Delhi High Court : Prem Chopra Vs Assistant Commissioner of Income-tax, Circle 46(1) New Delhi[Delhi High Court] Date-25th May 2023 Sub: Whether on same set of facts, diametrically opposite view can be taken by issuing notice u/s 148 in one year whereas dropping the proceedings in another year? Cogent and consistent answering to every “why” is the DNA of… Read More ...

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ADDL. CHIEF METROPOLITAN MAGISTRATE: S. 276CC : Offences and prosecutions-Failure to furnish return of income - Return filed late-Directors of the firm held guilty-Sent to rigorous imprisonment for six months. [S. 139, 278E, CPC, 248(2), 313] The accused was having taxable income for A.Y. 2014¬-2015. The director of the company by written submission stated that the profit of company… Read More ...

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Mumbai Tribunal: S. 92C : Transfer pricing-Arm’s length price-Bundle of Sport Broadcasting Rights-Most Appropriate Method-CUP Method and Other Method-Report of an independent Valuer-Assessee can resile from the Most Appropriate method selected earlier -The Most Appropriate Method is other Method - On the facts the Assessing Officer was justified in making transfer pricing adjustment in the international transaction… Read More ...

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Mumbai Tribunal: S. 54F : Capital gains- Investment in a residential house-Co-owner of more than one house-Eligible for deduction-Precedent-When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed. [S. 45, 54] The assessee is an individual, claimed deduction under section 54F of the income-tax Act. The Assessing Officer… Read More ...

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ITAT AMRITSAR: VIOLATION OF PRINCIPLES OF NATURAL JUSTICE. Admittedly, the lower authorities have passed orders ex parte qua the assessee in violation of principles of natural justice, as no reasonable opportunity of being heard has been granted to the assessee in absence of service of notices as mentioned in the impugned order Read More ...

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ITAT JAIPUR: There is a specific finding and reference of the deduction claimed by the assessee in the assessment order. Thus, the AO has taken a plausible view which is based on decision relied upon by the Authorised Representative of the assessee and there is no lack of enquiry on the part of the AO and he… Read More ...

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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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