Akhilesh Kumar Sah

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....

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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...

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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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Review of extension of date for filing audit reports & ITRs is a must

Income Tax - It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2...

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Extend Due Dates for Composite scheme & GST Return filing

Income Tax - There are many assessees who are still in the process of migration & many files have not been yet converted at the GST portal as final due to some technical and procedural problems. Also, there are problems in respect of claim of ITC in filing of GST Returns....

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Subsidy based on reimbursement of sales tax – revenue or capital receipt?

PepsiCo India Holdings Pvt. Ltd, (erstwhile Pepsi Foods Pvt. Ltd.) Vs Addl. CIT (ITAT Delhi) - ITAT, Delhi held that the subsidy received by the assessee from the subsidy received under the West Bengal Incentive Scheme of 2004 was capital in nature and could not be taxed as revenue receipts. ...

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In absence of PE in India No tax on money received by IBM Philippines in the course of their business

DCIT, International Taxation Vs IBM India Pvt. Ltd (ITAT Bangalore) - IBM India Pvt. Ltd case: IBM Philippines received the monies in the course of their business and did not have PE in India and therefore the receipt in question could not be brought to tax...

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Sushmita Sen gets relief from ITAT in Income Tax penalty case

Sushmita Sen Vs ACIT (ITAT Mumbai) - Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted...

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No Penalty when Assessee disclosed all facts in COI filed with ROI

ACIT Vs. M/s Novartis India Pvt. Ltd. (ITAT Mumbai) - Where claim of deduction had came up with a complete disclosure of all the facts by way of a note to the Computation of Income (COI) filed with assessee’s Return of Income (ROI) for the year under consideration, no penalty under section 271(1)(c) was called for :Novartis India case...

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Assessment reopened merely based on details already on record is invalid

DCIT Vs Yamaha Motor India Sales Pvt. Ltd. (ITAT Delhi) - There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO....

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Recent Posts in "Akhilesh Kumar Sah"

Subsidy based on reimbursement of sales tax – revenue or capital receipt?

PepsiCo India Holdings Pvt. Ltd, (erstwhile Pepsi Foods Pvt. Ltd.) Vs Addl. CIT (ITAT Delhi)

ITAT, Delhi held that the subsidy received by the assessee from the subsidy received under the West Bengal Incentive Scheme of 2004 was capital in nature and could not be taxed as revenue receipts. ...

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In absence of PE in India No tax on money received by IBM Philippines in the course of their business

DCIT, International Taxation Vs IBM India Pvt. Ltd (ITAT Bangalore)

IBM India Pvt. Ltd case: IBM Philippines received the monies in the course of their business and did not have PE in India and therefore the receipt in question could not be brought to tax...

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Sushmita Sen gets relief from ITAT in Income Tax penalty case

Sushmita Sen Vs ACIT (ITAT Mumbai)

Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted...

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No Penalty when Assessee disclosed all facts in COI filed with ROI

ACIT Vs. M/s Novartis India Pvt. Ltd. (ITAT Mumbai)

Where claim of deduction had came up with a complete disclosure of all the facts by way of a note to the Computation of Income (COI) filed with assessee’s Return of Income (ROI) for the year under consideration, no penalty under section 271(1)(c) was called for :Novartis India case...

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Assessment reopened merely based on details already on record is invalid

DCIT Vs Yamaha Motor India Sales Pvt. Ltd. (ITAT Delhi)

There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO....

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Where issue is a debatable legal issue, penalty U/s. 271(1)(c ) not leviable: PVR case

DCIT Vs PVR Ltd. (ITAT Delhi)

DCIT Vs PVR Ltd. (ITAT Delhi) Advocate Akhilesh Kumar Sah Many cases are emerging out in which it is being held that where a claim by assessee is in respect of a debatable issue, penalty under section 271(1)(c ) of the Income tax Act, 1961(for short ‘the Act’) cannot be imposed. Recently, in DCIT vs. PVR […]...

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AO has to strike off & specify the limb to initiate penalty proceedings

Deutsche Bank AG, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)

Deutsche Bank Ag, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)- Assessing Officer has to strike off and specify the charge/limb for which he is proposing to initiate penalty proceedings under section 271(1)(c): Deutsche Bank case...

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International transaction cannot be presumed merely on the basis of Statement of Assessee

Renault India P. Ltd. vs. DCIT (ITAT Chennai)

Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction ...

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Reassessment Valid if There Is Tangible Material For Reopening

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court)

The Delhi High Court held that the entire premise of the reassessment notices in this case is that the nondisclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the opportunity to look into the records....

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Provisions on Notional basis & not accrued liability not eligible for deduction

Kanaka Mahalakshmi Cooperative Bank Ltd. Vs ACIT (ITAT Visakhapatnam)

Recently, in the Kanaka Mahalakshmi Cooperative Bank Ltd. vs. ACIT & vice-versa [ITA Nos. 299 & 300/VIZ/2017 and ITA Nos. 326 & 327/VIZ/2017, (A.Y.: 2012-13 & 2013-14), decided on 5.9.2018], there were cross appeals by the assessee and the Revenue for the AYs 2012-13 & 2013 & 14. In ITA No. 299/VIZ/2007, one of the ground related to the a...

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