Income Tax

Rectification petition filed beyond the time limit set out in s. 254(2) is liable to be dismissed being time barred.

6 years ago

Rectification petition filed beyond the time limit set out in s. 254(2) is liable to be dismissed being time barred.…

Income Tax

Assumption of revisional jurisdiction by CIT u/s 263 without pointing out exact error committed by AO and directed AO to make detailed and roving enquires is unsustainable in law.

6 years ago

Assumption of revisional jurisdiction by CIT u/s 263 without pointing out exact error committed by AO and directed AO to…

GST Income Tax

Whether GST paid along with Insurance premium is also eligible for deduction u/s 80C & 80D ?

6 years ago

This is an interesting question raised by thr readers of our portal. Let us discuss. Section 80C and Section 80D…

Income Tax

Bogus Share Premium: No reason to interfere. SLP dismissed by SC

6 years ago

Bogus Share Premium: No reason to interfere. SLP dismissed by SC PCIT vs. Chain House International (P) Ltd (Supreme Court)…

Income Tax

CBDT extends due date for filing of report in respect of International group of subsidiaries of USA residents

6 years ago

CBDT extends due date for filing of report in respect of International group of subsidiaries of USA residents cbdt-extends-due-date-for-filing-of-report-in-respect-of-international-group-of-subsidiaries-of-usa-residents

Press Release

Bank audit Special – RBI Enforcement on Statutory Auditors

6 years ago

Enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks Statutory…

IT Judgement

Beneficial Judgement- Deemed dividend could only have been assessed in the hands of a person who was shareholder of lender company

6 years ago

Beneficial Judgement- Deemed dividend could only have been assessed in the hands of a person who was shareholder of lender…

[2019] 104 taxmann.com 59 (Bombay) IT : Once Commissioner (Appeals) had passed order after verification of merit of claim of expenditure and depreciation, Tribunal was not right in law in reversing said conclusion without examining its correctness Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Orders of (Non-speaking orders) - Assessment year 2006-07 - Assessing Officer passed an order of reassessment, in which, additions were made by disallowing assessee-company's claim of expenditure as well as claim of depreciation - On appeal, Commissioner (Appeals) allowed both claims after verifying merit of claims - Commissioner (Appeals) found that in another year in assessee's own case Tribunal allowed depreciation on ground that assets were ready to use though assessee could not commence commercial production due to lack of working capital - Commissioner (Appeals) also found that Assessing Officer had changed its opinion from earlier Assessing Officer and disallowed impugned amounts - Whether Tribunal was not right in law in merely reversing order of Commissioner (Appeals) without any discussion or even any conclusion justifying of additions made by Assessing Officer - Held, yes Shirpur Gold Refinery Ltd.

IT Judgement

ITAT couldn’t reverse order of CIT(A) without examining correctness of additions made by AO

6 years ago

ITAT couldn’t reverse order of CIT(A) without examining correctness of additions made by AO [2019] 104 taxmann.com 59 (Bombay) IT : Once…

IT Judgement

Sum received by partner on retirement from firm isn’t chargeable to tax in hands of partner

6 years ago

[2019] 104 taxmann.com 58 (Bombay) IT: In view of section 45(4), amount received by a partner on her retirement from a partnership…

IT Judgement

Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground of AO

6 years ago

Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground…

IT Judgement

Beware : Once the cash was deposited into bank account of assessee, primary onus was on assessee to prove how the said cash was sourced to avoid as unexplained amount

6 years ago

Beware : Once the cash was deposited into bank account of assessee, primary onus was on assessee to prove how…

Income Tax

Bogus IT Summons Fraud !!

6 years ago

Bogus IT Summons Fraud !!

