"23 May 2021" Archive

No Section 272A(2)(k) penalty merely for delay in filing Quarterly TDS Statement

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Mumbai)

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Mumbai) We have also considered judicial precedents placed on record. In this case penalty has been levied u/s. 272A(2)(k) of the Act due to late filing of TDS statements/returns. However, it is an undisputed fact as admitted by the parties herein, that no loss has been caused to the […]...

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Section 54EC deduction eligible if Investment in Bonds within 6 months from Transfer

Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata)

Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata) It is observed that the long-term capital gain of Rs.6,14,674/- had arisen to the assessee as a result of residential property sold on 12.06.2013 and in order to claim exemption on account of long-term capital gain under section 54EC of the Act, the assessee was required to […]...

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Section 54F deduction on payment for residential house eligible till due date of belated return filing

Smt. Vatsala Asthana Vs ITO (ITAT Delhi)

Smt. Vatsala Asthana Vs ITO (ITAT Delhi) Regarding the payment made by the assessee before 31/03/2014, Hon7ble High Court of Rajasthan in the case of Shankar Lal Saini (supra) held that, where assessee, an individual deposited unutilized sale consideration in capital gains scheme within the due date of filing of belated tax return under s...

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Section 54 amendment restricting deduction to One Residential House is prospective

Dinesh Chandra Dutta Bhargava Vs DCIT (ITAT Agra)

Dinesh Chandra Dutta Bhargava Vs DCIT (ITAT Agra) The only question to be adjudicated in the instant case is whether the assessee is entitled for deduction u/s. 54/54F of the Act in the attending circumstances of the case or not and whether the changed legal position of section 54, as noted by ld. CIT(A), is […]...

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Section 54F exemption cannot be denied for mere delay in construction completion

Shivratan Shrigopal Mundada Vs ACIT (ITAT Pune)

Shivratan Shrigopal Mundada Vs ACIT (ITAT Pune) We do not find any relevance of the ‘completion of construction’ insofar as the exemption u/s.54F is concerned. What the section requires is that the assessee purchases a new residential house or “has within a period of three years, after the date constructed, one residential house in ...

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Bar Associations entitled for Section 12AA Registration

Building Committee (Society) Barnala Vs CIT (Exemption) (ITAT Chandigarh)

Building Committee (Society) Barnala Vs CIT (Exemption) (ITAT Chandigarh) It is pertinent to observe that the ld.CIT(E) failed to comprehend the role of Bar Association in judicial dispensation. He construed the existence of the assessee-society in a very narrow manner, as if it is a group of some professionals who are working for their i...

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Cost for providing parking space to shop owners of Mall allowable

Crown International Vs ACIT (ITAT Delhi)

Crown International Vs ACIT (ITAT Delhi)  There is no dispute on the amount as well as of the fact that the adjacent plot was used for parking space by the shop orders. The only reason is that there was no legal obligation on the assessee to provide a parking space to the shop owners and […]...

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Department appeal before HC with Tax effect less than Rs. 1 crore not maintainable

Commissioner of Central GST Vs Adhikari Engineering (Karnataka High Court)

The Commissioner of Central GST Vs Adhikari Engineering (Karnataka High Court) At the outset, learned counsel appearing for the respondent has argued before this Court that the monetary limit involved is less than Rs.1 crore and in the light of the circular issued by the Central Board of Direct Taxes dated 22.08.2019, the appeal itself [&...

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Income from development agreement to Land Owner is capital gain if owner not undertaken any development activity

Meena Lahoti Vs ITO (ITAT Hyderabad)

Meena Lahoti Vs Income Tax Officer (ITAT Hyderabad) Learned counsel’s argued that both the learned lower authorities have erred in law and on facts in adding impugned short term capital gains of Rs.51,72,920/- thereby ignoring the clinching fact that she had in fact indulged in development of her land in issue in the nature of […...

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Reassessment based on Incorrect/Non-Existing reasons is Illegal & Bad in Law

VSR Enterprises Vs ITO (ITAT Delhi)

VSR Enterprises Vs ITO (ITAT Delhi) Assessing Officer in the instant case has recorded incorrect/wrong and non-existing reasons in the reason for reopening of the assessment and has not applied his mind to the information received from REIC, Ward 43(4)(New Delhi). Therefore, the reopening of the assessment is illegal and bad in law and is...

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