Akhilesh Kumar Sah

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 ...

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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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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 ...

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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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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 sa...

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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...

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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 ...

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Recent Posts in "Akhilesh Kumar Sah"

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...

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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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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 ...

Read More
Posted Under: Income Tax |

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 ...

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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...

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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 ...

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Litmus Test For Issue of A Valid Notice Under Section 148

PCIT Vs Nokia India Pvt. Ltd (Supreme Court of India)

Advocate Akhilesh Kumar Sah PCIT Vs Nokia India Pvt. Ltd (Supreme Court of India) In PCIT vs. Nokia India Pvt. Ltd. [Civil Appeal No. 3450 Of 2019 (Arising out of S.L.P.(C) No.32222 of 2017), decided on 08.04.2019], appeal was filed against the final judgment and   order   dated   21.04.2017 passed   by   […]...

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Review of Tribunal order on a possible hidden transaction not permissible

JCIT Vs M/s. Flipkart India Private Limited (ITAT Bangalore)

Power of review is not an inherent power but must be conferred by law either specifically or by necessary implication. Courts have consistently held that review proceedings imply those proceedings where a party, as of right, can apply for reconsideration of the matter already decided upon after a fresh hearing on the merits of the contro...

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If two Views are Possible, Revision U/s. 263 is not permissible

Tata Motors Ltd. vs. CIT (LTU) (ITAT Mumbai)

As the issue of allowability of deduction u/s 37(1) of foreign tax credit on which tax credit is not available u/s 90 has been admitted by the Hon’ble Bombay High Court in the case of Tata Sons (supra), the same being a debatable issue, no revisionary proceedings u/s 263 is tenable....

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No Penalty U/s. 271(1)(c ) for human error with no willful concealment

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted...

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