No Unexplained Cash Addition Under Section 69A When Income Declared Under Presumptive Taxation : ITAT Summary : The ITAT Mumbai held that when an assessee declares income under the presumptive taxation scheme, Section 69A cannot be used to treat cash deposits as unexplained income, especially when there is no evidence of income from any other… Read More »
Income Tax Assessmet order not valid if show cause notice does not indicate time limit within which the assessee is required to respond High court HIGH COURT OF MADRAS Varadarajaperumal Pradeepkumar v. Income-tax Officer MOHAMMED SHAFFIQ, J. W.P. NO. 10721 OF 2021 W.M.P. NOS.11364, 11365 AND 19290 OF 2021 MARCH 6, 2024 P.V. Sudakar for the… Read More »
Income Tax Appeal can not be rejected just because filed manually instead of electronically : ITAT IN THE ITAT RAJKOT BENCH LRs Management v. Deputy Commissioner of Income-tax (International Taxation), Gujarat SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SMT. MADHUMITA ROY, JUDICIAL MEMBER IT APPEAL NO. 300 (RJT) OF 2017 [ASSESSMENT YEAR 2013-14] FEBRUARY 15, 2023 Manish… Read More »
Merely because sale deed had been executed subsequently section 54F benefit ca not be denied : ITAT IN THE ITAT CHENNAI BENCH ‘B’ Mrs. D. Vijayalakshmi v. Income-tax Officer MAHAVIR SINGH, VICE PRESIDENT AND MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER IT APPEAL NO. 3188 (CHNY.) OF 2019 [ASSESSMENT YEAR 2015-16] JANUARY 18, 2023 Anandd Babunath, (CA)-Ld AR for… Read More »
Income Tax Stay application cannot be rejected simply because assessee not covered by Instruction No. 1914 : High Court HIGH COURT OF MADRAS Hemant Shantill Jain v. Assistant Commissioner of Income-tax M. SUNDAR, J. W.P. NO. 34301 OF 2022 W.M.P. NO. 33760 OF 2022 DECEMBER 22, 2022 Ms. Vandana Vyas and Ms. A. Niveditha for the Petitioner. A.P. Srinivas, Sr. Standing… Read More »
Assessee eligible for sec. 54F relief even if he own house in foreign country : ITAT IN THE ITAT COCHIN BENCH Smt. Maries Joseph v. Deputy Commissioner of Income-tax, International Taxation, Kochi N.V. VASUDEVAN, VICE PRESIDENT AND MS. PADMAVATHY S., ACCOUNTANT MEMBER IT APPEAL NOS.613 AND 566 (COCH.) OF 2022 [ASSESSMENT YEAR 2015-16] JANUARY 2, 2023… Read More »
Income Tax Reassessment Notice should clearly specify reasons for escapement of income of assessee : High Court HIGH COURT OF DELHI RK Gupta & Son HUF v. Income-tax Officer RAJIV SHAKDHER AND MS. TARA VITASTA GANJU, JJ. W.P.(C) 17466 OF 2022 CM NOS. 55738-39 OF 2022 DECEMBER 21, 2022 Ruchesh Sinha and Samyak Jain, Advs. for the Petitioner. Ajit Sharma, Sr.… Read More »
Exemption claimed u/s 54F disallowed if construction of house not proved – ITAT IN THE ITAT JABALPUR BENCH Bhag Chand Jain v. Deputy Commissioner of Income-tax* SANJAY ARORA, ACCOUNTANT MEMBER AND MANOMOHAN DAS, JUDICIAL MEMBER IT APPEAL NO. 257 (JAB.) OF 2016 [ASSESSMENT YEAR 2012-13] NOVEMBER 9, 2022 Abhijeet Shrivastava, Adv. for the Appellant. Ravi Mehrotra, Sr. DR. for… Read More »
TDS credit to be given in the year of Assessment of Income even if reported by Deductor in Next year : ITAT IN THE ITAT PUNE BENCH ‘C’ Anup Rajendra Tapadia v. Deputy Commissioner of Income-tax S.S. GODARA, JUDICIAL MEMBER AND G.D. PADMAHSHALI, ACCOUNTANT MEMBER IT APPEAL NO. 529 (PUNE) OF 2022 [ASSESSMENT YEAR 2020-21] JANUARY… Read More »
Income tax Interest u/s 234A & 234B can be levied only up-to-date of self-assessment tax paid by assessee: ITAT IN THE ITAT RAJKOT BENCH Dhirendra Narbheram Sheth v. Income-tax Officer Ward-2(3)(5), Rajkot WASEEM AHMED, ACCOUNTANT MEMBER MS. MADHUMITA ROY, JUDICIAL MEMBER I T APPEAL NO. 181 (RJT.) OF 2022 [ASSESSMENT YEAR 2011-12] FEBRUARY 3, 2023… Read More »