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Archive: 08 January 2023

Posts in 08 January 2023

Only net result of unaccounted purchases & sales is taxable

January 8, 2023 2802 Views 0 comment Print

We do not agree with the reasons given by the AO for the simple reason that when survey team was noticed unaccounted purchases & unaccounted sales and also difference has been treated as unaccounted income of the assessee, then question of making further additions towards unaccounted purchases does not arise. Moreover, it is only net result of unaccounted purchases & unaccounted sales, needs to be taxed.

Settlement Commission cannot grant immunity from Interest Liability on or after 01.06.2007

January 8, 2023 789 Views 0 comment Print

Section 127H of the Act of 1962 confers power on the Settlement Commission to grant immunity from prosecution and penalty. Section 127H(1) as it read prior to 1 June 2007 empowered the Settlement Commission, upon satisfaction of the conditions laid down in the provisions, to grant immunity either wholly or in part from the imposition of any penalty, fine and interest.

Income from Tea bushes & shade trees grown for protection of tea bushes is Agricultural Income

January 8, 2023 2427 Views 0 comment Print

Doloo Tea Company (India) Ltd Vs ACIT (ITAT Kolkata) Admittedly, in this case in hand, the land has already been treated as agricultural land not capital in nature and the tea bushes have been cultivated by the assessee to obtain tea leaves and the shade trees are grown by the assessee for the protection of […]

Mere Use of Building without consideration by Trust cannot be said as unexplained investment

January 8, 2023 633 Views 0 comment Print

Merely because building was used by assessee-trust without consideration that cannot be said to be, in any way, any unexplained investment by assessee-trust justifying addition under section 69

Delhi HC quashes Notice and Order issued on wrong PAN

January 8, 2023 2955 Views 0 comment Print

A perusal of the instruction would show that PAN – AAACK4O32H concerns an entity going by the name K.G. Finvest Pvt. Ltd. This PAN does not concern M/s Kanhaiya Impex Pvt. Ltd. The petitioner’s stand that it had not entered into any transaction with M/s Kanhaiya Impex Pvt. Ltd. is correct. Given this position, in our view, both the notice which is issued under Section 148 A (b) of the Act and the order that was passed under Section 148 A (d) of the Act suffer from obvious errors.

Section 271(1)(b) Penalty cannot be imposed if Assessment was Completed U/s. 143(3)

January 8, 2023 34530 Views 0 comment Print

Sardarmal Kothari Vs ACIT (ITAT Chennai) ITAT held that when an assessment has been made under sec.143(3) and not under sec.144 of the I.T. Act, it means that subsequent compliance in the assessment proceedings was considered as good compliance and the defaults committed earlier were ignored by the Assessing Officer and, therefore, there is no […]

Assessee eligible for refund of Amount Pre-Deposited During Investigation & Not Adjusted under SVLDRS

January 8, 2023 1347 Views 0 comment Print

B.L. Goel & Company Vs Commissioner of Central Excise & Central Goods & Service Tax (CESTAT Delhi) The brief facts are that the appellant is engaged in running Works Contract Services and services of construction of residential complexes during the period 2013-14 till 2017-2018 (June 2017). Show cause notice dated 23.04.2019 was issued demanding service […]

Debatable & contentious Issues cannot be Rectified under section 154

January 8, 2023 1188 Views 0 comment Print

ITAT held that first of all the assessee has offered this in assessment year 2007-08, it cannot be added again and moreover, this being highly contentious issue and debatable whether this is to be assessed in assessment year 2007- 08 or 2009-10, it cannot be rectified while acting u/s.154 of the Act.

Interior expenses on rented premises cannot be categorized as capital in nature

January 8, 2023 2775 Views 0 comment Print

Ved Indian Heritage Haat Foundation Vs ITO (ITAT Ahmedabad) Admittedly, the assessee is running its business from the rented premises which was taken for the lock in period of 60 months. Furthermore, in the rent agreement, there was the clause of renewal of the agreement. Accordingly, AO was of the view that the expenditures incurred […]

How the Russia-Ukrain War could alter India’s Budget 2023-24

January 8, 2023 930 Views 0 comment Print

Explore the potential impact of the Russia-Ukraine war on Indias Budget 2023-24. Learn how geopolitical tensions may influence economic stability, prices, and foreign investments. Discover the budget amendments aimed at ensuring citizen welfare, education, employment, and infrastructure development.

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