Category: Tax Laws

Archive for the ‘Tax Laws’ Category


Nalwa Investments Limited v. PCIT (2021)435 ITR 577 / 282 Taxman 221 / 323 CTR 81/ 207 DTR 28(Delhi) (HC)

Direct Tax Vivad Se Vishwas Act, 2020

S. 2(b): Appellate forum- Tribunal remanded the matter – Pendency of appeal before CIT (A) on specified date – Rejection of order is held to be unsustainable [ S.246A, 253, Art, 226 ]

Govindrajulu Naidu v. PCIT (2021)435 ITR 703/ 201 DTR 241/ 320 CTR 673/ 280 Taxman 392 (Bom)(HC)

Direct Tax Vivad Se Vishwas Act, 2020

S. 2(b): Appellate forum- Disputed Tax—Pendency of appeal — Declaration cannot be rejected on ground that assessee had offered an amount for taxation – The rejection of the declaration under the 2020 Act was not valid. [ S. 2 (j) ]

Bharani Hospitals Pvt. Ltd. v. ITO (2021)435 ITR 107/ 204 DTR 397 / 322 CTR 719 (Mad) (HC) Bharani Hospitals Pvt. Ltd. v. ITO (2021)435 ITR 107/ 204 DTR 397 (Mad) (HC)

Wealth Tax Act, 1957

S.17 : Wealth escaping assessment – Reassessment — Concealment of assets or furnishing of inaccurate particulars — Penalty —Provisions in pari materia with provisions of Income-Tax Act, 1961 —Law laid down by Supreme Court in Income-tax Matter is applicable to wealth tax proceedings – Natter remanded to pass speaking order . [ S.17(1), 18(1)(c), ITAct , S.147, Art , 226 ]

Nirajkumar N. Rungta v. CWT (2021)435 ITR 179/ 201 DTR 289/ 320 CTR 289 (Bom) (HC)

Wealth-Tax Act, 1957

S. 7 : Value of assets – Assets seized – Possession of revenue Authorities — Value of assets cannot be included in net wealth- The court directed that the Department shall forthwith release 85,617 grams of gold, jewellery, cash and other valuable articles as per the panchanama and hand it over to the petitioners being the legal heirs of the assessee [ S.7(1) , ITAct , S.132 ]

E. Sankaran v. ITO (2021) 279 Taxman 180 (Mad.)(HC) PCIT v. P. Kesarimal Jain ( Mrs.)(2021) 279 Taxman 182 (Mad.)(HC) PCIT v. Anil Kumar Jain (2021) 279 Taxman 251 (Mad.)(HC) Andal Arumugam (Smt.) v. ACIT (2021) 279 Taxman 259 (Mad.) (HC) CIT v. Bidam Kawar (Smt.) (2021) 279 Taxman 426 (Mad.)(HC) S. Manoharan v. ACIT (2021) 279 Taxman 226 (Mad.)(HC)

The Direct Tax Vivad Se Vishwas Act, 2020.

S. 4 : Filing of declaration and particulars to be furnished – Appeal with drawn as dismissed – Liberty is given to restore appeal in event ultimate decision to be taken on declaration filed was in favour of assessee. [ S.260A ]

Ashok Giri v. ACIT (2021) 278 Taxman 412 (Mad.) (HC) Harland Clarke Holding Software India (P) Ltd v. Dy. CIT (2021) 278 Taxman 409 (Mad.) (HC) Saroj Vinod Kumar Jain v. PCIT (2021) 278 Taxman 375 (Mad.) (HC)

Direct Tax Vivad Se Vishwas Act, 2020

S. 4: Filing of declaration and particulars to be furnished – Liberty is given to restore the appeal . [ S.28(va), 260A ]

CIT v. Young Women’s Christian Association (2021) 432 ITR 397 / 202 DTR 169 / 281 Taxman 537(Mad.)(HC)

S. 12AA : Procedure for registration-Trust or institution-Failure to furnish date of registration-Instrument of amendment of Bye-Laws with effect from 14-6-2009 submitted subsequently-Rectification and amendments made to the bye-laws of the society would only operate prospectively-Registration could not be granted with retrospective effect.

PCIT v. National Stock Exchange (2020) 272 Taxman 144 (Bom.)(HC)

Securities Transaction Tax (STT) Finance (No. 2) Act, 2004

S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]

PCIT v. National Stock Exchange (2020) 272 Taxman 144 (Bom.)(HC)

Securities Transaction Tax (STT) Finance (No. 2) Act, 2004

S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]

Mahendra J. Vora v . Dy .CWT (2020) 187 DTR 25/ 313 CTR 355 (Bom)(HC) Editorial: SLP of assessee dismissed Mahendra J. Vora v. Dy.CWT ( 2022) 446 ITR 11 ( St) ( SC)

Wealth tax- Act , 1957

S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]