"14 June 2022" Archive

One-time compensation treated as advance salary, relief u/s 89 available

Suryaji Shriram Patekar Vs ACIT (ITAT Mumbai)

Held that employee is eligible for relief u/s 89 on one-time lumpsum ex-gratia amounts payable by the employer as such compensation received is treated as salary received in advance....

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Empanelment -Indian Overseas Bank for Concurrent Audit 2022-23

INDIAN OVERSEAS BANK invites application from eligible Chartered Accountant firms for assignment of Concurrent Audit in the prescribed format available on our website https://www.iob.in/tenderlist.aspx. ...

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Penalty paid u/s 112(a) of Custom Act was not allowable as deduction

Akshay Khetter pal Vs ACIT (ITAT Delhi)

Akshay Khetter pal Vs ACIT (ITAT Delhi) Conclusion: Penalty u/s 112(a) of the Custom Act was sustainable as penalty was penal in nature and the payment made for discharge of punishment for violation of prohibited acts and/or restriction(s) imposed under the provisions of law, could not be considered as compensatory in natur and not allowa...

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Exotic Live Species stock duly declared as per advisory, summon illegal

Sukanta Mallick Vs Union of India (Calcutta High Court)

Stock of Exotic Live Spices was declared as per Voluntary Disclosure Scheme titled as 'Advisory for Dealing with Import of Exotic Live Species in India and declaration of stock' accordingly held that summon issued to the appellant by the respondent no. 3 is bad in law and illegal....

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Notice of sale issued without giving 15 days clear notice under Sarfaesi Act was bad in law

E. K. RAJAN Vs Authorized Officer (Kerala High Court)

E. K. RAJAN Vs Authorized Officer (Kerala High Court) Conclusion: Since there was a failure on the part of the respondent to serve notice of not less than 15 days upon assessee, therefore, the notice of sale proposing to auction the property of the was bad in law and the consequent sale was liable to […]...

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Revision u/s 263 can be invoked when there was lack of enquiry by AO

Radiant Life Care Mumbai Pvt. Ltd Vs PCIT (ITAT Mumbai)

Since AO had merely asked the assessee for filing information in respect of the grounds on which the case was selected and no meaningful enquiry had been carried out by the AO on the information filed by the assessee, therefore, revision under  section 263 by CIT was justified....

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Invocation of article 226 illegal for examination of factual-matrix

S K Srivastava Vs Central Board of Direct Taxes (Delhi High Court)

S K Srivastava Vs Central Board of Direct Taxes (Delhi High Court) The Income Tax Act, 1961 provides complete machinery for the assessment/ reassessment of tax, imposition of penalty and for obtaining relief with respect to an improper order. One ought to not abandon this machinery and invoke the jurisdiction of the High Court u/A [&helli...

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Credit of service tax paid, post GST, available u/s 140(1)

The Commissioner of Goods and Services Tax Vs Amrit Cement Limited (Meghalaya High Court)

The Commissioner of Goods and Services Tax Vs Amrit Cement Limited (Meghalaya High Court) The eligibility or entitlement to obtain cenvat credit, in terms of Section 140(1) of the Act of 2017, is based on whether the matter is reflected in the return which is filed as per the existing law in the manner prescribed; […]...

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CSR expenditure can be claimed as deduction u/s 80G

Sling Media Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Sling Media Pvt. Ltd. Vs DCIT (ITAT Bangalore) Payments forming part of CSR were claimed as deduction under section 80G. Held that assessee cannot be denied the benefit of claim under Chapter VI A, which is considered for computing ‘Total Taxable Income”. If assessee is denied this benefit, merely because such payment forms pa...

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Unabsorbed b/f depreciation and business loss allowed inspite of no manufacturing activity

Meghmani Energy Ltd. Vs DCIT (ITAT Ahmedabad)

Meghmani Energy Ltd. Vs DCIT (ITAT Ahmedabad) Set-off of unabsorbed brought forward depreciation and business loss allowed, even though there was no manufacturing activity during the year, as the business was not abandoned/ closed Facts- The assessee is engaged in the business of producing energy. During the course of the assessment proce...

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