Akhilesh Kumar Sah

Requirement to extend due date to file Tax audit report and related ITR

Income Tax - The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc.,...

Need to extend Income Tax Return due date of July 31 to December 31

Income Tax - Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned ...

Need to remove penal provisions in respect of Income Tax Returns due dates

Income Tax - Assessees as well as tax-practitioners are very much worried about the penal provisions in section 234F of the Income Tax Act, 1961 as well as harsh provisions in respect of newly introduced section 80AC of the Act where return of income is not furnished upto due date under section 139(1) of the Act....

For section 10A, total turnover is sum of export & domestic turnover

Income Tax - Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertakings in free trade zone, etc. For the purposes of section 10A, total turnover is sum of export turnover as well as domestic turnover...

Whether Inaugural Expenses Deductible Under Section 37 (1)

Income Tax - Many times reference has been sought regarding the question whether inaugural expenses incurred by a person are deductible under section 37(1) or not while computing the profits & gains from business or profession (of that person)....

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L&T Case: Classic example of change of opinion

DCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai) - The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in light of provisions of section 147 of the Act, and the assessment order passed by the AO u/s 143(3) of the Act, dated 29/12/2018 and came to the conclusion that the assessmen...

Allowance of depreciation on the basis of consistency: BSE Ltd. case

DCIT Vs. BSE Ltd. (ITAT Mumbai) - We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allow...

Liability for provisions can be measured only by using a substantial degree of estimation

ACIT Vs Eichers Motors Ltd (ITAT Delhi) - The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction....

Depreciation on non compete fee payment treating it as an intangible asset

DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai) - Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd. ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non �...

Initiation of penalty not valid if AO fails to record satisfaction for the same

ACIT Vs M/s. International Cars & Motors Ltd (ITAT Delhi) - Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)...

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Recent Posts in "Akhilesh Kumar Sah" | Total 198 Posts

Requirement to extend due date to file Tax audit report and related ITR

The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc.,...

Posted Under: Income Tax | Articles

L&T Case: Classic example of change of opinion

DCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai) -

The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in light of provisions of section 147 of the Act, and the assessment order passed by the AO u/s 143(3) of the Act, dated 29/12/2018 and came to the conclusion that the assessment has been reopened on change of opinion...

Allowance of depreciation on the basis of consistency: BSE Ltd. case

DCIT Vs. BSE Ltd. (ITAT Mumbai) -

We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the deprecation c...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Liability for provisions can be measured only by using a substantial degree of estimation

ACIT Vs Eichers Motors Ltd (ITAT Delhi) -

The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction....

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

Depreciation on non compete fee payment treating it as an intangible asset

DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai) -

Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd. ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non compete fee as an intangible asset unde...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Chennai

Initiation of penalty not valid if AO fails to record satisfaction for the same

ACIT Vs M/s. International Cars & Motors Ltd (ITAT Delhi) -

Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

Need to extend Income Tax Return due date of July 31 to December 31

Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned ...

Posted Under: Income Tax | Articles

Revenue share based licence fee is allowable expense U/s. 37(1)

AT & T Global Network Services (India) Pvt. Ltd. Vs JCIT (ITAT Delhi) -

Revenue share based licence fee held to be allowable expense under section 37(1), merely because the Revenue has not accepted the decision of the Hon'ble Delhi High Court and an SLP has been filed against the said order, the same cannot be a ground to disallow the expenditure unless and until the same is reversed or stayed by the Supreme ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

Expenditure on improvements on leasehold premises is capital expenditure

Carrier Air-conditioning & Refrigeration Ltd. Vs ACIT (ITAT Delhi) -

In other words, the amount so incurred would be capitalized entitling the assessee to depreciation as per the eligible rate. The learned Members of the ITAT held that the facts of the instant case precisely fall within the ambit of Explanation 1 to section 32 and upheld the impugned order treating such amount as capital expenditure, eli...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

ITAT condones delay in filing appeal as sufficient cause for delay was exist

Mercedes Benz Education Academy Vs ITO (ITAT Pune) -

The main plea of assessee was that because of multiplity of proceedings going on before different authorities filing of captioned appeal was delayed. The AR for the assessee had filed before ITAT an events chart of various assessment proceedings / appellate proceedings between the period 28.12.2007 to 21.05.2015, on which date the appeal ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Pune