Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Jitendra Virwani v. JTCIT (NO. 1) (2023)453 ITR 323 / 330 CTR 747/ 220 DTR 445 (Karn)(HC) Editorial : Jitendra Virwani v. Jt.CIT (NO. 2) (2023)453 ITR 342 / 330 CTR 34/ 220 DTR 433 (Karn)(HC), order of single judge reversed.

S. 10(1) : Undisclosed Foreign Income or Assets -Interpretation – Fiscal statutes and in determining the tax liability, strict rules of interpretation – Notice issued beyond 30 Days of receiving information- Search and seizure – Response not filed -Enquiry cannot be truncated at stage of issue of notice – Guidelines issued by Central Board Of Direct Taxes -Information and Intelligence -Notice is valid -Writ petition is dismissed.[S. 8(1), 8(2), Income -tax Act, S. 132, 232(4), 153A, Art. 226]

Jitendra Virwani v. Jt.CIT (NO. 2) (2023)453 ITR 342 / 330 CTR 34/ 220 DTR 433 (Karn)(HC) Editorial : Jitendra Virwani v. JTCIT (NO. 1) (2023)453 ITR 323 / 330 CTR 747/ 220 DTR 445 (Karn)(HC).Decision of the single judge reversed.

S. 10(1) : Undisclosed Foreign Income or Assets-No Evidence of undisclosed Foreign income -Notice Issued Under Black Money Act is not valid-High Court can quash a notice if issued without jurisdiction-Interpretation of Taxing Statutes -Strict Interpretation. [S. 8(1), 8(2), Income -tax Act, S. 132, 232(4), 153A, Art. 226] Constitution Of India, Art. 226.

Ramendra v. PCIT (2023) 453 ITR 751 /294 Taxman 77 (SC)

S. 276C : Offences and prosecutions – Wilful attempt to evade tax –
Application for bail -Time to surrender before Trial court and consider the application for bail -SLP of the assessee is dismissed. [S. 276(2) 278EE, Code Of Criminal Procedure, 1973, S. 482. [Art. 136, 226]

US Technologies International Pvt. Ltd. v CIT (2023)453 ITR 644/ 293 Taxman 27/ 332 CTR 176/ 224 DTR 265 (SC) Eurotech Maritime Academy Pvt. Ltd. v CIT (TDS) (2023)453 ITR 644/ 293 Taxman 27/ 332 CTR 176/ 224 DTR 265 (SC) Editorial: Decision in CIT (TDS) v. Eurotech Maritime Academy Pvt. Ltd(2019) 415 ITR 463 (Ker) (HC), reversed.

S. 271C : Penalty – Failure to deduct at source -Failure or delay in remittances of tax deducted at source -Attracts interest and prosecution- No provision for levy of penalty- Interpretation Of Taxing statutes -Penal provisions -Strict construction. [S. 115O(2), 194B, 201(1A), 271C, 276B]

J. M. J. Essential Oil Company v. CIT (2023)453 ITR 754/ 292 Taxman 314 (SC)

S. 271(1)(c) : Penalty -Concealment -Cash sales – Value Added Tax Authorities accepting cash Sales- Independent finding of fact that the assessee had introduced unaccounted income as cash sales —Inaccurate particulars of income -Levy of penalty affirmed by High court -SLP of assessee is dismissed. [S.80IAC, Art, 136]

PCIT v. Urmila Rcp Projects Pvt. Ltd. (No. 2) (2023)453 ITR 43 / 293 Taxman 210 / 331 CTR 579/ 223 DTR 376/293 Taxman 210 (Jharkhand)(HC)

S. 268A : Appeal -Instructions – Monetary Limits- Audit objection was not on the issue in the appeal – Appeal was dismissed in Limine. [S. 143(3) 260A, 263]

PCIT v. Britannia Industries Ltd. (2023)453 ITR 576/ 330 CTR 435 (Cal)(HC) Editorial: Order in Britannia Industries Ltd v. PCIT (2023) 102 ITR 513 (Kol)(Trib), is affirmed.

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Commissioner holding view different from that of Assessing Officer on a particular issue -Revision is not justified- High Court cannot set aside finding of Appellate Tribunal unless finding is perverse.[S. 260A]

CIT v. Paville Projects Pvt. Ltd. (2023)453 ITR 447/ 293 Taxman 38/ 332 CTR 28/ 224 DTR 185 (SC) Editorial: CIT v. Paville Projects Pvt. Ltd(2017) 398 ITR 603 (Bom)(HC), reversed. Refer Paville Projects Pvt. Ltd v. CIT (2014) 35 ITR 352/ (2016) 71 taxmann.com 287 (Mum)(Trib)

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Capital gains -Cost of improvement -Paid to shareholders under Family Settlement – Discharge encumbrances-Cost of improvement -Relinquishment of rights – Assessing Officer accepting claim -Order erroneous and prejudicial to Revenue -Revision is justified- Order of High Court reversed. [S. 45, 48, 55(1)(b)]

Broadways Overseas Ltd. v.CIT (2023)453 ITR 774/ 292 Taxman 33 (SC) Editorial : Broadways Overseas Ltd v. CIT (P& H)(HC) (ITA No. 234 of 2009 dt. 22-11 -2013) is affirmed.

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Total income -Eligible profit -Export profit -Deduction under Section 80HHC to be computed on eligible profits only after reducing profits on which deduction availed of under Section 80IB of the Act -Revision was affirmed -Special Leave to appeal of the assessee was dismissed. [S.80HHC, 800IA(9), 80IB(13)]

Mansarovar Commercial Pvt. Ltd. v. CIT (2023)453 ITR 661/ 293 Taxman 312 / 332 CTR 137/ 224 DTR 305 (SC) Editorial: Decision of Delhi High Court, affirmed, CIT v. Mansarovar Commercial Pvt. Ltd (Delhi)(HC) (2016) 134 DTR 105 / 287 CTR 28 (Delhi)(HC).Editorial , Review petition is dismissed ,Mansarovar Commercial Pvt. Ltd. v. CIT (2023)453 ITR 661/ 293 Taxman 312 / 332 CTR 137/ 224 DTR 305 (SC)

S. 234A : Interest – Default in furnishing return of income – Levy of interest is mandatory. [S. 2(35), 5, 6(3)(ii), 131, 142(1), 143(2), 148, 282]