Income Tax - It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer....
Income Tax - Section 271AAC of the Income Tax Act imposes penalty in case the income has been determined under section 68 or section 69 / section 69A / section 69B / section 69C / section 69D. The penalty provisions of section 271AAC are thoroughly explained in the present article. Applicability of penalty provisions of section 271AAC of […]...
Rishi Ganga Power Corporation Ltd Vs ACIT (Delhi High Court) - Delhi High Court held that as revenue has failed to lodge the claim with the Resolution Professional, they cannot enforce the impugned orders and notices, given the binding nature of approved Resolution Plan....
ITO Vs Ashapura Petrochem Marketing Pvt. Ltd (ITAT Ahmedabad) - ITAT Ahmedabad held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as source of cash deposit on account of sale of petrol, diesel and other petroleum products duly proved....
ACIT Vs Ramlal Jewellers Private Limited (ITAT Mumbai) - ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable....
Pawan Satyanarain Jalan Vs Assessing Officer Central (ITAT Ahmedabad) - Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted....
Abbott India Ltd. Vs ACIT (ITAT Mumbai) - ITAT Mumbai held that where assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and liable to be set aside....
Rishi Ganga Power Corporation Ltd Vs ACIT (Delhi High Court) -
ITO Vs Ashapura Petrochem Marketing Pvt. Ltd (ITAT Ahmedabad) -
ACIT Vs Ramlal Jewellers Private Limited (ITAT Mumbai) -
Pawan Satyanarain Jalan Vs Assessing Officer Central (ITAT Ahmedabad) -
Abbott India Ltd. Vs ACIT (ITAT Mumbai) -
DCIT Vs Kundan Jewellers Pvt Ltd (ITAT Mumbai) -
Shri Vijay Kumar Reddy Vs ACIT (ITAT Hyderabad) -