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Archive: July, 2022

Posts in July, 2022

No penalty for Bonafide Non-compliance with section 44AB Tax Audit Requirement

July 31, 2022 1149 Views 0 comment Print

Senapati Satija Vs ACIT (ITAT Delhi) In Section 271B of the Act, the discretion has been given to the Assessing Officer to direct the assessee to pay by way of penalty a sum equal to one-half percent of the total sales etc. etc. The provisions empower the Assessing Officer to levy the penalty as per […]

No section 43B addition if VAT Liability Paid Before Due Date of Filing Return

July 31, 2022 897 Views 0 comment Print

Lake View Hospitality Vs DCIT (ITAT Mumbai) As per the provision of section 43B of the Act, any sum payable by the assessee by way of tax, duty, cess or fee shall be allowable in computing the income of that previous year in which such sum is actually paid by the assessee. In the present […]

No Section 271F penalty when Assessee having 2 PAN filed return under anyone PAN

July 31, 2022 2970 Views 0 comment Print

Sudhi Jain Vs ITO (ITAT Cuttack) Assessee has filed her return of income at one place i.e. at Kolkata under her PAN A****2218B and the transactions done under PAN A****6846F are also duly reported and disclosed in the said return of income. No doubt has been shown by the revenue authorities on this contention of […]

Developer to follow AS 11 issued by ICAI & not AS-7 which applies to contractor

July 31, 2022 564 Views 0 comment Print

Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue has to be recognized by the assessee as per accounting standard 11 issued by the ICAI and not as per the accounting standard 7 which is applicable to the contractor. The accounting standard 11 says […]

No Addition for ‘Deemed Dividend’ if payment to person holding substantial interest not established

July 31, 2022 297 Views 0 comment Print

DCIT Vs Essel Finance VKC Forex Ltd. (ITAT Chennai) assessee has advanced sum of Rs.7.5 Crores to another entity for taking a property on lease. The same has been treated by Ld. AO as deemed dividend u/s 2(22)(e) of the Act on the ground that one of the directors of the assessee company held substantial […]

Section 152(6) & (7) of Companies Act, 2013 – Concept of Flexibility & Rigidity

July 31, 2022 21873 Views 4 comments Print

Explore the delicate balance of flexibility and rigidity in the Composition of the Board of Directors under Section 152(6) & (7) of the Companies Act, 2013. Unveil the concept of Rotational and Non-Rotational Directors, ensuring a robust governance structure. Applicable exclusively to Public Companies, witness the interplay of Members’ power in director appointments and removals. Delve into the nuanced provisions and categories exempt from rotation, from Independent Directors to Nominee Directors. Strengthen your understanding of the Companies Act, 2013, maintaining equilibrium in Board dynamics.

Annual letting value determinable as per rent control legislation as applicable

July 31, 2022 300 Views 0 comment Print

Held that property subjected to rent control legislation, however, annual letting value determined without considering the provisions of rent control legislation is untenable in law.

Bail granted to CA not being a beneficiary of illegal availment of ITC

July 31, 2022 5751 Views 0 comment Print

HC granted relief to a Chartered Accountant and held that judicial incarceration may not be prolonged, as it would unnecessarily curtail and fetter personal liberty of Petitioner.

No Section 271D penalty for journal entries passed out of business constraints

July 31, 2022 1395 Views 0 comment Print

ITAT held that business constraint and exigency and administrative convenience itself constitutes reasonable cause within the meaning of section 273B of the Act . Hence no penalty u/s 271D and 271E of the Act could be invoked for the same.

Reopening based on tangible material is valid if Assessee not filed Income Tax Return

July 31, 2022 603 Views 0 comment Print

Roop Raj Hospitality (P) Ltd Vs ITO (ITAT Delhi) Admittedly, in the present appeal, the assessee has not raised any ground on merits challenging the addition sustained by learned Commissioner (Appeals). On a query from the Bench, learned counsel appearing for the assessee submitted that assessee has accepted the addition sustained by learned Commissioner (Appeals). […]

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