passed the order ex-parte on the non appearance of the assessee. The same remanded back to the CIT(A) – ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent Case Laws 

That the disallowance u/s 14A read with Rule 8D cannot exceed the actual exempt income received by the assessee during the year. We, therefore, set aside the order of the CIT(A) and direct the Assessing Officer – ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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Supreme court
Income Tax Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Recent 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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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Recent 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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Supreme court
Income Tax Recent 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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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Recent Case Laws 

The Counsel being out of town cannot be a valid ground for the purpose of adjournment in any case – Supreme Court

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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Recent Case Laws 

Linking of Aadhaar with the PAN Card to file Income Tax Return is compulsory – SC

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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
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax Uncategorized 

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 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
Income Tax Income Tax Income Tax Latest Law News Recent Case Laws Tax 

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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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
Income Tax Income Tax Law Recent Case Laws Tax 

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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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

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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No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala
Income Tax Income Tax Income Tax Latest Law Recent Case Laws 

No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Law Recent Case Laws Uncategorized 

No capital gain to be computed on the transfer of assets on the ‘book value’ in the case of conversion of company into LLP – ITAT Mumbai

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Recent Case Laws 

An order passed by the Tribunal even one day after the prescribed period of 90 days from the date of hearing causes prejudice to the assessee and is liable to be recalled – ITAT Mumbai

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HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay
Income Tax Income Tax Income Tax Latest Law Recent Case Laws Tax 

HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

No penalty to be levied u/s 271(1)(c) where the additions made by the AO is deleted – ITAT Delhi

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Law Recent 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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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Law Recent Case Laws Tax 

The period of holding of ESOP options clarified and to be considered as Long term irrespective of the date of vesting of the same – ITAT Bangalore

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Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC

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Where no return was filed in compliance to notice u/s 148, issuing of notice u/s 143(2) was not required for making assessment – HC
Income Tax Income Tax Income Tax Latest Recent Case Laws 

Where no return was filed in compliance to notice u/s 148, issuing of notice u/s 143(2) was not required for making assessment – HC

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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Income Tax Latest Recent Case Laws 

CAs can be held guilty of Other Misconduct even outside the ambit of the profession- SC

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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

Linking of Aadhaar with Bank accounts and mobile number is invalid – SC

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M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

Deduction u/s 54 is allowed even if the assessee purchased new residential house before the sale of another residential house owned by him – ITAT Mumbai

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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Income Tax Income Tax Income Tax Latest Recent Case Laws 

SLP admitted against the ruling that interest earned on funds deposited prior to commencement of business – SC

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M/s D.J. Malpani Versus Commissioner of Central Excise, Nashik CIVIL APPEAL No.5282 OF 2005
Blogs Income Tax Income Tax Income Tax Latest Recent Case Laws Tax 

Excise & Customs : Exemption notifications should be interpreted strictly, assessee cannot take benefit of ambiguity in exemption notification – SC

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Submission of evidence during seizure isn’t necessary; can be done in assessment proceeding as well: HC
Income Tax Income Tax Income Tax Latest Recent Case Laws 

Submission of evidence during seizure isn’t necessary; can be done in assessment proceeding as well: HC

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