Time limit for issue of penalty proceeding on issues unrelated to income assessment

Principal Commissioner of Income Tax (Central)-2 Vs Mahesh Wood Products Pvt. Ltd. (Delhi High Court)

Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN....

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Introduce RTI Stamps For Payment of RTI Fees: CIC

Mr. Subhash Chandra Agrawal Vs CPIO & Under Secretary (Central Information Commission)

Commission felt that DoP&T and Department of Posts necessarily need to coordinate and initiate steps to introduce RTI stamps or numbered RTI coupons to eliminate prevailing ambiguity with regard to Rule 06 of the RTI Rules, 2012, on the mode of payment of RTI Fee keeping in view the experience in handling similar issues on a day to day ba...

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S. 54 benefit available for cost of house acquired despite non-payment

Gopal Saran Darbari Vs. Income Tax Officer (ITAT Delhi)

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what ...

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Compensation recoverable in Cheque Bounce case even If ‘Default Sentence’ Has Been Suffered: SC

Kumaran Vs State of Kerala & Anr. (Supreme Court of India)

So long as compensation has been directed to be paid, albeit under Section 357(3), Section 431, Section 70 IPC and Section 421(1) proviso would make it clear that by a legal fiction, even though a default sentence has been suffered, yet, compensation would be recoverable in the manner provided under Section 421(1)....

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AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur)

If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the ...

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TDS U/s. 194C not deductible on wages paid to labourers working under direct supervision of assessee

Tapas Paul Vs ACIT (ITAT Kolkata)

Now the issue before us arises so as to whether the labourers are the employees of assessee or they are working in contractual capacity attracting the provisions of TDS. ...

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Even A Beggar can stand as Surety; HC explain Law on Surety

Sagayam @ Devasagayam Vs State rep. by The Inspector of Police (Madras High Court)

It cannot be denied that a bogus person should not be accepted as a surety. A person who is offering surety must have acceptable residential proof. He may be a tenant, licensee. A beggar can also stand as surety provided he should have some acceptable residential proof....

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Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court)

A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants for each wrong certification or report....

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TDS on Vehicle Hire is applicable party-wise and not trip-wise

Sri Sundar Shaw Vs ACIT (ITAT Kolkata)

CIT (Appeals) was not correct in law that the assessee will be liable to deduct the TDS if the amount of a single contract exceeds Rs. 20,000/-. The contract has to be looked into party-wise not on the basis of the individual GR. In our opinion, all the payments made to a truck owner throughout the year are to be aggregated to ascertain t...

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Posted Under: Income Tax |

Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur)

6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allowed as deduction in computing the capital...

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