S.269SS: Acceptance of loans and deposits -Penalty Failure to prove reasonable cause – Penalty order was affirmed – Order of Tribunal is reversed [ S. 271D, 273B ]
CIT v. Al Ameen Educational Trust ( 2018 )254 Taxman 402 ( Ker ) (HC) Editorial : Al Ameen Educational Trust v. CIT ( 2021) 283 Taxman 285 (SC). SLP is dismissed as withdrawn as the assessee proposed to avail the benefit under the Direct Tax Vivad Se Vishaws Act 2020
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 276CC : Offences and prosecutions-Failure to furnish return of income-Failure to file the return on due date-Wilful attempt to evade tax-Presumption of culpable mind-Burden is on the assessee to prove that the failure was not wilful. [S. 276C, 278E, Form No 26AS, Code of Criminal Procedure, 1973, S. 482]
Raman Krishna Kumar v. DCIT (2021) 439 ITR 521 /131 taxmann.com 341 / (2022) 284 Taxman 108 (Mad.)(HC)S. 215 : Interest payable by assessee-Waiver of interest-Regular assessment means first order / original assessment-Delay not attributable to the assessee the interest is not leviable. [S. 139(8), 143(3), 144, 215(3) ITR, 1962, Rule, 40(1)]
Bennett Coleman & Co. Ltd. v. Dy.CIT (2022) 441 ITR 25/ 211 DTR 227/ 325 CTR 545 (Bom.)(HC)S. 148 : Reassessment-Notice-Notice issued to non-existing entity-Notice invalid-Notice could not be corrected u/s. 292B of the Act. [S. 292B, Art. 226]
Implenia Services and Solutions Pvt. Ltd. v. Dy.CIT (Bom.)(HC) (UR)S. 148 : Reassessment-Assessment processed u/s. 143(1)-Fresh claim of loss in reassessment proceedings-Held to be allowable-Deletion of Explanation to section 143 from 1-6-1999, intimation under section 143(1) ceases to be an order for purposes of section 264. [S. 143(1), 147, 264]
Karnataka State Co-Operative Apex Bank Ltd. v. DCIT (2021) 283 Taxman 98 (2022) 211 DTR 63/ 325 CTR 212 (Karn.)(HC).Editorial: Notice issued in SLP filed by the Revenue , Dy. CIT v. Karnataka State Co-op Apex Bank Ltd. (2022) 287 Taxman 165/ 114 CCH 357 (SC)S. 147 : Reassessment-Within four years-Reasons based on erroneous and incorrect facts-Non application of mind-Notice was quashed. [S. 143(1), 148, 151 Art. 226]
Dhiren Anantraj Modi v. ITO (The Chamber’s Journal-January-P. 73 (Bom.)(HC)S. 147 : Reassessment-Within four years-Change of opinion-Long term Capital gains-Applicability of Rate of tax at 10% or 20%-Examined in the original assessment proceedings-Reassessment is bad in law. [S. 48, 112, 148, Art. 226]
Conopco Inc v. UOI (2022) ( 2022 ) 285 Taxman 472/ 215 DTR 283/ 329 CTR 773 /BCAJ-January-P. 47 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Recorded reasons must indicate the manner in which the Assessing Officer has come to the conclusion that income chargeable to tax has escaped assessment-Reason recorded cannot be substituted-Reassessment Notice was quashed. [S. 148, Art. 226]
Peninsula Land Ltd. v. ACIT (2021) 439 ITR 582 / (2022) 134 taxmann.com 33 / 284 Taxman 556 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Business expenditure-Advertisement and marketing expenditure-Change of opinion-Reassessment notice was quashed. [S. 37(1), 148, Art. 226]
Rich Feel Health and Beauty (P.) Ltd. v. ITO (2021) 132 taxmann.com 228 (2022) 284 Taxman 286 (Bom.)(HC)S. 144B : Faceless Assessment-Order passed without show cause and draft assessment order-Order was quashed. [S. 143(3), 144B(xi)(b), Art. 226]
Trendsutra Client Services (P.) Ltd. v. NEAC (2021) 283 Taxman 558 / ( 2022) 19 ITR -OL 203 (Bom.)(HC)/Editorial: ACIT v. Trendsutra Client Services P. Ltd. (2023)453 ITR 219 (SC) , SLP of the Revenue dismissed , with the liberty to the Revenue to proceed in accordance with law .