No Capital Gain Tax on amount received by Partner on reduction in Profit Sharing Ratio : ITAT we hold that the compensation received by the assessee from existing partners for reduction in profit sharing ratio would not tantamount to Capital Gains chargeable to tax u/s 45(1). Therefore, by deleting the impugned addition, we allow the… Read More »
Delayed Payment of Employee EPF allowed if paid before filing ITR u/s 139 : SC Supreme Court has dismissed SLP of Income Tax Department against following decision. If PF/EPF/CPF/GPF etc., if paid after due date under the respective Act but before filing of the return of income under Section 139(1) of the IT Act, the… Read More »
TDS on Guarantee money will apply even if Cricket Match not played in India : SC In the present case, the Non-resident Sports Associations had participated in the event, where cricket teams of these Associations had played various matches in the country. Though the payments were described as Guarantee Money, they were intricately connected with… Read More »
SLP dismissed due to having low tax effect : SC SLP dismissed SUPREME COURT OF INDIA Commissioner of Income-tax, Central-I v. Ansal Housing And Construction Ltd. A. M. KHANWILKAR, HEMANT GUPTA AND DINESH MAHESHWARI, JJ. SPECIAL LEAVE TO APPEAL (C) NO(S). 8590 OF 2014 JANUARY 21, 2020 Arijit Prasad, Sr. Adv., Syed Abdul Haseeb, Adv., Mrs. Anil Katiyar, AOR and B.V.… Read More »
Leave Encashment Deduction on Payment basis u/s 43B is constitutional valid : SC SUPREME COURT OF INDIA Union of India v. Exide Industries Ltd. A. M. KHANWILKAR, HEMANT GUPTA AND DINESH MAHESHWARI, JJ. CIVIL APPEAL NO. 3545 OF 2009 APRIL 24, 2020 JUDGMENT A.M. Khanwilkar. J. – In this appeal, the constitutional validity of clause (f) of Section 43B… Read More »
No Tax Exemption if mutual concern principal not existing : SC Purported mutual concern in the present case undertakes a commercial venture wherein contributions are accepted both from the members as well as non-members, as discussed earlier. Moreover, one member is vested with a myriad set of powers to control the functioning and interests of… Read More »
No Sec 68 Addition of Partners Capital Contribution in Partnership Firm : HC In the case at hand, the partners have shown the agricultural income in their personal returns of the past years which had been accepted by the department as such. The partners are all identifiable and separately assessed to tax. The source of… Read More »
Stay on Income Tax recovery due to COVID-19 so that salaries could be paid : ITAT Stay on Income Tax IN THE ITAT MUMBAI BENCH Pandhes Infracon (P.) Ltd. v. Assistant Commissioner of Income Tax P.P. BHATT, PRESIDENT AND PRAMOD KUMAR, VICE PRESIDENT SA NO. 184/MUM/2020 [ASSESSMENT YEAR 2010-11] APRIL 24, 2020 Vipul Joshi and Dinkle Hariya for the… Read More »
No Recovery to be made from Bank Account due to Covid 19 if taxpayer set aside Rs 5 lakh : HC There subsists an order dated March 20, 2020 passed by the Hon’ble Supreme Court directing the revenue authorities not to initiate any recovery proceedings during the subsistence of the COVID-19 pandemic. In my view,… Read More »
No Sec 68 Addition for purchases from Unregistered person if identity proved in penalty proceedings : SC the factual basis on which the Officer formed his opinion in the assessment order dated 30.11.2000 (for assessment year 1998-1999), in regard to addition of Rs.2,26,000/- (Rupees two lakhs twenty six thousand only), stands dispelled by the affidavits… Read More »