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ITAT imposes cost on Assessee for Casual & Cavalier Attitude of Assessee

November 6, 2022 1269 Views 0 comment Print

Reetesh Kumar Vs ITO (ITAT Jaipur) Bench observed that both the lower authorities had dismissed the appeal of the assessee ex-parte for want of non-appearance during the course of hearing.  In view of the request of the ld. AR of the assessee, the appeal of the assessee is restored to the file of the AO […]

Proper service of notice is vital for imposition of section 271(1)(b) penalty

November 6, 2022 1068 Views 0 comment Print

We are of the view that proper service of notice is vital for imposition of penalty under section 271(1)(b). In this regard, we draw reliance in case of CIT vs. Har Parshad (1990) 49 Taxman 168 (P&H).

Section 143(1) adjustment unsustainable – Rental Income treated as Business Income

November 6, 2022 1608 Views 0 comment Print

The Ld. AR has also submitted that the case for this year was picked up for scrutiny wherein the rental income has been assessed by AO as ‘business income’.

ITAT directs fresh hearing against ex-parte order- Imposes Cost on Assessee

November 6, 2022 621 Views 0 comment Print

Every assessee has a right to appeal before the authorities against any addition or disallowance made to the returned income, at the same time, it is least expected that the assessee would comply to the notices issued by the authorities in an appropriate way.

ITAT can grant stay only if assessee pays or furnishes security of 20 % of tax in dispute

November 6, 2022 2373 Views 0 comment Print

Tribunal can only grant a stay subject to a deposit of not less than 20% of disputed demand, or furnishing of security thereof, it cannot be open to us to grant a stay in violation of these basic statutory provisions.

No Section 271D Penalty if cash loan was taken from Director to meet urgent requirements of company

November 6, 2022 2838 Views 0 comment Print

ITAT Bangalore held that levy of penalty u/s 271D, for violation of provisions of section 269SS of the Income Tax Act, is unwarranted as the loan was advanced by the Executive Directors to the company in cash to meet the urgent requirements of the company.

No addition for undisclosed income if no incriminating material found during search

November 6, 2022 1155 Views 0 comment Print

ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same.

Provisions of section 40A(3) not apply in absence of actual cash transaction

November 6, 2022 1152 Views 0 comment Print

ITAT Kolkata held that the transaction of purchase of old gold jewellery in exchange of sale of new jewellery is covered under rule 6DD (d) and hence exempted from the provisions of section 40A(3) of the Income Tax Act. Further, there is no violation of provisions of section 40A(3) as there is no actual transaction of payment of cash.

Period of license cannot be considered on the issue of capitalisation of software expenses: ITAT

November 5, 2022 1308 Views 0 comment Print

The ITAT in the case of Transfer Pricing observed that the exclusion and inclusion of comparable companies could be determined on basis of the Judgments of Yahoo Software Development (India) Pvt. Ltd. (2020) 115 taxmann.com 60 (Bang Trib) and Goldman Sachs Services Pvt. Ltd. (IT(TP)A No. 2355/Bang/2019. Also while dealing with the issue of capitalisation of software expenses it was held that “period of license” cannot be considered but the kind of software “system software or application software” shall be taken into consideration.

ITAT Bangalore directed AO to apply MAP rate on International Transactions

November 5, 2022 1119 Views 0 comment Print

MAP rate should be applied by AO/TPO for the rest of the transitions of Rs.25,09,87,512 which was 4.42% of the total transactions. Accordingly, AO was directed to apply the MAP rate on the rest of the transactions for determination of the margin on the international transactions.

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