Notice given after Recovery proceedings is not Valid : HC No recovery of tax should be made pending expiry of the time limit for filing an appeal. HIGH COURT OF KERALA Andoorkonam Services Co-operative Bank Ltd. v. Income-tax Officer, Ward-2(1), Thiruvananthapuram C. K. ABDUL REHIM AND T.V. ANILKUMAR, JJ. WA NO. 2488 OF 2019 JANUARY 20, 2020… Read More »
Process return u/s 143(1) and grant Income Tax Refund as ITR not processed on Time :HC HIGH COURT OF BOMBAY Aegis Customer Support Services (P.) Ltd. v. Income Tax Officer, Ward-6(1)(1) M. S. SANKLECHA AND NITIN JAMDAR, JJ. WRIT PETITION NO. 2640 OF 2019 OCTOBER 18, 2019 Nishant Thakkar and Hiten Chande for the Petitioner. N.C. Mohanty for the Respondent. ORDER 1. This… Read More »
HC remanded matter to decide genuineness of exp. claimed as demurrages for delay in execution of projects HIGH COURT Estate v. Assistant Commissioner of Income-tax, Circle-1, Bangalore ALOK ARADHE AND RAVI V. HOSMANI IT APPEAL NO.34 OF 2010 JANUARY 10, 2020 A. Shankar and M. Lava, Advs. for the Appellant. K.V. Aravind and Dilip, Advs. for the Respondent. JUDGMENT Alok Aradhe, J. – Mr. A.… Read More »
No reassessment to treat unpaid loan as notional income under section 56 : HC It is clearly discernable that the AO has accepted genuineness of the loan transaction. The reasons are completely silent as to how, and on what basis, material or evidence, the AO has come to the conclusion that the loan transaction was… Read More »
Subsidy and Its taxability in Income Tax Clarified by ITAT The Court is of the opinion that the amount was received as capital stream and therefore, not taxable. Central Government gave the subsidy to enhance indian export potential in the international market. It was not granted to meet the cost of expenditure to meet the… Read More »
However, we have seen that the assessee has either purchased demand drafts or remitted the amount into treasury. Hence we are of the view that the genuineness of these expenses cannot be doubted with. Accordingly, we set aside the order passed by Ld CIT(A) on this addition and direct the AO to delete the disallowance of Rs.… Read More »
Penalty to be levied only when it is proved that income was concealed or inaccurate particular was furnished: HC HIGH COURT OF ALLAHABAD Principal Commissioner of Income-tax, Central Kanpur v. Dinesh Chandra Jain BHARATI SAPRU AND ROHIT RANJAN AGARWAL, JJ. IT APPEAL NOS. 276, 277 OF 2015 IT APPEAL DEFECTIVE NOS. 197, 198, 199 & 200 OF… Read More »
Share sold through Stock Exchange are not Sham Transactions The transactions were carried through Demat account and banking channel on which STT has been paid by assessee. The report of the SEBI was not adverse in nature against the assessee because name of the assessee did not appear therein for conducting dubious transaction. The report… Read More »
HIGH COURT OF GUJARAT Arun Munshaw HUF v. Income-tax Officer, Ward 7(1) J.B. PARDIWALA AND BHARGAV D. KARIA, JJ. R/TAX APPEAL NO. 1091 OF 2008 JANUARY 13, 2020 Mrs. Swati Soparkar and B.S. Soparkar for the Appellant. Mrs. Mauna M Bhatt for the Respondent. JUDGMENT J.B. Pardiwala, J. – This Tax Appeal under Section 260A of the Income-tax Act, 1961 (for… Read More »
Deemed approval of Trust Registration The Tribunal held that once the limitation prescribed under section 12AA of the Act expired and the consequential default on the part of the CIT(E) in deciding the application would result deemed grant of registration is a settled proposition. Therefore, it has been held by the Tribunal that the judgment… Read More »