"23 September 2023" Archive

Acceptance of Return of Income Without Calling Assessee Section 143(1)

Understand how Section 143(1) of the Income Tax Act, 1961 processes returns, makes adjustments, and issues intimation or demand notices to assesses....

Posted Under: Income Tax |

How To Value Supplies in Online Gaming and Casino: GST Implications

Explore GST implications and valuation methods for supplies in online gaming and casinos, including changes in tax laws and recent amendments....

Posted Under: Income Tax |

Is It Permissible to Use Third Party Trademark as Meta-Tags?

Explore legal implications of using third-party trademarks as meta-tags in online advertising, including court rulings and trademark infringement cases....

Posted Under: Income Tax | ,

Addition u/s 69A unjustified as evidences explaining nature & source of cash deposits filed

S. Tulasidoss Nedunselian Vs ACIT (ITAT Chennai)

ITAT Chennai held that addition towards unexplained money u/s 69A of the Income Tax Act unjustified as assessee has filed necessary evidence to explain nature and source for cash deposits....

Order passed u/s 153A without generating DIN is invalid

Abhimanyu Chaturvedi Vs DCIT (ITAT Delhi)

ITAT Delhi held that for the purpose of Section 153A/143(3) of the Income Tax Act, the assessment can be said to be ‘made’ only when the DIN is quoted on the order before it is signed. Order passed u/s 153A without first generating the DIN is invalid and bad-in-law....

Section 45(3) applies to capital asset transferred to firm by way of capital contribution

Nareshbhai Ishwardas Patel Vs I.T.O (ITAT Ahmedabad)

ITAT Ahmedabad held that the provision of section 50C of Act cannot be made applicable to transaction of capital assets transferred by assessee to a partnership firm by way capital contribution. Such transaction falls under the provision of section 45(3) of the Income Tax Act....

Section 56(2)(viic) not applies to fresh issuances or allotments of shares by a company

PCIT Vs Jigar Jashwantlal Shah (Gujarat High Court)

Read Gujarat High Court's recent ruling in PCIT vs. Jigar Jashwantlal Shah case regarding taxability of allotted shares under Section 56(2)(viic) of Income Tax Act....

Benefit u/s 35(2AB) available on expenditure on clinical trials outside approved in-house R&D facility

Marksans Pharma Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the benefit under section 35(2AB) of the Income Tax Act is also available in respect of expenditure on clinical trials outside the approved in-house R&D facility....

Refund claim rejected without considering material unjustified, hence matter restored

KS Commodities Private Limited Vs Assistant Commissioner Division Connaught Place CGST South (Delhi High Court)

Delhi High Court restored the matter to the Appellate Authority as refund claim was rejected without considering the material that establish that input supplies in respect of which ITC was claimed were in respect of export....

Matter restored as ex-parte addition made towards unexplained investment

Virender Singh Vs ITO (ITAT Delhi)

ITAT Delhi held that as lower authority made ex-parte addition towards unexplained investment u/s 69 of the Income Tax Act matter restored to CIT(A) for denovo adjudication giving last opportunity to assessee to explain source of investment....

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December 2023