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Onus to prove that income falls under Exemption provisions Fully Lies on Taxpayer

August 8, 2020 2811 Views 0 comment Print

ITAT reiterate that the assessee is seeking to claim exemption from income tax on gains arisen from sale of land on the ground that the land was an agricultural land used for agricultural purposes by the assessee and the onus is on the assessee to prove that its case strictly falls under exemption provisions as are contained in the 1961 Act. Thus, the appeal filed by the assessee is allowed for statistical purposes.

Section 234B interest cannot be imposed on Payee in case of Failure of Payer to Deduct TDS

August 8, 2020 1278 Views 0 comment Print

ITAT states that under this issue the assessee has challenged the levy of interest u/s 234B of the Act. The payer is under obligation to deduct the tax at source and on account of failure of payer to deduct the tax at source, the penalty interest u/s 234B cannot be imposed on the payee.

Section 14A disallowance cannot exceed Actual Expense incurred for earning exempt income

August 8, 2020 1437 Views 0 comment Print

The issue under consideration is whether the disallowance under 14A can be exceed the actual expenditure incurred in this regard?

If two Constructions are Possible then one in Favour of Assessee should be Applied

August 8, 2020 1731 Views 0 comment Print

The issue under consideration is whether late fee u/s 234E can be levied prior to 1.6.2015 i.e. prior to enactment of section 234E?

Stamp duty on lease deed for carrying on of business allowable

August 8, 2020 6285 Views 0 comment Print

Period of lease for which the property has been taken cannot be regarded as a decisive test to determine the nature of the expenditure. It is not disputed that the stamp duty amount has been paid on lease deed for the carrying on of the business of the assessee and therefore the amount of stamp duty paid for has to be allowed as revenue expenditure.

Framing Assessment against Non-Existent Amalgamating Entity is Unsustainable

August 7, 2020 819 Views 0 comment Print

Genpact India Pvt. Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether the framing of an assessment against a non-existent amalgamating entity is sustainable in law?

No section 68 Addition if Asessee proves Genuineness & Creditworthiness of Creditors

August 7, 2020 1545 Views 0 comment Print

The issue under consideration is whether the addition on account of advances from customers treating the same as unexplained liability (Section 68) is justified in law?

No income tax on Revenue from IDC/Management /Referral Agreement under India-Singapore DTAA

August 6, 2020 1248 Views 0 comment Print

The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?

Penalty Order in Name of erstwhile Dissolved Company is invalid

August 6, 2020 1950 Views 0 comment Print

Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;

Loose papers cannot be classified as ‘incriminating material’ unless AO establishes nexus

August 6, 2020 4035 Views 0 comment Print

For instance, scribbling or rough notings found on loose papers cannot be straightaway classified as ‘incriminating material’ unless the AO establishes nexus or connect of such notings with unearthing of undisclosed income of the assessee. This nexus or connect has to be brought out in explicit terms with corroborative material or evidence which any prudent man properly instructed in law must be able to understand or correlate so as to justify the AO’s inference of undisclosed income from such seized incriminating material.

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