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HARISH JAIN vs. PRINCIPAL COMMISSIONER OF INCOME TAX (ITAT Jaipur)
ITA No. 214 to 216/JPR/2022 For A.Y. 2012-13, 2015-16 & 2016-17RAM KISHAN VERMA VS. PCIT( CENTRAL), Jaipur : Revision—Scope—Non-initiation/initiation of penalty proceedings under wrong provision—Sec. 263 cannot be invoked to correct each and every type of mistake or error committed by the AO—It is only when an order is erroneous as also prejudicial to revenue's interest, that the provision will be attracted—Revisional jurisdiction of the Principal CIT starts only after the conclusion of… Read More ...
Tumkur Minerals (P.) Ltd. v. Joint Commissioner of Income-tax (High Court of Bombay at Goa)
High Court of Bombay at Goa: Facts The A.O. issued the impugned notice dated 29.03.2019 under section 148 of the Income-tax Act, 1961, seeking to reopen the assessment for A.Y. 2012-13. Thus, the impugned notice was issued after the expiry of 4 years from the end of the relevant A.Y. Upon receipt of the impugned notice, the Petitioner sought reasons and… Read More ...
PRINCIPAL COMMISSIONER OF INCOME TAX, SILIGURI -Versus SMT. NIRMALI BHADRA (Calcutta High Court)
Calcutta High Court, Division Bench: Hon'ble Division Bench of High Court at Calcutta upheld the order of Ld. Member of ITAT as the order passed by the learned Tribunal and held that the learned Tribunal had done an elaborate fact finding exercise and has pointed out as to how the assessing officer erroneously relied upon only the figures mentioned in… Read More ...
ITO vs. Rajiv Sareen (ITAT INDORE)
ITAT INDORE: Return filing is a serious business and reporting error cannot be claimed lightly. 1. The assessee had made huge cash deposits in different bank accounts. 2. During assessment-proceeding, the assessee claimed that the cash-deposits were made out of the opening cash-balance available with him. 3. Ld. AO perused the return of income of the immediately… Read More ...
Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors (Calcutta High Court)
Calcutta High court : Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors Date-21st December 2022 Forum-Calcutta High Court Sub- Whether on account of non reconciliation of purchases reflected by the party in GSTR 1 without supplying necessary details, the assessment order passed u/s 143(3)/144B is sustainable in law? The Division bench of Calcutta high Court in… Read More ...
Kusharaj Madhav Bhandary v. ITO (Bombay High Court)
Bombay High Court : S. 270AA : Pendency of Rectification application - whether has an impact for assessing whether assessee has made payment of tax & interest so as to be eligible for immunity u/s. 270AA. In an interim order passed by the Bombay High Court, the Court stayed an order imposing penalty on an assessee when the application… Read More ...
Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) *
Supreme Court : Gokal Chand (D) thr legal representatives Vs Axis Bank limited & Anr (Supreme court) * Date-15th December, 2022 Sub-*Whether an insurance company even after receiving the insurance premium, can refuse to honour its contract when the insured person dies immediately after taking the home loan.* An interesting issue arose in this case when the insured… Read More ...
P.R. Packaging Service v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 43B : Deductions on actual payment-Adjustment u/s. 143(1)(iv)(a)-Disallowance under section 36(1)(va) of the Act- Assessing Officer could not make disallowance based on observations made in Tax audit report that payments were made after due date specified under respective Acts- Adjustment u/s 143(1)(iv)(a) of the Act is bad in law - Judgement of Supreme Court… Read More ...
State of Jharkhand and others Vs Linde India limited and another (Supreme Court)
Supreme Court of India : State of Jharkhand and others Vs Linde India limited and another (Supreme Court) Date- 2nd December, 2022 Sub-Whether oxygen which is used in the production of steel can be said to be a raw material and thus eligible for concessional rate of tax @ 1% instead of normal rate of 3% under the Bihar Finance… Read More ...
Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT -4 Pune (ITAT Pune)
INCOME TAX APPELLATE TRIBUNAL PUNE BENCH: Interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Income Tax Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) of IT Act. PCIT was not justified in passing revision order U/s 263 of the Act on this issue. Read More ...