IT JudgementCIT vs. M/s Muthoot Financiers (Delhi HC)23 Jul 20180Issue: Whether advance given by partner to firm is covered under section 269SS? Whether penalty of section 271D would be…
IT JudgementS. 269SS/ 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan/ deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee bank draft21 Jul 20180 IN THE INCOME TAX APPELLATE TRIBUNAL Special Bench, Mumbai Before S/Shri G.S. Pannu (AM), Joginder Singh (JM) & B.R.…
IT JudgementS. 147/148: If the recorded reasons do not specify, prima-facie, the quantum of tax which has escaped assessment but merely state that it would be at least Rs.1,00,000, and if the reopening is to “verify” suspicious transactions, prima-facie, the reasons do not indicate reasonable belief of the AO and the notice is without jurisdiction21 Jul 20180
IT JudgementGLAUCOMA SOCIETY OF INDIA vs. COMMISSIONER OF INCOME TAX (E) order dated July 18, 201820 Jul 20180This appeal filed by the assessee is directed against the order of ld. Commissioner of Income-tax (Exemption) dated 29.01.2018 relating…
IT JudgementMP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the e-way bill.19 Jul 20180MP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the…
IT JudgementWhether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in cash, such transaction warrants levy of penalty u/s 271D – YES: ITAT18 Jul 20180Whether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in…
IT JudgementIncome Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property: ITAT17 Jul 20180Income Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property:…
IT JudgementIs agricultural land is necessary for earning Agricultural Income?14 Jul 20180Is agricultural land is necessarily for earning Agricultural Income? COMMISSIONER OF INCOME TAX vs. MATUBHAI C. PATEL Normally it is…
IT JudgementAssessee entitled to deduction of the interest that was paid to the bonus on overdraft from Dividend Income?14 Jul 20180COMMISSIONER OF INCOME TAX vs. MATUBHAI C. PATEL SUPREME COURT OF INDIA Case pertains to 1966-67, 1967-68, 1968-69, 1969-70 Issue:…
IT JudgementCan CIT cancel the registration certificate once granted?14 Jul 20180Can CIT cancel the registration certificate once granted? INDUSTRIAL INFRASTRUCTURE DEVELOPMENT CORPORATION (GWALIOR) M.P. LTD. vs. COMMISSIONER OF INCOME TAX…
IT JudgementIncome from production and sale of Mushroom is ‘Agricultural income’?14 Jul 20180Income from production and sale of Mushroom is ‘Agricultural income’? DEPUTY COMMISSIONER OF INCOME TAX & ANR. vs. INVENTAA INDUSTRIES…
IT JudgementAddition u/s 68 is justified where the assessee discharges its initial onus?14 Jul 20180Addition u/s 68 is justified where the assessee discharges its initial onus? INCOME TAX OFFICER vs. XO INFOTECH LTD. DELHI…
IT JudgementEVEN IF TDS CREDIT IS NOT CLAIMED IN ITR FILED, STILL CREDIT CAN BE CLAIMED AFTERWARDS:MUMBAI ITAT13 Jul 20180EVEN IF TDS CREDIT IS NOT CLAIMED IN ITR FILED, STILL CREDIT CAN BE CLAIMED AFTERWARDS:MUMBAI ITAT There are various…
IT JudgementAssessee is liable to deduct TDS on payment made to foreign commission agents?13 Jul 20180Assessee is liable to deduct TDS on payment made to foreign commission agents? DEPUTY COMMISSIONER OF INCOME TAX vs. THE…
IT JudgementAdditions can be made on account of sales of transaction?13 Jul 20180ASSISTANT COMMISSIONER OF INCOME TAX vs. TIRUPATI INFRABUILD P. LTD. ISSUE Whether additions can be made on account of sales…
IT JudgementWhether employer is bound to deduct Tax at source for Foreign country travel of employees?12 Jul 20180Employer is bound to deduct Tax at source for Foreign country travel of employees? STATE BANK OF INDIA & ORS.…
IT JudgementEntertainment subsidy received under government scheme is a capital receipt?12 Jul 20180 Entertainment subsidy received under government scheme is a capital receipt? DEPUTY COMMISSIONER OF INCOME TAX vs. SHIPRA HOTELS LTD.…
IT JudgementOriginal assessment can be re-assessed because of change of opinion?12 Jul 20180Original assessment can be re-assessed because of change of opinion? INCOME TAX OFFICER vs. TECHSPAN INDIA PRIVATE LTD. & ANR.…