Income Tax - Page 3

Expense cannot be disallowed merely for non-production of vouchers by employees

Hero Motocorp Ltd Vs ACIT (ITAT Delhi)

Hero Motocorp Ltd Vs ACIT (ITAT Delhi) Regarding Ground No. 16 relating to disallowance of reimbursement of foreign travelling expenses to directors/employees amounting to 7.38 crores, the Ld. AR submitted that the disallowance was made on the ground of non-submission of evidence/proof of actual expenses incurred by employees. It was subm...

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Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax

Shankar Lal Kumawat Vs ITO (ITAT Jaipur)

Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is […]...

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Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi)

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) As regards penalty order, firstly, the correct limb was not struck off or rather indicated by the Assessing Officer in the notice under Section 274 r.w.s. 271(1)(c) of the Act and hence the decision of the Jurisdictional High Court in case of M/s Sahara India Life Insurance […]...

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HC directs ROC to remove disqualification of Director for Active Companies & reactivate his DINs/DSCs

Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court)

Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) The Petitioner is a Director in five companies. Due to non-filing of annual returns and balance sheets in one of the companies, the Petitioner was disqualified as a director in 2017 with effect from 1st November, 2017 to 31st October, 2022 under Section 164(2)(a) […]...

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No Tax on Consideration received for compulsory acquisition of land & Building

Madaparambil Varkey Varghese Vs ACIT (Kerala High Court)

Madaparambil Varkey Varghese Vs ACIT (Kerala High Court) The compensation awarded for the acquisition of land, buildings etc of the petitioner by Kochi Metro Rail Project is Rs.7,54,24,705/-. During the Assessment Year 2016-17 the petitioner has received 80% of the compensation determined through Award dated 30.10.2015. While computing th...

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No Section 153C addition in case no incriminating material found

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad)

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad) The question that arises for our adjudication whether the document in the form of tally and balance sheet found during the course of search is an incriminating document in nature. In our considered view such document are not an incriminating material, as such those d...

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No Section 271AAA penalty on ad-hoc addition based on average GP rate

Ace Steel Fab (P) Ltd. Vs DCIT (ITAT Delhi)

M/s Ace Steel Fab (P) Ltd. Vs DCIT (ITAT Delhi)  In the present appeal, the only addition made in the income was of Rs.11,52,300/- on account of estimation of Gross Profit @ 68%. It is the contention of the assessee that the discrepancy in stock was due to malfunction in the ERP software. Though, this […]...

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No section 40(a)(ia) disallowance  on cost sharing reimbursements without TDS deduction

DCIT Vs Pfizer Products(India) Pvt Ltd. (ITAT Mumbai)

DCIT Vs Pfizer Products (India) Pvt Ltd. (ITAT Mumbai) In terms of the agreement with M/s. Pfizer Ltd., assessee was sharing services of certain employees and other facilities which belonged to M/s. Pfizer Ltd. The reimbursement of such expenses due or paid to M/s. Pfizer Ltd. amounts to Rs.14,51,77,000/- and has been included under the [...

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Reopening based on mistaken facts was invalid

Excel Financial Consultants Pvt. Ltd. Vs ITO (ITAT Kolkata)

Therefore, reasons are to be examined only on the basis of reasons as recorded. Here, in this case, I note that the A.O on mistaken facts resorted to reopening which is an admitted fact on a perusal of re-assessment order (supra). Therefore, the condition precedent for reopening the assessment u/s 147 of the Act is found to be absent and,...

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Section 35(2AB) Deduction for Scientific research expenditure- ITAT restores file to PCIT

Botil Oil Tools (I) Pvt. Ltd. Vs PCIT (ITAT Delhi)

Botil Oil Tools (I) Pvt. Ltd. Vs PCIT (ITAT Delhi) Facts of the case, in brief, are that the assessee is a company engaged in the business of manufacturing Oil Field Drilling and Production Equipment, which are used for drilling the Wells to pull out the oil from the wells. It filed its return of […]...

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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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April 2021