CA Prarthana Jalan

Do Surgical Strike , Not Tax Terrorism For Collection of Tax

Income Tax - CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- high CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT –HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT- I WANT TO HEAR HIGGGGHHHHHHHHHH Well, as we are marching towards March, i.e end of financial year, Income tax department by any means even by ignoring t...

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Dangerous Overdose of Drug of Social Media Sites/Apps

Income Tax - “Rahul”, “Rahul”, “RAHUL…………………..””RAHUL DO YOU HEAR ME OR NOT?” . “Smriti”, “Smriti””SMRITI…………………” “I AM TELLING YOU SMRITI, I AM GONNA THROW THAT PHONE OF YOUR’S IN THE DUSTBIN” “PHONE……..PHONE……PHONE………..DIN BHAAR PHONE MAIN(DAY AND NIGHT ON PHONE)” Wel...

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Tax sites / Govt portals need Speed Booster

Income Tax - On 31St August, all the professionals were just sitting helplessly infront of the Income Tax E-filing site that was moving with the speed of “Three toed sloths” and the last date of filing of return was ending with the speed of “Cheetah”. All were just praying that either the site runs or date gets extended. […]...

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Fees Recovery Committee/Forums- Need of The Hour?

Income Tax - We all as dignified professional, with utmost sincerity and perseverance do discharge our professional duties. We have commanded our fields and we do perform our duty to the best of our efforts, but somehow I feel, that our fraternity fails to collect the professional fees which is our legitimate right....

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“Sudoku”- The Puzzle of Life

Income Tax - Sudoku is a Japanese game which is a logic-based, number-placement puzzle. In this game one has to fill a 9×9 grid with digits so that each column, each row, and each of the nine 3×3 subgrids all contains the digits from 1 to 9. The puzzle setter provides a partially completed grid, which has to be completely filled....

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Unsecured Loan from relatives cannot be equated with Bank Loan

DCIT Vs. Prem Kumar Gupta (ITAT Delhi) - Hon'ble Delhi ITAT held that there is difference between loan taken from Banks and unsecured loans taken from the relatives. In the case of unsecured loans from the relatives, no formalities and bank guarantee have to be given. Thus the Hon'ble Tribunal has held 15% interest paid on unsecured loans ...

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Addition deleted as money deposited in the bank account was received from son

ITO Vs. Hukum Singh Rao (ITAT Jodhpur) - It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events....

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No penalty u/s 271B if appellant had bonafide belief

Dr. Shantanu Datta Vs ITO (ITAT Kolkata) - Hon'ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to compl...

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Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra) - Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

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Amendment in sec 43B is curative in nature and applies retrospectively

M/s. Simbhauli Sugar Mills Ltd. Vs. Addl. CIT (Allahabad High court) - Hon'ble Allahabad High court has in the case of M/S Simbhauli Sugar Mills Ltd in ITA No 607 of 2011 has held that amendment is sec 43B is curative in nature and would apply retrospectively....

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Recent Posts in "CA Prarthana Jalan"

Do Surgical Strike , Not Tax Terrorism For Collection of Tax

CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- high CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT –HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT- I WANT TO HEAR HIGGGGHHHHHHHHHH Well, as we are marching towards March, i.e end of financial year, Income tax department by any means even by ignoring t...

Read More
Posted Under: Income Tax |

Unsecured Loan from relatives cannot be equated with Bank Loan

DCIT Vs. Prem Kumar Gupta (ITAT Delhi)

Hon'ble Delhi ITAT held that there is difference between loan taken from Banks and unsecured loans taken from the relatives. In the case of unsecured loans from the relatives, no formalities and bank guarantee have to be given. Thus the Hon'ble Tribunal has held 15% interest paid on unsecured loans taken as highly reasonable....

Read More

Dangerous Overdose of Drug of Social Media Sites/Apps

“Rahul”, “Rahul”, “RAHUL…………………..””RAHUL DO YOU HEAR ME OR NOT?” . “Smriti”, “Smriti””SMRITI…………………” “I AM TELLING YOU SMRITI, I AM GONNA THROW THAT PHONE OF YOUR’S IN THE DUSTBIN” “PHONE……..PHONE……PHONE………..DIN BHAAR PHONE MAIN(DAY AND NIGHT ON PHONE)” Wel...

Read More
Posted Under: Income Tax |

Tax sites / Govt portals need Speed Booster

On 31St August, all the professionals were just sitting helplessly infront of the Income Tax E-filing site that was moving with the speed of “Three toed sloths” and the last date of filing of return was ending with the speed of “Cheetah”. All were just praying that either the site runs or date gets extended. […]...

Read More

Addition deleted as money deposited in the bank account was received from son

ITO Vs. Hukum Singh Rao (ITAT Jodhpur)

It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events....

Read More

No penalty u/s 271B if appellant had bonafide belief

Dr. Shantanu Datta Vs ITO (ITAT Kolkata)

Hon'ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to comply with the requirement of section 44AB. ...

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Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra)

Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

Read More

Amendment in sec 43B is curative in nature and applies retrospectively

M/s. Simbhauli Sugar Mills Ltd. Vs. Addl. CIT (Allahabad High court)

Hon'ble Allahabad High court has in the case of M/S Simbhauli Sugar Mills Ltd in ITA No 607 of 2011 has held that amendment is sec 43B is curative in nature and would apply retrospectively....

Read More

Re-assessment proceedings quashed as there was no nexus between reasons recorded and addition made

Krishan Kumar Vs. ITO (ITAT Delhi)

Delhi ITAT has in the case of Krishan Kumar v/s ITO in ITA No. 3985/Del/2017 has quashed the reassessment proceedings as there was no nexus between reasons recorded and addition made. ...

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CIT (A) should discuss or decide merits of case even in ex- parte decision

Pramod Kumar Pathak Vs. ITO (ITAT Agra)

Agra ITAT has remitted the file back to the CIT(Appeals) as CIT (Appeals) had just sustained Assessing Officer's order without himself discussing or deciding the merits of the case....

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