The Tax Talk

CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021.

August 30, 2021 0 Comments

CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021. Suggestions can be furnished at ustpl1@nic.in latest by 4th September, 2021. Draft notification is available at: Government of India Ministry of Finance Department of ...

IT Judgement

Validity of Faceless assessment if opportunity of personal hearing demanded by Assessee is not granted by AO

August 27, 2021 0 Comments

Validity of Faceless assessment if opportunity of personal hearing demanded by Assessee is not granted by AO Short Overview Where in respect of addition to assessee's declared income under section 68 on account of purported unexplained and unsecured loans, it was ...

IT Judgement

Validity of addition sustained on the ground that the signature of the confirming parties were barely visible though address of the confirming parties was available in the confirmation

August 27, 2021 0 Comments

Validity of addition sustained on the ground that the signature of the confirming parties were barely visible though address of the confirming parties was available in the confirmation Short Overview Where the assessee had received money in bank account via ...

IT Judgement

Addition done on the basis Statement recorded during survey without corroborative evidence is not sustainable

August 27, 2021 0 Comments

Addition done on the basis Statement recorded during survey without corroborative evidence is not sustainable Short Overview Statement of director of assessee-company recorded under section 133A during the course of survey operations alone without any corroborating material did not have ...

IT Judgement

Interesting Judgement: Profit from the sale of jaggery is not an agricultural income as conversion of sugarcane into jaggery was also not an essential process to make sugarcane marketable.

August 26, 2021 0 Comments

Interesting Judgement: Profit from the sale of jaggery is not an agricultural income as conversion of sugarcane into jaggery was also not an essential process to make sugarcane marketable. Short Overview Where assessee had no specific reason or justification for ...

IT Judgement

Activity of assessee for converting gold bricks, biscuits or bars, into jewellery amounted to production or manufacture of a new article and accordingly, qualifies for deduction under section 80-IB.

August 26, 2021 0 Comments

Activity of assessee for converting gold bricks, biscuits or bars, into jewellery amounted to production or manufacture of a new article and accordingly, qualifies for deduction under section 80-IB. Short Overview Jewellery has a distinctive name, character and use. It can ...

IT Judgement

Writ maintanable on the Principles of Natural Justice if sufficient opportunity was not granted to petitioner

August 24, 2021 0 Comments

Writ maintanable on the Principles of Natural Justice if sufficient opportunity was not granted to petitioner Article 226 Since authorities have mechanically and blindly accepted the alleged statement given by the petitioner before the Inspecting Officials without independently giving reasons after ...

IT Judgement

Computation of capital gain & expenses towards land leveling, fencing and banakhat expenses

August 12, 2021 0 Comments

Computation of capital gain & expenses towards land leveling, fencing and banakhat expenses This was the issue before ITAT Ahmedabad in the case of Ashok Vadilal Patel Vs ITO [ITA No. 427/Ahd/2018, Order Dated 29/01/2021]. The order is very relevant and the copy ...

IT Judgement

Validity of addition to income on the difference between income in original return and revised return without rejection of books by AO

August 7, 2021 0 Comments

Validity of addition to income on the difference between income in original return and revised return without rejection of books by AO Short Overview Unless and until AO rejected Revised Return on the basis of discrepancies in Books of Account, it ...

IT Judgement

Capital Gain exemption cannot be denied on the ground that Sale Deed has not yet been got registered

August 3, 2021 0 Comments

Capital Gain exemption cannot be denied on the ground that Sale Deed has not yet been got registered+ There was an interesting issue before ITAT Delhi in the case of ITO vs Swati Oberoi [ITA No.4150/Del./2018]. In this case, the assessee filed ...

IT Judgement

CBDT mandates E-filing of Forms, Returns, Statements, Reports, and Orders

July 31, 2021 0 Comments

CBDT mandates E-filing of Forms, Returns, Statements, Reports, and Orders Income-tax (21st Amendment) Rules, 2021 notified on 29th July, 2021 whereby Rule 130 has been inserted dealing with Omission of certain rules and forms has been proposed as specified with ...

IT Judgement

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents

July 30, 2021 0 Comments

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents Date: 26-7-2021 National Faceless Assessment Centre, Delhi 2nd Floor, Jawaharlal Nehru ...

IT Judgement

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey

July 29, 2021 0 Comments

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey Short Overview Where assessee offered additional income based on some incriminating documents found during the survey, AO was not justified in treating same as undisclosed income ...

IT Judgement

Taxes levied overseas which are not eligible for relief either under section 90 or section 91 would not come within the purview of section 40(a)(ii)

July 27, 2021 0 Comments

Taxes levied overseas which are not eligible for relief either under section 90 or section 91 would not come within the purview of section 40(a)(ii) Short Overview Taxes levied overseas which are not eligible for relief either under section 90 or ...

IT Judgement

There is no requirement of issuance of notice under section 143(2), when there is no valid return available before AO.

July 27, 2021 0 Comments

There is no requirement of issuance of notice under section 143(2), when there is no valid return available before AO. Short Overview When there was no valid return available before AO as assessee neither filed original return under section 139(1) ...

IT Judgement

Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed

July 21, 2021 0 Comments

Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed The expression "purchased" would undoubtedly connote the domain and control of the property ...

IT Judgement

Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son

July 21, 2021 0 Comments

Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son Short Overview Agricultural land purchased in the name of assessee's son and also in the name of his son's wife was eligible for ...

Income Tax, IT Judgement

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB: Relaxation or Penalty ?

July 21, 2021 0 Comments

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB: Relaxation or Penalty ? The CBDT has grant ed further relaxation in electronic filing of Income Tax Forms 15CA/15CB till 15 th August 2021. However, it will be required ...

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Category: IT Judgement

CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021.

Validity of Faceless assessment if opportunity of personal hearing demanded by Assessee is not granted by AO

Validity of addition sustained on the ground that the signature of the confirming parties were barely visible though address of the confirming parties was available in the confirmation

Addition done on the basis Statement recorded during survey without corroborative evidence is not sustainable

Interesting Judgement: Profit from the sale of jaggery is not an agricultural income as conversion of sugarcane into jaggery was also not an essential process to make sugarcane marketable.

Activity of assessee for converting gold bricks, biscuits or bars, into jewellery amounted to production or manufacture of a new article and accordingly, qualifies for deduction under section 80-IB.

Writ maintanable on the Principles of Natural Justice if sufficient opportunity was not granted to petitioner

Computation of capital gain & expenses towards land leveling, fencing and banakhat expenses

Validity of addition to income on the difference between income in original return and revised return without rejection of books by AO

Capital Gain exemption cannot be denied on the ground that Sale Deed has not yet been got registered

CBDT mandates E-filing of Forms, Returns, Statements, Reports, and Orders

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey

Taxes levied overseas which are not eligible for relief either under section 90 or section 91 would not come within the purview of section 40(a)(ii)

There is no requirement of issuance of notice under section 143(2), when there is no valid return available before AO.

Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed

Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB: Relaxation or Penalty ?

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