Valuation is a matter of opinion / estimation: No addition should be made for reasonable difference between the expenditure actually incurred vis a vis valuation done by DVO
ITAT Chandigarh has recently held that Valuation is a matter of opinion ...
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The Blogs
Heavy Gold Jewellery received as ‘Streedhan’ and found in income tax raid vs. validity of its addition
Heavy Gold Jewellery received as ‘Streedhan’ and found in income tax raid vs. validity of its addition
Shri Gyanendra Singh Shekhawat (ITA No. 49/JP/2022)
Facts:
During the course of search at the assessee’s residence, total jewellery comprising of gold jewellery weighing ...
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Payments made to UK company under Shared Services Agreement are not Taxable as Royalty: ITAT Mumbai
Payments made to UK company under Shared Services Agreement are not Taxable as Royalty: ITAT Mumbai
Deloitte Haskins & Sells LLP & Anr. (ITA Nos. 201 to 233/Mum/2021, 4800 to 4804, 4810 to 4814, 4744, 4775 to 4782/Mum/2019)
Facts:
The assessee ...
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If AO passes assessment order after due application of mind with proper enquiries – Proceedings u/s 263 would be bad in law
If AO passes assessment order after due application of mind with proper enquiries - Proceedings u/s 263 would be bad in law
The Chandigarh ITAT has held that the Revisionary proceedings can be quashed if AO passes assessment order after ...
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“Order U/s 148A(d) cannot travel beyond show cause notice” is a good law even under the new reassessment scheme which is effective from 01.04.2021.
“Order U/s 148A(d) cannot travel beyond show cause notice” is a good law even under the new reassessment scheme which is effective from 01.04.2021.
Delhi High Court held that the show cause notice issued under Section 148(A)(a) and the order ...
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Cost of Rs.50,000/- imposed on the Department as Order was passed U/s 148A without considering the reply filed by the assessee
Cost of Rs.50,000/- imposed on the Department as Order was passed U/s 148A without considering the reply filed by the assessee
Honorable Allahabad HC quashed order passed U/s 148A(d) of the Act, without considering the reply submitted by the assessee ...
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Sales made by the assessee to cover the cash deposited in the bank post demonetization was sufficient source: Addition made by the AO is not justified.
Sales made by the assessee to cover the cash deposited in the bank post demonetization was sufficient source: Addition made by the AO is not justified.
ITAT Chandigarh has recently held that if Sales made by the assessee to cover ...
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Fresh claim before the Assessing Officer by way of a rectification application & the legal position
Fresh claim before the Assessing Officer by way of a rectification application & the legal position
There was an issue of Fresh claim before the Assessing Officer by way of a rectification application before the Kolkata ITAT.
The case details are ...
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Construction commenced before the date of sale of capital asset allowed as a deduction U/S 54
Construction commenced before the date of sale of capital asset allowed as a deduction U/S 54
Dattatreya Varma Penmatsa (ITA 226/Viz/2020)
Facts:
The assessee was denial of exemption of Rs. 32,57,272/- U/s. 54 of the Income Tax Act on the ground ...
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CBDT prescribed terms & Conditions for claiming exemption in respect of a perquisite by way of reimbursement of expenditure for treatment of Covid-19.
CBDT prescribed terms & Conditions for claiming exemption in respect of a perquisite by way of reimbursement of expenditure for treatment of Covid-19.
CBDT has issued a Press Release on 25th June,2021 during Covid Time announcing the tax exemption to employees ...
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Revisionary proceedings can be quashed if AO passes assessment order after due application of mind and proper enquiries
Revisionary proceedings can be quashed if AO passes assessment order after due application of mind and proper enquiries
Let us have a short overview of the case:
In this case, the assessee had filed return for relevant Assessment year along with ...
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Direction to opening the window for taxpayers to claim transitional credits by Supreme Court
Direction to opening the window for taxpayers to claim transitional credits by Supreme Court
The decision of Delhi HC allowing the benefit to all the taxpayers has become part of the Supreme Court's order in the case of Union of India ...
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Father cannot be Taxed for Cash Deposit in Bank Account opened in the Name of Son once he attained Majority: ITAT
Father cannot be Taxed for Cash Deposit in Bank Account opened in the Name of Son once he attained Majority: ITAT
Cash transaction is a matter if various dispute and litigation in the Income Tax Act 1961. Here is an ...
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Mere possession of the proceeds of crime is money laundering
Mere possession of the proceeds of crime is money laundering
Landmark SC judgement is delivered on 27th July 2022 on the powers of the Enforcement Directorate (ED).
Following are the major observations of the Hon SC in the case of Vijay ...
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Supreme court final Ruling on all the pending Tran-1 Writ Petitions
Supreme court final Ruling on all the pending Tran-1 Writ Petitions
The Supreme Court has finally decided the issue of Trans 1 Credit with following orders :
1. Gstn portal to open common portal for all assesses to claim transitional credit ...
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Violations of Principles of Natural Justice and order passed beyond the scope of Show Cause Notice: Calcutta High Court quashed order passed under section 148A(d)
Violations of Principles of Natural Justice and order passed beyond the scope of Show Cause Notice: Calcutta High Court quashed order passed under section 148A(d)
Hon'ble Division Bench of High Court at Calcutta, set aside the order passed under section 148A(d) ...
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Exemption which was specifically not claimed earlier while filing the original return of income is not permissible in Revised Return: Supreme Court
Exemption which was specifically not claimed earlier while filing the original return of income is not permissible in Revised Return: Supreme Court
Here is a landmark order by the Hon’ble Supreme Court on the scope of the Revised Return.
The issue ...
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Genuine defaults by the Companies and the Landmark Supreme Court judgement in the case of Vidarbha Industries Power Limited
Genuine defaults by the Companies and the Landmark Supreme Court judgement in the case of Vidarbha Industries Power Limited
Here is a landmark order by the Hon’ble Supreme Court in favour of the defaulting company.
The issue before the Supreme court ...
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