Tax
Filing Of Return U/s 139(1) Within Due Date Is Mandatory For Claiming Deduction U/s 80IB: Ahmedabad ITAT
Emphasizing that the condition of filing the return of income within the due date is mandatory in nature for claiming deduction u/s 80IB(10) of the Income tax Act, the Ahmedabad ITAT confirmed the disallowance made by the AO under the said provision.Referring to the decision of Apex Court in Wipro Ltd. vs. Pr. CIT (2022) 142 taxmann.com 562 (SC), the Bench of Suchitra Kamble (Judicial Member)...
Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT
On finding that no addition is made based on the reasons to believe recorded by the AO for reopening the assessment, the New Delhi ITAT quashed the order passed by the AO u/s 147 of the Income tax Act, 1961The Bench of the ITAT comprising of Anubhav Sharma (Judicial Member) and Shamim Yahya (Accountant Member) observed while referring to the decision of Jurisdictional High Court in the case...
Firm Can't Disown Ownership Over Land Simply Because Consideration For Purchase Of Land Was Paid Through Its Directors: Indore ITAT
The Indore ITAT upheld the assessment framed u/s 144 r.w.s 147 of the Income tax Act as the assessee did not cooperate during the assessment proceedings.The Bench of Vijay Pal Rao (Judicial Member) and B.M Biyani (Accountant Member) observed that “when the transaction is very much in the name of the assessee then the form of entity is irrelevant as the assessee has not disowned the ownership...
CBDT's Digital Evidence Investigation Manual Is Mandatory For Income Tax Dept. While Conducting Searches, Seizing Electronic Evidence: Madras High Court
The Madras High Court has held that it is mandatory for the income tax department to follow the Digital Evidence Investigation Manual issued by the Central Board of Direct Taxes (CBDT) while conducting searches and seizing electronic evidence.The bench of Justice Krishnan Ramasamy has observed that the electronic data has been collected in.txt files in violation of the provisions of the...
Interest Income Earned On Deposits Placed With Co-Operative Society Is Duly Eligible For Deduction U/s 80P(2)(D): Chandigarh ITAT
Finding that that the assessee is a Cooperative Society (and not a co-operative bank) which was engaged in providing short term credit facility to its members, the Chandigarh ITAT ruled that interest income has been earned on deposits placed with a co-operative society and duly eligible for deduction under section 80P(2)(d) of the Income tax Act.Referring to the decision of Supreme Court in...
Adani Wilmar Eligible For Sanction Of Incentives Under West Bengal State Support For Industries Scheme, 2008 Post GST: Calcutta High Court
The Calcutta High Court has held that Adani Wilmar is eligible for sanction of incentives under the West Bengal State Support for Industries Scheme, 2008, post GST.The bench of Justice Sabyasachi Bhattacharyya has directed the respondent department to disburse the balance amount of the claim of Rs. 4070 lakhs under the West Bengal State Support for Industries Scheme, 2008, in favor of...
Supplementary SCN Although Termed As Supplementary, Is Actually Independent SCN Even Though It Relates To Smuggling: Calcutta High Court
The Calcutta High Court has held that the supplementary show cause notice, although termed the supplementary, is actually an independent show cause notice even though it relates to the case of smuggling.The bench of Chief Justice T.S. Sivagnanam and Justice Supratim Bhattacharya has observed that no order confiscating any goods or imposing any penalty on any person shall be made under...
Expression “Yes” By PCIT Couldn't Be Considered A Valid Approval U/s 151 Of Income Tax Act: Delhi High Court
The Delhi High Court has held that the expression “yes” could not be considered to be a valid approval under Section 151 of the Income Tax Act.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the satisfaction arrived at by the prescribed authority under Section 151 of the Income Tax Act must be clearly discernible from the expression used at the...
GST | Vehicle Number In 'Bilty' Couldn't Be Changed As Goods Were In Transit, E-Way Bill Was Updated: Allahabad HC Quashes Penalty Order
The Allahabad High Court has held that for goods in transit, vehicle number in bilty (consignment note) cannot be changed upon change of vehicle due to breakdown. The Court quashed the penalty order on grounds that vehicle number was updated in Part-B of the e-way bill.Petitioner's goods were intercepted, and penalty was imposed under Section 129(3) of the Uttar Pradesh Goods and Services...
CBDT To Nudge Taxpayers To Compute Advance Tax Liability And Deposit Due Advance Tax Before 15 March
The Central Board of Direct Taxes (CBDT) to mount e-campaign for Advance Tax e-campaign for FY 2023-24.The Income Tax Department has received certain information on specific financial transactions undertaken by persons/entities during Financial Year (F.Y.) 2023-24. On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified...
Indirect Tax Cases Weekly Round-Up: 3 March To 9 March 2024
Delhi High Court Delhi High Court Directs GST Dept. To Pay 6% Interest For Delayed IGST Refund Case Title: Raghav Ventures Versus Commissioner Of Delhi Goods & Services Tax The Delhi High Court has directed the GST department to pay 6% interest on delayed IGST refund. Failure To Consider Reply On Merits; Delhi High Court Quashes GST Demand Against...
Direct Tax Cases Weekly Round-Up:3 March To 9 March 2024
Delhi High Court Revisional Jurisdiction Can't Be Invoked For Inadequacy Of Enquiry By AO: Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Ltd. The Delhi High Court has held that the inadequacy of the inquiry by the AO with respect to certain claims would not in itself be a reason to invoke the powers enshrined in Section 263 of the Income Tax Act. Pick...