"29 July 2023" Archive

Mere denial of claim of deduction doesn’t attract penalty u/s 271(1)(c)

Nirma Limited Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that imposition of penalty under section 271(1)(c) of the Income Tax Act unjustified as denial of claim of deduction u/s 80HH/ 80IA doesn’t tantamount to concealment of income and/or furnishing of inaccurate particulars of income....

Old currency notes receipt for booking of railway tickets allowed during demonetization

Jitendra Nemichand Gupta Vs ITO (ITAT Surat)

ITAT Surat held that addition towards cash deposited during demonetization period unwarranted as booking of railway tickets were allowed by way of old currency notes. Here, cash were received from various travelers for booking of railway tickets....

Deposits During Investigation Not Subject to Unjust Enrichment Principles

C.S.T. Vs Bharat Sanchar Nigam Ltd (CESTAT Ahmedabad)

CESTAT Ahmedabad held that any amount deposited during pendency of adjudication proceeding or investigation is in the nature of pre-deposit and principles of unjust enrichment is not applicable....

Addition u/s 68 confirmed on failure to discharge initial burden

ITO Vs Mahadev Dairy Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held that addition under section 68 of the Income Tax Act confirmed as assessee grossly failed to discharge initial burden of explaining and proving credit entries in the books of account....

Passing of final assessment order u/s 144C(13) without draft assessment order is unlawful

Eclinical Works India Pvt Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that assessing officer passed final assessment order u/s 144C(13) r.w.s 143(3) without passing a draft assessment order u/s 144C(1), said order being violative of provisions of Sec. 144C(1) deserved to be set aside....

Reopening Unjustified: No Link Between Available Material & Belief of Escaped Income

CIT Vs Spirit Global Construction Pvt. Ltd. (Delhi High Court)

Delhi High Court held that the reasons disclosed for re-opening do not allude to the material that was available to the AO which persuaded him to form a belief that income had escaped assessment. Hence, prerequisite before entering the realm of reassessment/assessment proceedings not met. Accordingly, addition not sustainable....

Indo-Thai DTAA Article 23 – Tax Credit Applies Only When Tax Paid

PCIT Vs Polyplex Corporation Ltd (Delhi High Court)

Delhi High Court held that tax credit could not be extended to the assessee, because it had not paid tax in Thailand, i.e., that benefit under Article 23 of the Indo-Thai DTAA could only be extended in a situation where the tax had actually been paid....

Bail Denied Due to sufficient Evidence availability in Money Laundering Case

Tarun Kumar Vs Assistant Director Directorate of Enforcement (Delhi High Court)

Held that there is sufficient incriminating evidence about the involvement of the accused/applicant in the offence of money laundering and accordingly the bail application is dismissed....

Updates on NPS-Lite-Swavalamban Scheme: Must-know Facts

Important updates on NPS-Lite-Swavalamban Scheme for subscribers. Learn about contributions, migration, updates and more on your pension scheme....

Posted Under: Income Tax |

ITAT Upholds Non-Granting of TDS Benefits to MD & CEO of company

Anirudh Bhuwalka Vs DCIT (ITAT Kolkata)

Read the full text of the order of ITAT Kolkata in the case of Anirudh Bhuwalka vs DCIT. The ITAT upheld the non-granting of TDS benefits due to non-deposition of TDS in the assessees income....

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February 2024