Recent Income Tax Judgments – Part 2
Recent Income Tax Judgments
Exemption to be allowed even if not claimed in Income Tax return : HYDERABAD ITAT
Hon’ble Madras High Court, in the case of CIT v. Indian Express (Madurai) (P.) Ltd. [1983]140 ITR 705 at page 722, observed that unlike a law suit in civil appeals, in tax litigation, it cannot be treated as a “lis” between two rival parties but the job of the Assessing Officer is to arrive at the correct taxable income. Therefore,… Read More »
AO Jurisdiction couldn’t be questioned after expiry of 1 month from date of service of reassessment notice : Delhi HC
HIGH COURT OF DELHI Abhishek Jain v. Income-tax officer, Ward-55(1), New Delhi SANJIV KHANNA AND CHANDER SHEKHAR, JJ. WRIT PETITION (CIVIL) NO. 11844 OF 2016 JUNE 1, 2018 Arvind Kumar and Harsh Vardhan Sharma, Advs. for the Petitioner. Ashok K. Manchandani, Sr. Standing Counsel for the Respondent. JUDGMENT Sanjiv Khanna, J. – Abhishek Jain, as an individual, has filed the present writ petition… Read More »
No reassessment because capital gain shown by another co-owner is different : GUJARAT HC
The Assessing Officer examined the petitioner’s declaration of sale of immovable property and resultant loss, which she claimed. The Assessing Officer called for the purchase and sale deeds as also supporting evidence for computation of the capital gain. The assessee produced such documents and the approved valuer’s report assessing the value of property as on… Read More »
No Penalty for Cash Loan Taken from Wife by Husband : ITAT Delhi
Facts of the case : The assessee has taken cash loan of Rs. 1 lakh and 3 lakhs on 01.04.2006 and 30.09.2006 respectively from Meena Sood for which penalty proceedings u/s 271D of Income tax Act of the Act may be initiated. Held The Kolkata Bench of the Tribunal in the case of Tuhinara Begum… Read More »