1. Palaniammal Palaniappan Vs Income Tax Officer (Madras High Court), Case No : WP No. 12793 of 2018 And WMP No. 15016 of 2018, Dated : April 26, 2021 Reopening of assessment u/s 147 – assessee submitted that notice issued beyond the period of limitation of six years from the end of the relevant assessment […]
Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act,1961 (the Act) Earlier CBDT issued a circular on dated 30th April 2021 regarding the various Extensions of timelines out of that items one item is regarding to extend the timelines for filing CIT appeals: They mentioned in Point no. […]
Honda Motorcycle & Scooter India Pvt. Ltd Vs DCIT (ITAT Delhi) With respect to the TP adjustment to the export commission, which is claimed by the assessee that it is intrinsically, looked that the main activity of manufacturing and sale of products and as such could not be identified separately for benchmarking. It is also […]
Following section 144B shall be Ins. after section 144A by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, w.e.f. 1-4-2021 : Faceless Assessment. 144B. (1) Notwithstanding anything to the contrary contained in any other provisions of this Act, the assessment under sub-section (3) of section 143 or under section 144, […]
Pooja Marketing Vs. Pr. CIT (ITAT Mumbai) In the present case before us, the assessee had offered its entire income including income by way of winnings from lotteries on unsold lottery tickets, as income chargeable under the head ―Profits and gains of business or profession“. However, the ld PCIT had sought to treat the income […]
Batliboi Limited Vs DCIT (ITAT Mumbai) Assessee has received total sum of Rs.11,14,00,000/- from single purchaser on sale of land (Rs.5,72,84,600/-), towards building (Rs.64,90,400/-) and sale of additional FSI (Rs.4,76,25,000/-). We find that the total sale consideration of Rs.11.14 Crores has not been doubted by the Revenue. Admittedly, the aforesaid break-up of consideration has been […]
ACIT Vs Singareni Colleries Company Ltd. (ITAT Hyderabad) On careful reading of the Notes submitted by the assessee company it is clear that the assessee is providing interest at certain percentage and credited to the fund account. Further, he observed that it is also a fact that the insurance premium is paid out of interest […]
BSC C&C Kurali Toll Road Ltd. Vs DCIT (ITAT Delhi) The issue under dispute is with regard to availability of depreciation to the assessee whether it is to be allowed keeping the right to collect toll fee as intangible assets or it to be treated as building or plant & machinery as held in the […]
Supreme Court directs income tax dept to refund Rs. 733 Crores to Vodafone within four weeks.
India’s Ministry of Finance announced various relief measures in respect of Direct and In-Direct Compliances proposed by the government in respect of statutory and regulatory compliance matters in view of the outbreak of COVID–19. Since parliament is not in session, the Indian president has promulgated (Ordinance 2020), published in the official gazette on 31 March 2020, […]
