"25 December 2018" Archive

Disallowance U/s. 40(a)(ia) not justified for Freight charges paid but not claimed as expense

CIT Vs Shree Choudhary Transport (Rajasthan High Court)

Where assessee was earning booking charges for facilitating transport of goods and was merely a conduit in passing the freight to the truck owners, who were actually plying trucks, disallowance under section 40(a)(ia) was not justified because freight payment was not even claimed by assessee as an expense in its profit and loss account....

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No penalty for mere non-reflection of Income surrendered voluntarily in ITR

Sudhir Khandelwal Vs ITO (ITAT Delhi)

Where assessee had already paid income-tax on the amount surrendered during the course of survey, it could not be said that the surrendered income was not voluntary and the assessee wanted to conceal the income, therefore, imposition of penalty under section 271(1)(c) was not justified....

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Reopening merely on the basis of information received without application of mind by AO is invalid

DCIT Vs. M.D. Garments Pvt. Ltd.(ITAT Kolkata)

Reopening of assessment beyond four years merely on the basis of information received, however, without pointing out failure of assessee to furnish truly and fully all material facts was not valid....

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Assessment U/s. 153A invalid in absence of valid search at assessee’s business premises

Regency Mahavir Properties v. ACIT (ITAT Mumbai)

Where valid search was not conducted at assessee’s business premises then until and unless AO assumes valid jurisdiction under section 153A, assessment, therefore, made in consequence of notice issued under section 153A, was invalid and void ab initio....

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Delay in hearing Miscellaneous Applications by ITAT: HC expresses displeasure

Lupin Investments Pvt. Ltd vs. ITAT (Bombay High Court)

Lupin Investments Pvt. Ltd vs. ITAT (Bombay High Court) HC observed that we are at a loss to understand as to why the Income Tax Appellate Tribunal has not communicated to the petitioner regarding fixing a specific date of hearing of a Miscellaneous Application invoking Section 254(2) of the Income Tax Act, 1961. In this […]...

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HC dismisses belated writ filed against non refund of seized cash

Kishore Jagjivandas Tanna vs. JDIT (Bombay High Court)

Kishore Jagjivandas Tanna Vs. JDIT (Bombay High Court) The Department in the Assessment Order expressly refers to this Court’s earlier order in the petitioner’s Writ Petition No.721 of 1988. Still it makes no order of refund. If this is an erroneous order and the Department failed to rectify it, then, the petitioner’s remedy was to ...

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Categorical finding of fact by ITAT cannot be challenged as a substantial question of law

PCIT Vs NVP Venture Capital India Pvt. Ltd (Bombay High Court)

ITAT came to a finding that Motilal Oswal Investments Advisory Pvt. Ltd. was not a concern which could be included in the list of comparable companies. We do not think that these findings of fact are in any way perverse or vitiated by any error apparent on the face of the record which, in turn, would give rise to any substantial question ...

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Suggestions for simplifying GST Compliance procedures

After implementation of Goods and Services Tax (GST), there was a common perception among general public that now compliances will be made very easy. But that perception shattered from the very first month of return filing. Over complicated forms, a non responsive portal, confused drafting, huge data compilation etc resulted in overall di...

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Posted Under: Income Tax |

What are GST related Gifts from the bag of Santa Clause?

31st GST Council Meeting held on Saturday, took decisions on ITC, Tax Slab Rates, Composition Scheme, Return Filing process etc. Leading to a wonderful gift to all taxpayers before Christmas from Santa Clause (through Government)....

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Posted Under: Income Tax |

Companies (Amendment) Ordinance, 2018- 10 Things to know

The Companies (Amendment) Ordinance, 2018 was promulgated on November 2, 2018. It amends several provisions in the Companies Act, 2013 relating to penalties, among others. Companies (Amendment) Ordinance, 2018 1. The issue of shares at a discount The Act prohibits a company from issuing shares at a discount, except in certain cases.  On ...

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Posted Under: Income Tax |