S. 271C : Penalty-Failure to deduct at source-Assessee in default-Fixed deposit-Form 15G-Reasonable cause-Levy of penalty is not valid. [S. 201(1), 201(IA), Form 15G]
Bank of India v. JCIT (2020) 83 ITR 412 (SN.) (Jaipur)(Trib.)S. 271C : Penalty-Failure to deduct at source-Assessee in default-Fixed deposit-Form 15G-Reasonable cause-Levy of penalty is not valid. [S. 201(1), 201(IA), Form 15G]
Bank of India v. JCIT (2020) 83 ITR 412 (SN.) (Jaipur)(Trib.)S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-
Charge not specified in the notice-Penalty not sustainable-Returned income accepted-Levy of penalty is not justified. [S. 132(4), 143(3) & 274]
S. 271(1)(c) : Penalty-Concealment-Disallowance of set-off of loss from purchase and sale of shares treating it as speculation loss-Disallowance of claim-Penalty not sustainable. [S. 73]
TIL Investments P. Ltd. v. ITO (2020) 83 ITR 77 (SN) (Mum.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Disallowance of interest on estimate basis-Penalty not leviable. [S. 36(1)(iii)]
Electron Colour Chem Pvt. Ltd. v. ITO (2020) 83 ITR 73 (SN) (Ahd.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Failure to specify the specific charge in the show cause notice -Penalty levied was quashed.
Akhil Meditech Pvt. Ltd. v. CIT (2020) 83 ITR 68 (SN) (Delhi)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue- Business income or income from house property-Amendment bringing to tax notional annual value of property held as stock-in-trade-Not applicable to prior years-Revision is held to be not valid. [S. 22, 23(5)]
Tata Housing Development Company Limited v. PCIT (2020) 83 ITR 59 (SN) (Mum.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Different treatment for leased assets for book purposes and Income tax return-Revision is held to be valid. [S. 32]
NXP India P. Ltd. v. PCIT (2020) 83 ITR 52 (SN) (Bang.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Different treatment for leased assets for book purposes and Income tax return-Revision is held to be valid. [S. 32]
NXP India P. Ltd. v. PCIT (2020) 83 ITR 52 (SN) (Bang.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long term capital gains-Penny stock-Sale of shares-Acceptance of declaration-Plausible view-Revision is held to be not sustainable. [S.10(38) 45, Income Declaration Scheme, 2016]
Manisha Ajay Shah (Mrs.) v. PCIT (2020) 83 ITR 75 (SN) (Mum.) (Trib.)S. 254(1) : Appellate Tribunal-Duties-Additional evidence-Failure by department to show why documents needed or explain connection of documents with controversy in question-Additional evidence not to be admitted. [ITAT R, 1963, 29]
ITO v. Aravali Prime Consultants P. Ltd. (2020) 83 ITR 2 (SN) (Jaipur) (Trib.)