Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


DCIT v. Baphana Jewellers (P) Ltd (2024) 229 TTJ 117 / 237 DTR 41 / 38 NYPTTJ 268 (Pune)(Trib)

S.271D: Penalty-Takes or accepts any loan or deposit-Metal deposits-Gold or silver in physical form followed by corresponding journal entries made in the books of account terming them as unsecured loans-Penalty is not leviable.[S. 269SS]

Beantkaur Avtarsingh Juneja v. ITO (2024) 229 TTJ 916 / 238 DTR 225 / 38 NYPTTJ 549 (Nag)(Trib)

S. 271B : Penalty-Failure to get accounts audited-Legal representatives-Death of assessee-Penalty is not leviable on legal representative-Penalty is deleted.[S.44AB, 159(1), 159(4), 274(1)]

Annapurna Boddu v. ACIT (2024) 229 TTJ 587 / 38 NYPTTJ 401 (Hyd)(Trib)

S. 271(1)(c) : Penalty-Concealment-Capital gains-Admitted the claim as bogus-Admitted in affidavit-The admitted claim was not shown as income in response to notice issued under section 148 of the Act-Levy of penalty is affirmed. [S. 10(38), 45, 132(4), 139,148]

Ravindra Madhukar Kharche v.ACIT (2024) 229 TTJ 530 / 237 DTR 281 / 38 NYPTTJ 525 / 161 taxmann.com 712 (Nagpur)(Trib)

S. 270A:Penalty for under-reporting and misreporting of income-Difference between interest income offered to tax and income reported in Form No. 26AS-Disallowance of exemption-Penalty is deleted. [S.10(10), Form No 26AS]

Sushil Kumar Gupta & Co. v. PCIT (2024) 229 TTJ 1 (UO) (Chd) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limited scrutiny-Genuineness of expenditure-Wages and labour charges-Contractor, PAN and GST number, copy of Invoices, copy of the ledger account, payment details and the TDS on the payment made are on record-Contractor has not filed the return-The order passed by the AO cannot be held to be erroneous insofar as prejudicial to the Interest of the Revenue. [S.194C]

Jain Carrying Corporation v. PCIT ((2024) 229TTJ 17 (UO) (Jodhpur)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Audit objection-AO has conducted the required enquiry and not violated any of the conditions mentioned for revision of order as required by Expln. 2 of S. 263- Revision order is quashed. [S. 143(3)]

RDC Ventures v. PCIT (2024) 229 TTJ 369 / 38 NYPTTJ 208 / 159 taxmann.com 395 (Mum)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Project completion method and percentage completion method-Accounting method-Guidance note-Assessing Officer has verified in the original assessment proceedings-Revision order is set aside.[S. 143(3), 145]

Mohan Singh v. PCIT (2024) 229 TTJ 352 237 DTR 97 / 38 NYPTTJ 4 (Chd)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Survey-Specific query on undisclosed income in the course off assessment proceedings-Deeming provision is not applicable-Revision is not justified [S. 68, 69,69D, 115BBE, 133A]

Durgapur Society of Management Science v. ITO (2024) 229 TTJ 458 / 237 DTR 137 / 38 NYPTTJ 125 (Kol) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Educational activities-Rental income exemption-Gross receipts earned from carrying out educational activity-Revision order is quashed and set aside.[S.10(23C)(vi)]

Amit Kumar Agarwal v.PCIT (2024) 229 TTJ 473 / 237 DTR 209 / 38 NYPTTJ 509 (Agra)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Deposit from customers-Lack of proper enquiry- Cash deposit in bank-Revision is valid. [S. 143(3)