Tag : #income-tax

Income Tax Latest Recent Case Laws

Mentioning of wrong section and wrong facts in the reasons recorded for reopening of the assessment u/s 148 made the reassessment liable to be quashed – ITAT Delhi

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Maheshwari Roller Flour Mills Pvt. Ltd. vs. ITO ITA No. 4257/Del/2019 Pronounced on 17.12.2020 In the recent judgment by the Hon’ble ITAT Delhi, it was...
Income Tax Recent Case Laws

Where the Petitioner fails to acknowledge the complete details during the search procedure of “Primary Persons”, the same can be the basis for “reason to suspect” for issuance of new WOA for carrying on the Search on Petitioner – Delhi High Court

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Shilpa Chowdhary vs. Principal Director of Income Tax (Investigation) W.P.(C) 5207/2020 & CM Appl 18787/2020 dated 07.12.2020 In short In a recent judgment by the...
Income Tax Latest

Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today

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In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and...
Income Tax Latest Recent Case Laws

the provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL – ITAT Mumbai

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The provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL. However, Ld. CIT(A) proceeded on wrong footing...
Income Tax Latest Recent Case Laws

Service of notice upon a dead person under section 142(1) would not authorise him to assume jurisdiction to pass assessment order on the Legal Representatives – ITAT Ahemdabad

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It is found that before service of notice under section 142(1), assessee had already expired. His legal heirs did not file return for this assessment...
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....
Income Tax Income Tax Latest Recent Case Laws

Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the provisions of section 57(iii) of the Income Tax Act, 1961 – ITAT Delhi

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Crux : Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the...
Income Tax Income Tax Latest Recent Case Laws

Where no satisfaction note in the searched persons proceeding recorded separately, the jurisdiction assumed u/s 153C in the case of the assessee is not in accordance with provisions of section 153C – ITAT Delhi

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To download the complete order, click here  ITA No.1720-Del-2015-ACIT vs. Gracious Project Pvt. ltd....
Income Tax Income Tax Latest Recent Case Laws

Where the order is passed ex parte making an addition of Rs. 6 Lacs, the case is remanded back to CIT(A) directing it to provide final opportunity of being heard to the assessee

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Income Tax Income Tax Latest Recent Case Laws

Where the notice issued u/s 271(1)(c) read with section 274 of the act does not specify whether the penalty is for concealment of income or for furnishing of inaccurate particulars of income, the same is bad in law and no penalty can be levied.

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