Income Tax

Additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20)

6 years ago

Additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20) The Income Tax department has finally & almost…

Selling of agricultural kand after plotting & its Taxation

Income Tax

Selling of agricultural Land after plotting & its Taxation

6 years ago

Selling of agricultural land after plotting & its Taxation Mahaveer Yadav Vs ITO Having heard the parties, the Supreme Court…

Business income—Vis-a-vis income form undisclosed sources—Income surrendered during survey proceedings—Onus is on the assessee to establish the source of the surrendered income failing which it is to be categorized as deemed income under s. 69/69A/69B/69C—In this case, the income surrendered was on account of unaccounted receivables of the business of the assessee—Revenue has accepted the surrender as such, as being on account of receivables—It follows that the debtors were generated from the sales made by the assessee during the course of carrying on the business of the assessee, which was not recorded in the books of the assessee—Though the said income was not recorded in the books of the assessee the source of the same stood duly explained by the assessee as being from the business of the assessee—Even otherwise, no other source of income of the assessee is disclosed by the assessee or unearthed by the Revenue—Therefore, there is no question of treating it as deemed income from undisclosed sources under ss. 69, 69A, 69B or 69C and the same is in the nature of business income of the assessee—Consequently, benefit of set off of losses, both current and brought forward, is allowable to the assessee in accordance with law—Plea of the Revenue that set off of losses is not to be allowed in view of s. 115BBE is rejected Income from undisclosed sources—Vis-a-vis business income—Income surrendered on account of undisclosed investment in property and to cover miscellaneous discrepancies—As far as the surrender made on account of investment in Kothi is concerned neither is the same disclosed in the books of the assessee nor source of the same disclosed—Therefore, the same is to be assessed as deemed income under s. 69—Same applies to the surrender of amount to cover miscellaneous discrepancies in loose paper—Neither the nature of the discrepancies, nor any source relating to the same has been disclosed—Therefore, the same is also to be assessed as deemed income under ss. 69, 69A, 69B and 69C—In the relevant asst. yr. 2014-15, same is to be subjected to tax as per the provisions of s. 115BBE as it stood prior to the amendment by finance Act, 2016 Business income—Vis-a-vis income from undisclosed sources—Amounts surrendered on account of sundry creditors and trade advances and profit on unrecorded sales—Surrender of income made on account of sundry creditors and advances received from customers and income on account of gross profit on sale out of the books, clearly are in relation to the business carried on by the assessee and are thus in the nature of business income—Therefore, set off of business losses, both current and brought forward are to be allowed as per the provisions of law FAMINA KNIT FABS vs. ASSISTANT COMMISSIONER OF INCOME TAX (2019) 33 NYPTTJ 192 (Chd)

Income Tax

Income surrendered during survey proceedings – Whether Business income or income form undisclosed sources

6 years ago

Income surrendered during survey proceedings – Whether Business income or income form undisclosed sources Business income Vis-a-vis income form undisclosed…

Income Tax

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

6 years ago

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification New ITR forms Notification for AY 2019-20…

Income Tax

Online Tax Payment – No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

6 years ago

Online Tax Payment – No interest chargeable for late deposit of amount in Government Treasury if the amount is debited…

Income Tax

CBDT press release on recent searches in Indore, Delhi & Goa

6 years ago

CBDT press release on recent searches in Indore, Delhi & Goa

Income Tax

Rectification petition filed beyond the time limit set out in s. 254(2) is liable to be dismissed being time barred.

Assumption of revisional jurisdiction by CIT u/s 263 without pointing out exact error committed by AO and directed AO to make detailed and roving enquires is unsustainable in law.

Whether GST paid along with Insurance premium is also eligible for deduction u/s 80C & 80D ?

Bogus Share Premium: No reason to interfere. SLP dismissed by SC

CBDT extends due date for filing of report in respect of International group of subsidiaries of USA residents

Bank audit Special – RBI Enforcement on Statutory Auditors

Beneficial Judgement- Deemed dividend could only have been assessed in the hands of a person who was shareholder of lender company

ITAT couldn’t reverse order of CIT(A) without examining correctness of additions made by AO

Sum received by partner on retirement from firm isn’t chargeable to tax in hands of partner

Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground of AO

Beware : Once the cash was deposited into bank account of assessee, primary onus was on assessee to prove how the said cash was sourced to avoid as unexplained amount

Bogus IT Summons Fraud !!

Additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20)

Selling of agricultural Land after plotting & its Taxation

Income surrendered during survey proceedings – Whether Business income or income form undisclosed sources

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

Online Tax Payment – No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

CBDT press release on recent searches in Indore, Delhi & Goa

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