"11 March 2018" Archive

Disallowance of expenses cannot be made by mere intimation U/s. 143(1)(a)

Bajaj Auto Finance Ltd. Vs. Commissioner of Income Tax (Bombay High Court)

Bajaj Auto Finance Ltd. Vs. CIT (Bombay High Court) While mere making of provision for bad debts will not by itself (on application of amended law) entitle the party to deduction, yet it would be a matter where the assessee should be given an opportunity to establish its claim. This by producing its evidence of […]...

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Deduction U/s. 54F cannot be denied for Non-completion of construction of new residential house within specified period of three years

Babitha Kemparaje Urs Vs. CIT (ITAT Bangalore)

Once assessee had invested sale proceeds of existing asset for the purpose of construction of new house within the time period specified under section 54F he could not be denied the benefit under the section, even if the assessee finally could not construct the new house within the specified period of three years....

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Registration U/s. 12AA cannot be denied for Non-submission of Form 10B at the time of registration

B.C. Sharma Memorial Society For Education & Social Welfare Vs CIT (ITAT Lucknow)

At the outset, Learned A. R. submitted that assessee is running a school and had been claiming exemption u/s 10(23C)(iii) and now the assessee had applied for registration u/s 12AA which the CIT (Exemptions) has refused relying on the provisions of section 13(1)(c) of the Act....

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Interest U/s. 244A on refund of excess SA tax payable from self-assessment tax payment date

Asst. CIT Vs. Bharat Petroleum Corporation Ltd. & Vice-Versa (ITAT Mumbai)

Refund under section 244A(1)(b) of the Act on self assessment tax is to be paid from the date of payment of self assessment tax till the date of grant of refund....

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No disallowance U/s. 40(a)(ia) if recipient already paid taxes on sources of income

Apurva Natvar Parikh and Co. (P) Ltd. Vs. Dy. CIT (ITAT Mumbai)

Dis allowance under section 40(a)(ia) on the ground that the assessee had failed to deduct the tax at source on payment made was not justified as the recipient had already paid the taxes on the sources of income and due certificate was also furnished by the assessee....

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No addition in case of unabated assessment which had attained finality on search date if no incriminating material found during search

Anurag Dalmia Vs DCIT (ITAT Delhi)

Anurag Dalmia Vs DCIT (ITAT Delhi) In the case of the unabated assessment which had attained finality on the date of search, which are reckoned as unabated assessments, no addition over and above the originally assessed income can be made sans any incriminating material found or unearthed during the course of search. The principle reitera...

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Calcutta HC upheld vires of Sections 7, 8 and 9 of IBC, 2016

Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court)

Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) The petitioners have assailed the vires of Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016. Learned Senior Advocate appearing for the petitioners has submitted that, the second respondent is a corporate debtor in respect of whom a proceeding under the [...

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A.O cannot reject books without pointing out any incorrectness in the same

ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur)

ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur) It is  not in dispute that the appellant has maintained books of account regularly and these are duly audited u/s 44AB of the I.T. Act and the quantitative details were prepared and were duly audited. The variation in percentage of GP/NP or payments in cash, in the […]...

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Agreement date of purchase relevant when physical possession of property given at a later date to Compute Short Term or Long Term Capital Gain

ACIT Vs. Shri Michelle N. Sanghvi (ITAT Mumbai)

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that date of possession is not material fact for deciding the period of holding to Compute Short Term or Long Term Capital Gain. ...

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5 Trouble Shooting Tips on filing of Form GSTR 3B, GSTR-1 & on Login issues

Taxpayer has paid all liability along with late fees and interest, but is unable to file Form GSTR 3B due to system error. Will he/she have to pay more late fees?...

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