Shanta Kapoor Vs ACIT (ITAT Agra) If AO omits to issue notice under section 148 of Income Tax Act, 1961 to all legal representative (LRs) of deceased assessee, the reassessment would be null and void. Assessee ‘deceased’ had 3 legal heirs, two being sons and one daughter. The AO had not issued notices to all the […]
Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra Third Member) The Id. DR cited several reasons, which, in his opinion, justified imposition of penalty, such as,. the RBI rejecting the application for registration of NBFC; names and addresses of the depositors not available; no books of account or vouchers available; a qualification by the auditors […]
Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections 15 and 16. Section 15 is the charging section qua income from salary, whereas section 16 deals with deduction there-from. Section 17(1)(iv) says that ‘salary’ includes, inter alia, perquisites. Relief u/s 89 is available in respect of […]
It is not disputed that that the withdrawal of the Circulars No. 23 and 786 has been made on 22-10-2009 vide CBDT Circular No. 7 of 2009 and mere withdrawal of the circular does not negate the principles of income deemed to accrue or arise in India or outside India.
Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]
B.S.A. College Vs CIT (ITAT Agra) Under section 12AA, CIT (E) was entitled to see as to whether objects of assessee were charitable in nature, and also whether activities were genuine or not. Examination of genuineness of activities would mean to see that activities were not by way of camouflage or bogus or artificial and […]
Because on due consideration of facts, circumstances of the case more particularly in view of the fact that transactions in currency derivatives made by the assessee which were all supported by time-stamped contract notes conducted at the floor of recognized stock exchange resulting into loss of Rs. 1,709,121, learned ‘CIT (Appeals) has erred in law holding the same as speculative transactions and thereby not allowing set off of same against other business income of the assessee
Notice u/s 148 of the Act can only be issued if the income escaping assessment amounts to, or is likely to amount to Rs. 1 lac. Non-recording of the reason by the Assessing Officer that the escaped income was likely to be Rs. 1 lac or more was fatal to the issuance of the notice for reassessment.
This bunch of appeals for AY 2013-14 are directed against the order of ld. CIT(A), Gwalior against upholding levy of fee u/s 234E of the Income Tax Act, 1961(hereinafter short the Act).
Addition u/s 40(a)(i) on account of non-deduction of tax on payments of commission to non-resident/foreign commission agents ignoring the facts that commission paid foreign commission agents is deemed to accrue or arise in India, which required deduction of tax as per section 195 of the I.T.Act..
