"25 October 2020" Archive

Dussehera gift of date extension, but what about Diwali gift of ITC?

Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dat...

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Extension of Tax Audit and ITR Due dates is a welcome Move

Extension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish […]...

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Advance Towards Sale of Property for Commercial & Business Purpose Can’t be Treated as Deemed Dividend

ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai)

The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?...

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Entire Purchase cannot be disallowed by Considering it as Bogus

Ilesh Amrutlal Gadhia Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the disallowance u/s 69C of entire purchase amount by considering it as bogus is justified in law?...

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Section 50C Cannot be Invoked if No Reference Made to Valuation Officer

Razia Abu Khatri V. ITO (ITAT Delhi)

The issue under consideration is whether AO is correct in invoking section 50C where no reference to valuation officer despite being request made by assessee?...

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Foreign exchange gains/loss from trade debtors/Creditors is operating in nature

Galax E Solutions India Pvt. Ltd. Vs ITO (ITAT Bangalore)

Galax E Solutions India Pvt. Ltd. Vs ITO (ITAT Bangalore) The revenue is assailing the decision of Ld DRP in holding that the gain/loss arising on account of fluctuation in foreign exchange is operating income/expenses. We notice that the Ld DRP has followed the decision rendered by the Tribunal in the case of Sap Labs […]...

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Not providing opportunity to assessee to cross examine witnesses makes the order nullity

IQ City Foundation Vs ACIT (ITAT Kolkata)

Hon’ble Supreme Court examined the omission on the part of the AO not providing opportunity to assessee to cross examine of two witnesses and held that it was a serious flaw and since the statements of those witnesses were made the basis of the impugned order this omission on the part of AO makes the order nullity inasmuch as it amounte...

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Explanation 7 to section 9(1)(i) of Income Tax Act is Retrospective

Augustus Capital Pte Ltd Vs DCIT (ITAT Delhi)

Assessing Officer was of the firm belief that operation of Explanation 7 to section 9(1)(i) of the Act is prospective, since it has been inserted by the Finance Act, 2015 and made effective from 01.04.2016 and, therefore, not applicable in the year under consideration....

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Reopening of assessment merely based on AIR Data is invalid

Raj Kumar Maheshwari Vs ITO (ITAT Jaipur)

CIT (A) upheld the reopening of the assessment by recording the reasons on incorrect facts. Hence in the facts and circumstances of the case, we find that the reopening of the assessment by the AO is without application of mind and simply going by the information received as per AIR Data. Hence the reopening of the assessment is quashed b...

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Dream11’s ‘online fantasy games’ is a game of skill & not ‘betting’

The Hon’ble HC, Rajasthan in the matter of Ravindra Singh Chaudhary vs. Union of India [D. B. Civil Writ Petition No. 20779/2019 dated October 16, 2020] held that Dream11’s online fantasy sports games are not betting/gambling. Facts: Ravindra Singh Chaudhary (“the Petitioner”) filed a Public Interest Litigation alleging that Dream...

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