Category: Tax Laws

Archive for the ‘Tax Laws’ Category


Narendrakumar Chunilal Soni v. JCIT (2023)104 ITR 36 (SN) (Ahd) (Trib)

S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of immovable property to agriculturist from small village-Banking facilities not available-Reasonable cause-Levy of penalty is deleted. [S. 273B]

Talwar Jewellers v. ACIT (2023) 102 ITR 26 (SN) (Chd) (Trib.)

S: 143(3) : Assessment-Bogus purchases-Inventory and Closing stock not disputed-Addition is deleted. [S. 132(4), 147, 148, 153A]

Shri Rajkot Vishashrimali Jain Samaj. v. ITO (2023) 200 ITD 662 /225 TTJ 992 (Rajkot)(Trib.)

S. 11 : Property held for charitable purposes-Form No 10B-Audit report-Delay condoned by CIT(E)-Denial of exemption is not justified-Return filed under section 139(4)-Exemption cannot be denied-Provisions of section 13(9) would attract only when assessee claims benefit of section 11(2) and its scope would not extend to other sub-sections of section 11. [S. 12A (1)(ba), 13(9), 139(1), 139 (4),13(9), Form No.10B]

Star Health Investments P. Ltd. (Dissolved) v. PCIT (2023) 201 ITD 122/ 103 ITR 8 (SN)(Chennai)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share premium-The AO conducting specific enquiries relating to receipt of share premium-Determining fair market value basis the net asset method-Order not erroneous and prejudicial to revenue warranting revision.[S. 56(2)(viib)]

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.