Confiscated goods cannot be claimed as a trading loss incidental to business: SC
The Commissioner of Income Tax Jaipur Versus Prakash Chand Lunia (D) Thr.Lrs. & Anr.
(Civil Appeal Nos. 7689-90 of 2023)
Facts:
The Director of Revenue Intelligence set out a ...
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The Blogs
When the Assessing Officer has taken up the assessment for examination after three or four years from the relevant financial year, no material evidence may be available on the land to show that the assessee has cultivated as claimed. AO has to rely on other records: ITAT
When the Assessing Officer has taken up the assessment for examination after three or four years from the relevant financial year, no material evidence may be available on the land to show that the assessee has cultivated as claimed. ...
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If one can conclude that there is no suppression in the value, question of invoking Section 50C does not arise.
If one can conclude that there is no suppression in the value, question of invoking Section 50C does not arise.
The High Court of Calcutta held that the assessing officer was not justified in invoking the provisions of the Section ...
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Lower tax rate u/s 115BAA can’t be availed if Form 10-IC wasn’t filed by extended deadline: ITAT
Lower tax rate u/s 115BAA can’t be availed if Form 10-IC wasn’t filed by extended deadline: ITAT
One of the condition for claiming the benefit of new tax regime U/s 15BAA is that the taxpayer is required to file Form ...
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Sec. 263 order shall be deemed to have never been issued if it didn’t contain Document Identification Number: ITAT
Sec. 263 order shall be deemed to have never been issued if it didn’t contain Document Identification Number: ITAT
ITAT Banglore has recently held that Sec. 263 order shall be deemed to have never been issued if it didn’t contain ...
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ITAT condones a delay of 36 days in filing appeals
ITAT condones a delay of 36 days in filing appeals
Shri Srinivasan Sathiyamoorty (ITA Nos. 1173 & 1174/Bang/2022)
Facts:
The assessee entrusted the work to his representative in India and he failed to take proper steps on this matter in time ...
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Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Renu Ratnakar Bhattacharya Vs Commissioner of Income Tax (Appeals) (ITAT Mumbai) (ITA No. 2146/M/2022)
Facts:
The Assessee had sold an immovable property ...
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Unauthorised sale of company’s land by a director, cannot be considered as unaccounted money: ITAT
Unauthorised sale of company’s land by a director, cannot be considered as unaccounted money: ITAT
M/S Anush Infrastructure Pvt Ltd (ITA 888/CHNY/2018)
Facts:
1. During search proceedings, a sale agreement of land was found and as per the agreement, Rs 200 Lakhs ...
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Common Penalties for defaults in the Income Tax Law: An Overview
Common Penalties for defaults in the Income Tax Law: An Overview
No law can exist without the penal provision. To ensure that the taxpayer does not default in paying taxes or disclosing the information, there are several penalties prescribed under the ...
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Capital gains: Whether AO has power to refer the matter to DVO and deny the valuation report as on 1-4-1981 of a registered valuer?
Capital gains: Whether AO has power to refer the matter to DVO and deny the valuation report as on 1-4-1981 of a registered valuer?
Short Overview : AO had no power to refer the matter to DVO in order to reduce ...
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Any Contravention of sections 269SS and 269T if Cash is received by assessee from Commission Agent against the crops?
Any Contravention of sections 269SS and 269T if Cash is received by assessee from Commission Agent against the crops?
Short Overview : Where the amount received by assessee from the commission agent was against the sale of crops so it was ...
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Intereeting Judgment : Capital gains on Mortgaged property sold by bank on assessee’s failure to pay loan amount
Intereeting Judgment : Capital gains on Mortgaged property sold by bank on assessee's failure to pay loan amount
Short Overview: If borrower assessee had created a mortgaged debt by itself and if for discharge of its debt liability, mortgaged property had ...
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No interest u/s 234B & 234C if the tax liability arises due to retrospective amendment of law: Calcutta HC
No interest u/s 234B & 234C if the tax liability arises due to retrospective amendment of law: Calcutta HC
EMAMI LTD. vs. COMMISSIONER OF INCOME TAX
HIGH COURT OF CALCUTTA
Bhaskar Bhattacharya & Sambuddha Chakrabarti, JJ.
IT Appeal No. 199 of 2006
17th June, ...
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Get Ready for Favourable Judgment : Rajasthan HC notice to the Income Tax Department against Post Demonetisation addition done prior to 15th Dec 2016 (i.e., the effective date of amendment in section 115BBE)
Get Ready for Favourable Judgment : Rajasthan HC notice to the Income Tax Department against Post Demonetisation addition done prior to 15th Dec 2016 (i.e., the effective date of amendment in section 115BBE)
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Membership received from its own members came within the principle of mutuality. Once assessee is governed by principle of mutuality, even if there are difference class of members, some of whom are not entitled to vote, the club would not be cease to be governed by principle of mutuality.
Membership received from its own members came within the principle of mutuality. Once assessee is governed by principle of mutuality, even if there are difference class of members, some of whom are not entitled to vote, the club would ...
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Conversion of limited scrutiny case into complete scrutiny without approval of Administrative CIT is bad in law
Conversion of limited scrutiny case into complete scrutiny without approval of Administrative CIT is bad in law
Suresh Jugraj Mutha Vs Addl. CIT (ITAT Pune)
[ITA No. 05/PUN/2016]
ORDER
This appeal is filed by the assessee against the order of CIT(A)-1, Nashik, dated ...
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Interest on fixed deposit received during trial run is a capital receipt which will reduce the cost of asset
Interest on fixed deposit received during trial run is a capital receipt which will reduce the cost of asset
Short Overview : Income earned during trial run is to be adjusted against pre-operative expenses and not to be added to ...
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Salary to partners would be as mutually agreed between partners” & allowability of the same in the hands of the unregistered firm u/s 40(b)
Salary to partners would be as mutually agreed between partners" & allowability of the same in the hands of the unregistered firm u/s 40(b)
Short Overview : There was no merit in the argument that while a partnership deed is to ...
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