S. 271E : Penalty – Repayment of loan or deposit -Loans from directors – Reasonable cause – Repayment by demand draft – levy of penalty is not justified .
Sudha Agro Oil and Chemical Industries Ltd. v. Add. CIT (2020) 79 ITR 520 ( Vishakha) (Trib)S. 271E : Penalty – Repayment of loan or deposit -Loans from directors – Reasonable cause – Repayment by demand draft – levy of penalty is not justified .
Sudha Agro Oil and Chemical Industries Ltd. v. Add. CIT (2020) 79 ITR 520 ( Vishakha) (Trib)S. 263 : Commissioner – Revision of orders prejudicial to revenue – Share application money – Share premium- Merely because assessment order silent, order could not be considered as erroneous and prejudicial to Interests of revenue – Revision order was quashed . [ 56(2)(vii)(b), 68, 143(3] ]
Sunray Cotspin (P.) Ltd. v. PCIT (2020) 79 ITR 193 ( Delhi ) (Trib)S. 263 : Commissioner – Revision of orders prejudicial to revenue – Merger – Amalgamated Company filing return after merger in its name —Revision upon non-existent entity — Not valid [ S.143(3) ]
Snowhill Agencies P. Ltd. v. PCIT (2020) 79 ITR 176/193 DTR 73/ 206 TTJ 998 ( Ahd) (Trib)S. 195 :Deduction at source – Non-resident – Taxability in India — Payment to international celebrity appearance at Dubai – Target audience in India, potential customers in India, intended benefits in India — Business connection – Liable to deduct tax at source-DTAA -India -USA [ S. 5(2), 9(1) (i), 115BBA,201 Art.12, 23(3) ]
Volkswagen Finance P. Ltd. v ITO (2020) 79 ITR 447/ 184 ITD 872/ 190 DTR 1/205 TTJ 648 ( Mum) (Trib)S. 153A : Assessment – Search-Assessment of third person — Sale Of Property — Commission —Addition made without examining the buyer of property is held to be bad in law . [ S.292C ]
Summit Mittal and Madhur Mittal v Dy. CIT (2020) 79 ITR 607 ( Delhi) (Trib)S. 144 : Best judgment assessment – Low gross profit rate –Ad-hoc addition – No defects in stock statement – Rejection of books of account is held to be not valid [ S.145(3) ]
Panchshil Exim P. Ltd. v. Dy. CIT (2020) 79 ITR 472 ( Rajkot ) (Trib)S. 143(3) : Assessment -Estimation of income —Milk Supplier earning Commission —Real income theory – Profit is directed to be estimated at seven Per Cent.[ S.144, 145 ]
Vithal Baban Bangar v. ITO (2020) 79 ITR 55 ( Mum) (Trib)S. 143(3) : Assessment – Bogus purchases – Purchase and sales matching figures certified by sales tax department and value added tax Return – No addition could be made on basis of earlier tentative figure shown as per sales tax department – Contribution to provident fund – Matter remanded . [ S. 37(1) ]
Pabitra Banerjee v. ITO (2020) 79 ITR 480 (Cuttack ) (Trib)S. 143(2) : Assessment – Notice issued beyond period of limitation is held to be not valid .[ S.292BB ]
Manoj Kumar v. ACIT (2020)79 ITR 158 / 195 DTR 105/207 TTJ 48 ( Delhi )(Trib)S. 92C : Transfer pricing – Arm’s length price — Outstanding sum of invoices akin to loan advanced- Credit of tax deduction at source – Matter remanded .[ S.92B(2) ]
Lotus Labs P. Ltd. v. Dy. CIT (2020)79 ITR 295 (Bang) (Trib)