Judiciary

Section 115J AO does not have jurisdiction to go behind net profit shown in profit and loss account

Pr CIT Vs Bhagwan Industries Ltd (Bombay High Court)

The present Appeal pertains to Assessment year 2004­05. The learned counsel for the Appellant submits that Tribunal was not justified in not accepting the re­working of the book profits by the Assessing Officer as per the provisions of Section 115JB of the Income Tax Act....

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No TDS required to to be deducted on Reimbursement of expenses against separate bills to C&F agents

ACIT (TDS) Vs St. Mary's Rubbers Private Limited (ITAT Cochin)

Reimbursement of expenses against separate bills to C&F agents doesn't require TDS and hence no dis allowance u/s 40(a)(1a)... ITAT Cochin bench held in the case of St. Mary's Rubbers dismissing revenue's appeal...

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ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT , Bangalore (ITAT Bangalore)

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Reopening proceeding without following law must be quashed to save assessee from unnecessary harassment

KSS Petron Private Ltd Vs. ACIT (Bombay High Court)

Assessment Order is without jurisdiction as the law laid down by the Apex Court in GKN Driveshafts (supra) has not been followed, then there is no reason to restore the issue to the Assessing Officer to pass a further/fresh order. If this is permitted, it would give a licence to the Assessing Officer to pass […]...

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Addition cannot be made merely based on document which is silent as to payer and payee

CIT Central-3 Vs Praveen Juneja (Delhi High Court)

The ITAT noted that document was silent as to payer and payee of amount in question nor does it disclose that payment was made by cheque or cash nor it is proved that document is in handwriting of assessee or at least bears his signatures....

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It’s wholly illogical to limit PAN corrections in TDS statement to only two alphabets or numbers

Purnima Advertising Agency pvt ltd (s) Vs Deputy Commissioner of Income Tax (Gujarat High Court)

The petitioner has challenged the action of the respondent in not permitting the petitioner to correct the error in mentioning the Permanent Account Number (PAN for short) of one of the agencies to whom the petitioner had made multiple payments during the relevant financial period for which deduction of tax at source was necessary....

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I-T Dept withdraws Appeal against KBC Winner for low tax effect

The Commissioner of Income Tax Vs Harshawardhan Nawathe (Bombay High Court)

The learned Counsel for the appellant submits that the tax effect involved in the present appeal is less than Rs.20 lakhs and as per the CBDT Circular No.21 of 2015 dated 10th December, 2015, the department has taken a policy decision not to prosecute the appeals wherein the tax effect is less than Rs.20 lakhs....

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Assessee need not be intimated before attachment of his bank account

Gecas Services India Pvt. Ltd. Vs Income Tax Officer & Ors. (Delhi High Court)

In the present case there was no illegality committed by the Department in not issuing to the Assessee a notice under Section 226 (3) (iii) of the Act simultaneously with or prior to the notice issued to its bank under Section 226 (3) (i) of the Act for recovery of the tax demand from its account. ...

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Addition cannot be made merely on the basis of a handwritten loose paper

CIT- Central-3 Vs Shri Praveen Juneja (Delhi High Court)

An addition cannot be made on the basis of a handwritten loose paper which does not indicate if it pertains to the assessee and if AO has not brought on record any forensic evidence to prove the handwriting of the assessee. An addition cannot be made on the basis of suspicion and guesswork and without bringing corroborative material on re...

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Section 50C cannot be applied if valuation difference is less than 10%

M/s. John Fowler (India) Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Mumbai)

A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee...

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