IT Judgement
Time to be more alert. Tax exemption clause/ notification to be read strictly. If there is ambiguity, it must be interpreted in favour of revenue. Ratio of Sun Exports overruled by Supreme court !!
Very important SC decision delivered today by 5 members constitutional bench in the case of Dilip Kumar & Co Tax…
No addition in respect of penny stock on the basis of human behavior in the case of Navneet Agarwal vs. ITO: ITAT Kolkata
No addition in respect of penny stock on the basis of human behaviour in the case of Navneet Agarwal vs.…
An interesting issue on post sales discount – AAR Maharashtra rules out GST refund for post-sales discounts
An interesting issue on post sales discount – AAR Maharashtra rules out GST refund for post-sales discounts In a setback…
Section 54 Relief not allowable when Builder returns Money for Flats Booked under Self-Finance Scheme : ITAT, Ahmedabad
Section 54 Relief not allowable when Builder returns Money for Flats Booked under Self-Finance Scheme: ITAT The Income Tax Appellate…
If payment is permisdible according to Rule 6DD then AO made the addition u/s 40A(3) without rejecting the Books of Accounts
I-T – Additions cannot be made u/s 40A(3) sans rejecting books of account: HC AHMEDABAD, : THE ISSUE IS –…
YASODA GRAH NIRMAN SAHKARI SANSTHA MARYADIT vs. INCOME TAX OFFICER (TDS)
Issue The issue involved is as to whether late filing fee u/s 234E of the Act has rightly been charged…
DHARA SINGH vs. INCOME TAX OFFICER – Delhi tribunal judgement dated July 20, 2018
DHARA SINGH vs. INCOME TAX OFFICER Delhi tribunal judgement dated July 20, 2018 In given case notice was issued under…
CIT vs. M/s Muthoot Financiers (Delhi HC)
Issue: Whether advance given by partner to firm is covered under section 269SS? Whether penalty of section 271D would be…
S. 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 draft
IN THE INCOME TAX APPELLATE TRIBUNAL Special Bench, Mumbai Before S/Shri G.S. Pannu (AM), Joginder Singh (JM) & B.R.…
GLAUCOMA SOCIETY OF INDIA vs. COMMISSIONER OF INCOME TAX (E) order dated July 18, 2018
This appeal filed by the assessee is directed against the order of ld. Commissioner of Income-tax (Exemption) dated 29.01.2018 relating…
MP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the e-way bill.
MP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the…
Whether 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: ITAT
Whether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in…
Income Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property: ITAT
Income Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property:…
Is agricultural land is necessary for earning Agricultural Income?
Is agricultural land is necessarily for earning Agricultural Income? COMMISSIONER OF INCOME TAX vs. MATUBHAI C. PATEL Normally it is…
Assessee entitled to deduction of the interest that was paid to the bonus on overdraft from Dividend Income?
COMMISSIONER OF INCOME TAX vs. MATUBHAI C. PATEL SUPREME COURT OF INDIA Case pertains to 1966-67, 1967-68, 1968-69, 1969-70 Issue:…
Can CIT cancel the registration certificate once granted?
Can CIT cancel the registration certificate once granted? INDUSTRIAL INFRASTRUCTURE DEVELOPMENT CORPORATION (GWALIOR) M.P. LTD. vs. COMMISSIONER OF INCOME TAX…
