Section 56(2)(x) not attracted to trust created for benefit of members/relative of settler identified as beneficiaries

ITO Vs Aam Family Private Trust (ITAT Mumbai)

ITAT Mumbai held that provisions contained in section 56(2)(x) of the Income Tax Act are not attracted in case of the trust created for the benefit of the members / relatives of the settler who have been identified as beneficiaries....

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Initiation of reassessment proceeding by mere putting a seal as approving statement not sufficient

Ashok Kumar Agarwal Vs ITO (ITAT Delhi)

ITAT Delhi held that by mere putting a seal as approving statement is not sufficient for initiation of reassessment proceedings u/s 147. It proves that approving authority has granted the approval in mechanical manner without application of mind and hence initiation of reassessment proceedings invalid....

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If provisions of DTAA more beneficial then it supersedes provisions of income tax

Reverse Age Health Services Pte Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that the provisions of a DTAA (Double Taxation Avoidance Agreement) supersedes the provisions of the income tax Act in case their application is more beneficial....

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Matter restored to CIT(A) and cost imposed for continuous non-compliance to notice of CIT(A)

Kista Goud Idgi Medak Vs ITO (ITAT Hyderabad)

ITAT Hyderabad restore the issue to file of CIT(A)-NFAC as non-appearance before CIT(A)-NFAC due to unavoidable circumstance. Further, due to continuous non-compliance to the statutory notices issued by CIT(A)-NFAC, cost of INR 10,000 imposed to be paid to PM’s Relief Fund....

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Revision order u/s 263 rightly passed as AO failed to examine cash deposited during demonetization

K. Rajeswari Vs ACIT (ITAT Chennai)

ITAT Chennai held that as cash deposited by assessee received from petty shop owners on account of sale of its product during demonetization period was not examined by AO during assessment. Accordingly, PCIT rightly passed revision order u/s 263 directing AO to carry out necessary verification....

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Penalty u/s 271(1)(c) not leviable as disallowance of expense doesn’t mean incorrect furnishing of income

Kekri Cooperative Marketing Society Vs ITO (ITAT Jaipur)

ITAT Jaipur held that disallowance of expenses per se cannot mean that the assessee has furnished incorrect particulars of income. Accordingly, penalty under section 271(1)(c) of the Income Tax Act not leviable....

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Penalty cannot be cancelled for mere non-specification of limb under which penalty u/s 271(1)(c) is levied

Moola Padmaja Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad held that penalty under section 271(1)(c) of Income tax Act cannot be cancelled merely because of non-specification of limb i.e., for concealment of income or furnishing inaccurate particular of income under which penalty is levied....

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Reference to DVO for correct fair market value mandatory if requested by assessee

Ramdoss Ramvijay Kumar Vs ITO (ITAT Mumbai)

ITAT Mumbai held that even after request from assessee to refer DVO for correct fair market value of the subject property, AO was duty-bound to refer the same to DVO. Accordingly, matter remanded back with a direction to refer the matter to DVO and decide the issue....

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TDS u/s 195 not deductible as payment doesn’t qualify under fees for technical service

Hindustan Aeronautics Limited Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that payment made towards service charges to CGTM France doesnot fall under the category of fees for technical service. Accordingly, TDS u/s 195 of the Income Tax Act not deductible....

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Assessee being in tea plantation business, post disallowance of EPF, 40% will be taxable as per rule 8(1)

Hanuman Plantations Limited Vs ITO (ITAT Kolkata)

ITAT Kolkata held that post disallowance of employee contribution to PF, only 40% will be taxed as business income in terms of applicable provisions of rule 8(1) of Income Tax Rules, 1962 as assessee is engaged in tea plantation business....

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March 2023