"20 March 2022" Archive

All About Updated Return

As per this new clause, a Taxpayer will be allowed to file an 'Updated Return' to file Pending Return or correct the Omissions and Errors that are reported in the Original Return. The Time limit for filing the Updated Return is within two years from the end of relevant Assessment year....

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Posted Under: Income Tax |

Request for relaxation on levy of additional fee in filing of ROC forms

Request for relaxation on levy of additional fee in filing of e-forms AOC 4, AOC 4 (CFS), AOC 4- XBRL, AOC 4 Non XBRL and MGT 7/MGT 7A for the financial year ended on 31.03.2021 under the Companies Act 2013 DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 […]...

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Posted Under: Income Tax |

Section 271(1)(c) penalty cannot be levied if concealment of income not proven

CIT (International Taxation) Vs Gracemac Corporation (Delhi High Court)

CIT (International Taxation) Vs Gracemac Corporation (Delhi High Court) This Court is in agreement with the opinion of the Tribunal that Section 271(1)(c) penalty can only be levied in such cases where concealment of income has been proven. If the quantum order itself has been set aside in an appeal preferred by the respondent/assessee, t...

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CENVAT credit receivables which cannot be set off allowable as expense

Nagesh Knitwears Pvt. Ltd. Vs ACIT (ITAT Delhi)

This is generally a regular practice in the manufacturing sector which is also followed by the assessee from year to year. The CENVAT credit receivables which could not be set off has been rightly claimed by the assessee as deduction....

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Section 153C addition should be based on Incriminating Materials Found During Search

Ashok Kumar Tyagi Vs ACIT (ITAT Delhi)

Ashok Kumar Tyagi Vs ACIT (ITAT Delhi) ITAT held that the addition of agricultural income as income from other sources was not based on any incriminating/seized material found as a result of search. Even, the disallowance of loss claimed against house property income is also not with reference to any seized material. It is a […]...

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PCIT cannot exercise section 263 jurisdiction merely for not liking the order of AO

Smt. Sarita Kashyap Vs PCIT (ITAT Delhi)

Smt. Sarita Kashyap Vs PCIT (ITAT Delhi) A scrutiny of the assessment order would clearly reveal that it is not a case where the Assessing Officer has passed the order mechanically without any inquiry and proper application of mind. Whereas, learned PCIT has considered the assessment order erroneous and prejudicial to the interest of Reve...

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Transfer takes place only when it becomes operational

Beena Shammi Chaudhari Vs ITO (ITAT Pune)

Beena Shammi Chaudhari Vs ITO (ITAT Pune) `A registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made, and not from the time of its registration‟. A document is first executed and then submitted for registration, if required. Normally, it takes [&h...

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Allegation of mala fide cannot be sustained merely on the basis of a reasonable apprehension

Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court)

Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court) With regard to the allegation of mala fide it would be apposite to note that the same is to be established to a specific assertion on the basis of proven facts and not on the basis of conjectures and surmises. The burden of establishing mala fide […]...

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Dispute concerning an exemption cannot be equated with a dispute in relation to Custom duty rate

Asean Cableship Pte. Ltd. Vs Commissioner of Customs (Supreme Court of India)

Asean Cableship Pte. Ltd. Vs Commissioner of Customs (Supreme Court of India) The short question to be considered in the present Special Leave Petition, is whether, against the order passed by the CESTAT impugned before the High Court the appeal would be maintainable before the High Court under Section 130(1) of the Act or the appea...

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Starting of activities of trust is not a condition precedent for grant of Section 80G approval

Malla Foundation Vs CIT (Exemption) (ITAT Bangalore)

Malla Foundation Vs CIT (Exemption) (ITAT Bangalore) The CIT(E) has refused to grant approval u/s 80G of the Act primarily for the reason that the assessee has not produced the necessary proof as regards the activities of the assessee-trust and in absence of the same it is not possible to verify the genuineness of the […]...

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