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Archive: 13 March 2022

Posts in 13 March 2022

ITAT allowed section 54F exemption against new residential house purchased

March 13, 2022 960 Views 0 comment Print

ITO Vs Sh. Subhash Chandra Narang (ITAT Delhi) Undisputedly, the Assessing Officer has added an amount of Rs.3,18,61,356/- as long term capital gain. The aforesaid addition is as a result of couple of disallowances, viz., disallowance of cost of improvement amounting to Rs.1,65,39,435/- and deduction claimed under section 54F of the Act towards investment in […]

HC suspends order cancelling GST registration based on Vague reasons

March 13, 2022 2511 Views 0 comment Print

Galaxy Mechanical Engineering Equipments Private Ltd. Vs Assistant Commissioner (Calcutta High Court) In this matter, petitioner has challenged the impugned show-cause notice for cancellation of registration of the petitioner and suspending the registration of the petitioner by the same impugned show-cause notice itself and petitioner has further challenged the impugned show-cause notice for cancellation of […]

Invalid IDS, 2016 Declaration not a Reasonable Cause for Non-filing of ITR- ITAT upheld section 271F penalty

March 13, 2022 1185 Views 0 comment Print

Kamla Chandrasingh Kabali Vs ACIT (ITAT Mumbai) ITAT find that the claim of the assessee that she has declared income under the IDS 2016 cannot be a tenable explanation as the declaration was not supported by payment of due taxes on the income declared and, therefore, it was an invalid declaration. No other reasonable cause […]

Further Profit Attribution not required if Indian AE is remunerated at ALP

March 13, 2022 1734 Views 0 comment Print

ITAT held that when Indian A.E. is remunerated at arm’s length price (ALP) no further profit attribution is required and the issue of existence of P.E. becomes wholly tax neutral.

Changes in Companies Act, 2013 you must know – Part I

March 13, 2022 12411 Views 0 comment Print

1. Amendment for use of Accounting Software having Audit Trail (i) Now all companies are “mandatory” required to use accounting software having audit trail of each transaction besides the original transactions were rectified or deleted. This requirement is applicable from April 01, 2021. (ii) Applicability of this provision is deferred for 1 year, hence it […]

No addition can be made in section 153C assessment if AO not referred any incriminating material in his order

March 13, 2022 2541 Views 0 comment Print

PCIT Vs Vikas Telecom Ltd (Delhi High Court) In this case the learned Assessing Officer while farming the assessment order has not referred to any seized documents belonging to the assessee found during the course of search proceedings. In the remand proceedings the learned Assessing Officer has also submitted that no any incriminating materials have […]

Reopening based on borrowed satisfaction is invalid

March 13, 2022 4668 Views 0 comment Print

Surani Steel Tubes Limited Vs ITO (Gujarat High Court) High Court noted that the entire base for reopening assessment is on the premise that there was ‘information’ supplied by the Investigation Wing and the Assessing Officer has made cursorily reference to high value transaction of Rs.26,42,027/- as well as also referred to accommodation entry entered […]

Internal family arrangement not relevant for Capital Gain computation

March 13, 2022 1041 Views 0 comment Print

Dr. E.S. Krishnamoorthy Vs ITO (ITAT Chennai) The facts with regard to ownership of property by three co-owners and their respective share in right and interest in the property is not in dispute. As admitted by the assessee himself, he owned 42.5% share in the property. The land owners have received two flats measuring 4092 […]

Licensing of software products of Microsoft in India not taxable as Royalty

March 13, 2022 1827 Views 0 comment Print

High court held that licensing of software products of Microsoft in the Territory of India by the Respondent was not taxable in India as Royalty under Section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA.

Section 68 addition justified for non-production of persons summoned

March 13, 2022 516 Views 0 comment Print

Explore the ITAT Delhi’s decision on Anandtex Int. P. Ltd’s case against addition under section 68 of the Income Tax Act. Learn about the challenges related to share application money and share premium.

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