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....

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)....

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...

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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Section 14A will not apply if no exempt income

McDonald's India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) - McDonald's India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question...

Reopening based on change of opinion is not permissible under law

Motorola Inc, USA Vs DDIT (ITAT Delhi) - Motorola Inc, USA appeal before Delhi ITAT: When no intangible material came to the notice of the AO to form the opinion that the income of the assessee company has escaped assessment and all the facts and figures have been brought on record by the assessee company during assessment proceedings and ...

Assessment framed by AO on a non-existent company is a nullity

M/s Sony Mobile Communications (India) Private Limited Vs. DCIT (ITAT Delhi) - Assessment framed by AO on a non-existent company is a nullity in the eyes of law and void and the provisions of section 292 B cannot rescue the Income Tax Department: Sony India case...

Revenue cannot interpret an agreement in its own way to include other costs

Coca-Cola India Inc. Vs DCIT (ITAT Delhi) - If the parties to the agreement are bound by the terms and conditions mentioned therein and the Revenue cannot interpret the said agreement in its own way to include the other costs: Coca-Cola India Inc. case...

Mere fact that addition has been made or confirmed does not per se lead to imposition of penalty

Giesecke and Devrient [I] Pvt. Ltd Vs. DCIT (ITAT Delhi) - A issue being a debatable issue at the point of time when the assessee filed its return of income penalty levied under section 271(1)(c) on that count cannot be sustained, mere fact that the addition has been made or confirmed does not per se lead to imposition of penalty...

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Recent Posts in "Akhilesh Kumar Sah" | Total 140 Posts

Section 14A will not apply if no exempt income

McDonald's India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) -

McDonald's India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question...

Reopening based on change of opinion is not permissible under law

Motorola Inc, USA Vs DDIT (ITAT Delhi) -

Motorola Inc, USA appeal before Delhi ITAT: When no intangible material came to the notice of the AO to form the opinion that the income of the assessee company has escaped assessment and all the facts and figures have been brought on record by the assessee company during assessment proceedings and same had been explained: The reassessmen...

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

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

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....

Posted Under: Income Tax | Articles

Assessment framed by AO on a non-existent company is a nullity

M/s Sony Mobile Communications (India) Private Limited Vs. DCIT (ITAT Delhi) -

Assessment framed by AO on a non-existent company is a nullity in the eyes of law and void and the provisions of section 292 B cannot rescue the Income Tax Department: Sony India case...

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

Revenue cannot interpret an agreement in its own way to include other costs

Coca-Cola India Inc. Vs DCIT (ITAT Delhi) -

If the parties to the agreement are bound by the terms and conditions mentioned therein and the Revenue cannot interpret the said agreement in its own way to include the other costs: Coca-Cola India Inc. case...

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

Mere fact that addition has been made or confirmed does not per se lead to imposition of penalty

Giesecke and Devrient [I] Pvt. Ltd Vs. DCIT (ITAT Delhi) -

A issue being a debatable issue at the point of time when the assessee filed its return of income penalty levied under section 271(1)(c) on that count cannot be sustained, mere fact that the addition has been made or confirmed does not per se lead to imposition of penalty...

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

Consistent method of accounting cannot be disturbed for petty additions

Hero Moto Corp Ltd Vs DCIT (ITAT Delhi) -

If a particular accounting system has been followed and accepted and there is no acceptable reason to differ with it, the doctrine of consistency would come into play; the method of accounting cannot be rejected. ...

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

In absence of Comparables production loss shown by Assessee must be accepted

ACIT Vs Johnson & Johnson Ltd ( ITAT Mumbai) -

Production loss depends on number of factors and in absence of any comparable to show that loss shown by the assessee is excessive, the contention of the assessee has to be accepted...

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

Swarovski India Pvt. Ltd Appeal: The three golden rulings

Swarovski India Pvt. Ltd. Vs DCIT (Delhi High Court) -

1. While allowing deduction under section 10B, the deduction is to be allowed to eligible undertaking, even the income being in negative. 2. Cutting and polishing of precious and semi precious stones constitutes manufacturing as contemplated in section 10B, 3. No fresh fact or fresh material which formed the reasons to believe for reop...

Posted Under: Income Tax | Judiciary | All High Courts, Delhi High Court

Upfront fees paid to AAI is a commercial right entitled to depreciation @ 25%

Mumbai International Airport P Ltd. Vs DCIT (ITAT Mumbai) -

Mumbai International Airport : Upfront fees paid to the Airports Authority of India (AAI) is a commercial right entitled to depreciation @ 25% relating to intangible assets...

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