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 »
Interest on borrowed funds for Earnest Money Deposit is Allowed as Revenue Exp : High Court HIGH COURT OF KARNATAKA Principal Commissioner of Income-tax v. Prestige Garden Estates (P.) Ltd. P.S. DINESH KUMAR AND C.M. POONACHA, JJ. IT APPEAL NO. 841 OF 2018 OCTOBER 10, 2022 E.I. Sanmathi, Adv. for the Appellant. Sudheendra B.R., Adv. for the Respondent. JUDGMENT P.S.… Read More »
Only Digitally Signing of Income Tax Notice can not be held as issuance of Notice : High Court Allahabad High Court Daujee Abhushan Bhandar Pvt. Ltd Vs Union Of India Writ Tax No. 78 of 2022 10/03/2022 2013-14 1. Heard Sri Dhruv Agarwal, learned Senior Advocate, who on our request assisted the Court as… Read More »
Taxpayer cannot challenge Income Tax Notice if participated in the assessment proceeding : High Court HIGH COURT OF BOMBAY Chhagan Chandrakant Bhujbal v. Income-tax Officer K.R. SHRIRAM AND AMIT B. BORKAR, JJ. WRIT PETITION NO. 3597 OF 2019 DECEMBER 8, 2021 K. Gopal, Jitendra Singh and Om Kandalkar for the Petitioner. Sham V. Walve for the Respondent. JUDGMENT K.R. Shriram, J. – Since pleadings… Read More »
Section 68 Addition deleted as Assessing officer has used extensive enquiries made by the Investigating wing : High Court HIGH COURT OF DELHI Principal Commissioner of Income-tax v. Vikas Telecom Ltd. MANMOHAN AND NAVIN CHAWLA, JJ. IT APPEAL NO. 112 OF 2020 CM APPL. NO. 6464 OF 2020 DECEMBER 15, 2021 JUDGMENT Navin chawla, J. – This appeal… Read More »
Any Source of Fund can be used to Buy new House for claiming exemption u/s 54 of Income Tax : ITAT IN THE ITAT MUMBAI BENCH ‘D’ Reji Easow v. Income Tax Officer, Ward 3(5) PRAMOD KUMAR, VICE PRESIDENT KULDIP SINGH, JUDICIAL MEMBER IT APPEAL NO. 1557 (MUM.) OF 2020 [ASSESSMENT YEAR 2015-16] MARCH 8,… Read More »