Hon'ble Mumbai ITAT: Penalty u/s 270A of the Act for underreporting of income as a consequence of misreporting levied at 200% of the tax payable deleted by Hon'ble Mumbai Income Tax Appellate Tribunal. While deciding the case, the Hon'ble Tribunal has taken note of the arguments that the penalty u/s 270A of the Act is discretionary and not… Read More ...

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ITAT Indore: Long term capital gain from 21st Century Finance Ltd. is Genuine On perusal of same, we find that the CIT(A) has made several meritorious, objective and extensive findings; only then and thereafter he has accepted assessee’s claim and granted relief. Now, we sum up our findings/ conclusions: (i) The assessee has submitted all details and… Read More ...

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High Court of Delhi: The Assessing Officer is duty bound to pass a speaking order under section 148A(d) of the Income-tax Act, 1961 which has to deal with all factual and legal submissions furnished by the assessee in response to notice issued under section 148A(b). If the order passed under section 148A(d) does not explicitly deal with all the… Read More ...

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Income Tax Appellate Tribunal, Delhi Bench: Based on the information received from the Investigation Wing, Kolkata, the Assessing Officer initiated reassessment proceedings upon the assessee. The Tribunal observed that even though the information received from the Investigation Wing would constitute fresh material in the hands of the Assessing Officer for initiation of reassessment proceedings, the same would only become 'reason to… Read More ...

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Delhi Tribunal: S.201(1)/201(1A): Whether the assessee could be treated as an ‘assessee in default’ within the meaning of section 201(1) of the Act and consequentially liable for interest u/s 201(1A) of the Act, in respect of non- deduction of tax at source on provision for expenses made at the end of the year, falling within the ambit… Read More ...

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High Court of Calcutta: The High Court of Calcutta set aside the order passed u/s. 148A(d) of the Income-tax Act, 1961 on the ground that the source of information based on which the reopening proceedings were initiated have not been disclosed to the assessee. This has disabled the assessee from putting forth his submissions in a proper and effective… Read More ...

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Delhi ITAT: Issue Involved: Whether the assessee can be considered as an 'assessee in default' u/s 201(1)/201(1A), for non deduction of TDS on year-end expenditure provisions? Key Findings & Ratio as propounded by Hon'ble Delhi ITAT: "These appeals in ITAs No.2475 & 2476/Del/2022 for AYs 2013-14 & 2014-15 arise out of the order of the Commissioner of… Read More ...

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Mumbai Tribunal: S. 4 : Charge of income-tax-Alternative accommodation-Redevelopment agreement-Corpus monetary consideration -Rent for alternative accommodation-Hardship allowance-Capital receipt not taxable. [S. 56] The Assessee is non-resident. The issue before the Income tax Appellate Tribunal was whether the addition on account of corpus fund for alternate accommodation received by the Assessee from the Developer / Builder is capital… Read More ...

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Mumbai Tribunal: S. 69C : Unexplained expenditure-Capitalisation fee-Admission in medical college-Scribbling made on the back side of two pages which does not reveal that assessee had made any payment- Failure to give an opportunity of cross examination of Dean- Addition was deleted. [S. 132] The AO issued show cause notice to the Assessee stating that he received… Read More ...

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Mumbai Tribunal: S. 147 : Reassessment-After the expiry of four years-Non-Resident-Swiss account funds of non-resident-Credits in HSBC (Geneva) accounts originated outside Indian Territories.-Income deemed to accrue or arise in India-No business connection-Limitation- Extended period of 16 years is not applicable to non-Residents- Reassessment notice and order is held to be bad in law and quashed-DTAA-India-UK-French. [S. 6(1),… Read More ...

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