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S.53 : Punishment for abetment – Tax evasion —Bogus bills – Statement on oath — Petitioner appearing before authorities and co-operating in investigation and making admissions — Directions to authorities to recall look out circular ,in name of petitioner [Income -tax Act , 1961 , S 131(IA ) 133A ,Art , 226 ]
Lakshmi Satyanarayana Dutt Tadikonda v. UOI(2020)426 ITR 550/ 274 Taxman 414 (Delhi)(HC)Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
S.42 : Penalty for failure to furnish return relation to foreign income and asset -Black Money — Failure to file return -Alternative remedy – Court under writ jurisdiction cannot exercise the role of an appellate authority defined under the Black Money Act to deal with the controversy if brought into motion. [ S.3 , 10 ,11 , Income -tax Act , 1961 ,139(5) , Art , 226 ]
Thomas Mathew v. ITO (2020) 426 ITR 438 / 315 CTR 193/ 273 Taxman 34/ 189 DTR 406 (Ker)(HC)Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015
S.10(1): Assessment – Penalty – Taking an overall view of the matter, the respondents could proceed pursuant to the notices dated December 20, 2017. However, no coercive measures could be taken against the assessees if the occasion so arose. [ S. 4(3), 59, Income -tax Act , 1961 S.131 ,148 ]
Anila Rasiklal Mehta v. UOI (2020)425 ITR 545 (Bom)(HC)S. 271(1)(c) : Penalty – Concealment- — Furnishing inaccurate particulars of income — Sufficient interest-free funds available with Assessee — Interest expenses not disallowable – Mere wrong claim does not tantamount to furnishing of inaccurate particulars of income or concealment of income — Penalty not leviable in such cases.
Deem Roll-Tech Ltd. v. DCIT (2020) 78 ITR 45 (SN)(Ahd) (Trib)S.234E : Fee – Default in furnishing the statements – Provision prospective — No demand could be made for AYs prior to 1-6-2015.[ S.200A(1) ( c ) ]
AVV Enterprises P. Ltd. v .DCIT (2020) 78 ITR 60 (SN)(Delhi) (Trib)S. 206AA : Requirement to furnish Permanent Account Number (PAN) – Provision for deduction at higher rate where recipient fails to provide PAN — Provision cannot override beneficial provisions of DTAAs — Assessee not liable to deduct tax at higher rates in spite of failure by non-resident to furnish PAN [ S.90(2)]
ACIT v. Wipro Ltd. (2020) 78 ITR 70 (SN)(Bang)(Trib)S. 201 : Deduction at source – Failure to deduct or pay – Failure to deduct tax from interest paid on loan — Whether recipient filed its return and declared interest amount in its income and paid due taxes — Assessee to prove before AO — Issue restored to AO to prove this contention. [ S. 194A ,201(IA) ]
Barnala Steel Industries Ltd. v. JCIT (2020) 78 ITR 29 (SN) (Delhi) (Trib)S. 148 : Reassessment – Notice — Validity — Amalgamation of companies — Effect — Amalgamating company ceases to exist — Factum of amalgamation brought to notice of AO — Reassessment proceedings against amalgamating company — Not valid [ S.147 ]
DCIT v .Palm Tech India Ltd. (2020) 78 ITR 4 (SN)(Mum) (Trib)S. 145A : Accounting — Valuation of stock — Change in method — Assessee changing method of valuation – Cost or market value whichever is lower method — Changed method consistent with mandatory AS 2 — No need to apply changed method to opening stock of finished goods — Changed method valuation to be applied to all components of inventory
ACIT v .Thiagarajar Mills Ltd. (2020) 78 ITR 8 (SN) / (2021) 186 ITD 279 (Chennai) (Trib)S. 80JJAA : Employment of new workmen —Provisions as existing before 1-4-2016 applicable to earlier years — AO to apply provisions as applicable to each of the earlier years
Century Link Technologies India Pvt. Ltd. v. DCIT (2020) 78 ITR 71 (SN) (Bang) (Trib)