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Archive: 06 January 2021

Posts in 06 January 2021

ITAT allows section 54 deduction on multiple flats in same premises

January 6, 2021 8379 Views 0 comment Print

Maurice Patrick De Rebello Vs ITO (ITAT Bangalore) The facts of the assessee’s case are similar to the case of Smt.K.G.Rukminiamma reported in 331 ITR 221 (Kar.) In the case of K.G.Rukminiamma (supra) the assessee on a site measuring 30′ x 110′ had a residential premises. Under a joint development agreement the assessee gave that […]

Hc explains category of Directors seeking setting aside of disqualification & activation of DIN/DSC

January 6, 2021 1275 Views 0 comment Print

Delhi HC sets aside director disqualification in Anjali Bhargava vs Union of India case. Reactivation of DIN and DSC ordered for CFSS-2020 benefit.

In absence of PE Training charges cannot be taxed as Business Income under DTAA with Sweden

January 6, 2021 1629 Views 0 comment Print

Explore the tax implications as Sandvik AB challenges the characterization of Training fees, testing DTAA provisions, and its application in the ITAT Pune decision.

Registration of Trust cannot be cancelled for non-filing of I.T. return due to misdeeds of ex-president

January 6, 2021 2142 Views 0 comment Print

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) ITAT observed that due to the negligence or cheating of past executive members and bad intention of misappropriation of funds by ex-president, they had not maintained the books of accounts and get their accounts audited by a chartered accountant. But after change of management and involvement of […]

Section 12A: Cancellation of trust registration with retrospective effect is invalid

January 6, 2021 5427 Views 0 comment Print

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) We are of the opinion that in the present case the ld. Pr. CIT(C) has found or made allegation or objection of diversion or mis appropriations of funds and not filling the Audit report and ITR, if any only in A.Y. 2014-15 to 2016-17 & not in […]

Law of Reopening of assessment under Section 147 of Income Tax Act 1961

January 6, 2021 5700 Views 0 comment Print

Kantibhai Dharamshibhai Narola Vs ACIT (Gujarat High Court) (i) The Court should be guided by the reasons recorded for the reassessment and not by the reasons or explanation given by the Assessing Officer at a later stage in respect of the notice of reassessment. To put it in other words, having regard to the entire […]

Reactivate DIN/DSC of directors of defaulting Companies: Delhi HC

January 6, 2021 1542 Views 0 comment Print

Explore the Delhi High Court’s decision in Anant Narain vs. Union of India, addressing the revival of DIN/DSC for directors under CFSS-2020. Learn about the scheme’s purpose, conditions, and implications for disqualified directors of struck-off companies.

Section 80P deduction eligible on Interest Income on Saving Bank Account

January 6, 2021 3939 Views 0 comment Print

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]

Statement recorded during survey without any supporting evidence have no Evidentiary value

January 6, 2021 5085 Views 0 comment Print

DCIT Vs Shhlok Enterprise (ITAT Surat) The assessing officer made addition on the basis of statement recorded during the survey without any supporting evidence or any adverse material on record. The learned Commissioner (Appeals) also concluded that it is settled legal position that statement recorded during the survey has no evidence of value moreover the […]

Kerala GST Department issues Informer management Instructions

January 6, 2021 2982 Views 0 comment Print

1. All information that is received should be recorded in duplicate in information slips. There is no specific format for information slip; it can be recorded in a plain sheet of paper. 2. The information slip so recorded should contain the Left Thumb Impression (LTI) of the informer. The name, designation and signature of the department official before whom it was recorded should also be indicated in the information slip.

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