Category: Tax Laws

Archive for the ‘Tax Laws’ Category

Shashank Garg v.ITO (2023)455 ITR 347 (P&H)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Allegation in respect of inadmissible expense claimed not stated in initial show-cause notice-Show-Cause notice and subsequent order is invalid.[S. 147,148 148A(b), 148A(d), Art. 226]

Ocean Diving Centre Ltd v. Dy. CIT ( Mum)( Trib) www.itatonline. Org

Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 .

S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India – Asset was not disclosed in Schedule FA – Disclosed in Schedule Part A-85 – Bonafide mistake – When there is no defiance of law or malafide or dishonest breach – Levy of penalty was not justified – Penalty was cancelled . [ S.10]

ACIT v. Virbac Animal Health India Pvt. Ltd. (2023)453 ITR 794/293 Taxman 502 (SC) Editorial: Virbac Animal Health India Pvt. Ltd v. ACIT (2023) 453 ITR 787 (Bom)(HC) is affirmed.

S. 147 : Reassessment -After the expiry of four years – Specific query in the course of assessment proceedings -Expenditure on cost of samples – Advertisement and sales promotion- Change of opinion -SLP of Revenue is dismissed. [S. 37(1), Explanation, 148, Indian Medical Council (Professional, Conduct, Etiquette and Ethics) Regulations, 2002, Art. 136]

ITO (IT) v. Bikkina Savitri Devi (Smt.) (2022) 96 ITR 30 (SN) (Viskha) (Trib)

S. 160: Representative assessee-Gift-Non-Resident-Brother-General power of Attorney-Gift not registered-Disclosed in the hands of General power of attorney holder-Same income cannot be taxed again. [S. 161, Transfer of Property Act, 1882]

Herbalife International India Pvt. Ltd. v. Dy. CIT (2022)100 ITR 456 (Bang) (Trib)

S. 145 : Method of accounting-Inventory write off-Failure to provide the evidence-Not allowable as deduction. [S. 28(i)]

Triumph International (India) Pvt. Ltd. v. ACIT (2022)100 ITR 33 (SN)(Chennai) (Trib)

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-No deduction is allowable on mere provision on gross basis-Bad debts should be actually written off in books of account-Matter remanded.

Stamp duty on PAAA

I got a flat in redeveloped society . The Development Agreement  was signed in 2010 between society and developer . The possession was given in june 2019. How ever due to litigation i could not execute Permenant Alternate Accomodation Agreement (PAAA)when other owners could do it in 2014.At that time as per  DA stamp duty and registration charges were paid by developer Now I approached my Builder to execute PAAA by paying stamp duty and registration charges .The builder refuse to pay Stamp duty and registration charges saying that his ac with society is closed and He will not pay anything. What stamp duty and registration charges i will have to pay to day on my PAAA execution. Recent Bombay High court order saying NO STAMP DUTY on PAAA if Delopment agreement is stamped and registered is available in my case ?

Srishtii Infra Housing Pvt. Ltd. v. PCIT (2023) 330 CTR 167(Delhi)( HC) IA Housing Solution Pvt Ltd v. PCIT (2023) 330 CTR 167(Delhi)( HC)

Direct Tax Vivad Se Vishwas Scheme, 2020

S.3: Amount payable by the declarant – Time and manner of payment -Failure to pay the amount of disputed tax before the last date- Declarations ought to be accepted and payment to be made with simple interest @9% within four weeks.[ S. 5 , Art , 226 ]

Satyajit Bose v. DCIT (2023) 330 CTR 233 (Cal)( HC)

Income Declaration Scheme, 2016
S. 183: Payment of tax – Failure to make third installment – Non-compliance- Order of single judge is set aside- Directed the assessee to make a fresh representation before the Competent Authority. [ Art , 226 ]

Addl. CIT v. Tejal Ashis Mehta ( Mum)( Trib) www.itatonline .org

Black Money ( Undisclosed Foreign Income and Assets ) and Imposition of Tax Act , 2015 )

S.43: Penalty for failure to furnish in return of income, information or furnish inaccurate particulars about an asset ( including financial interest in any entity ) located outside India – Foreign insurance policy was not declared in the return- Bonafide mistake – Levy of the penalty of Rs 10 lakhs was deleted. [ S.10(3), Income -tax Act , 1961 , 139 ]