S. 143(3): Assessment -Estimate of profits — Gross profit rate —Findings based on conjectures and surmises and not on positive evidence — Order of Tribunal was set aside .[ S. 254(1) ]
Nek Ram Sharma And Co. v. CIT (2018) 402 ITR 194 (J&K) (HC)S. 143(3): Assessment -Estimate of profits — Gross profit rate —Findings based on conjectures and surmises and not on positive evidence — Order of Tribunal was set aside .[ S. 254(1) ]
Nek Ram Sharma And Co. v. CIT (2018) 402 ITR 194 (J&K) (HC)S. 143(3): Assessment – Real income- lease rental- Interest and loan recovery – Guidance Note issued by the ICAI carries great weight – An assessee can only be taxed on “real income” -Lease rental is allowable [ S. 37(1),145(3), CA 1956, S.211 ]
CIT v. Virtual Soft Systems Ltd (2018)404 ITR 409/ 165 DTR 121 /302 CTR 65 / 255 Taxman 352 (SC) , www.itatonline.orgEditorial: Refer CIT v. CIT v. Virtual Soft Systems Ltd ( 2012)341 ITR 593 / 67 DTR 410 ( Delhi) (HC) is affirmedS. 143(2): Assessment – Notice by an AO not having jurisdiction over the assessee is irrelevant- Assessment was held to be bad in law .
ITO v. NVS Builders Pvt. Ltd.( 2018) 169 ITD 679(Delhi)(Trib) , www.itatonline.orgS. 143(2) : Assessment – Block assessment -Notice issued with in period of limitation , however the notice was served beyond limitation period hence the assessment was held to be in valid and quashed- Tribunal was justified in considering the issue of limitation first time raised before the Tribunal [ S. 158BC, 254(1),292BB ]
CIT v. V.V. Devassy (2018) 403 ITR 25/ 252 Taxman 390/ 163 DTR 76 (Ker.)(HC)S. 143(2) : Assessment -Notice – Notice to authorised representative was held to be deemed service of notice on assesse and sufficient compliance – Non availability of assesse on the given address the notices were could not be served [ S. 143(3) ]
ITO v. Dharam Narain ( 2018) 163 DTR 41/ 253 Taxman 479/ 301 CTR 41 ( SC)S.142(2A): Inquiry before assessment– Special audit– Order passed without application of mind and objections of the assesse was held to be bad in law .
Karnataka Industrial Area Development Board v. CIT (2018) 401 ITR 74 / 162 DTR 73/ 300 CTR 449/ 253 Taxman 178 (Karn) (HC)S. 143(1)(a) : Assessment – Intimation –Provision for doubtful over due instalments – Adjustment was held to be not valid – Interpretations given by High Courts and Tribunals cannot be ignored by the Assessing Officers [ S. 36(1)(vii), 36(2) ]
Bajaj Auto Finance Ltd. v. CIT (2018) 404 ITR 564 / 166 DTR 379 (Bom)(HC) , www.itatonline.orgS.142(2A): Inquiry before assessment– Special audit–Time limit for assessment-Opportunity of oral and written submission against the order for special audit was considered , hence writ is not maintainable – Issuance and despatch of order u/s 142(2A) with in period of limitation and service on assesse beyond limitation period , order does not abate. [ S. 143(3), 153 , Expl. 1(iii) ]
Nokia India Pvt Ltd v. Addl.CIT ( 2018) 402 ITR 517 / 301 CTR 665 / 164 DTR 121/ 255 Taxman 266 ( Delhi) (HC).Editorial: SLP filed by the assessee, Nokia India Pvt Ltd v. Addl. CIT (2018)169 DTR 1(SC) ( 2018) Direction of special audit stayed .S. 139D : Return in electronic form – Form V furnished through post within stipulated extended period — Originally filed return was held to be valid [ S. 139C, 295B ]
PCIT v. National Informatics Centre Services Inc. (2018) 400 ITR 387/ 162 DTR 97/ 300 CTR 495 (Delhi) (HC)S. 139AA : Permanent account number – Date for linking of Aadhaar with all schemes of ministries/Departments of Union Government linking of bank accounts for existing bank accounts and for completion of Aadhaar based E-KYC process in respect of mobile phone subscribers is to be extended until 31-3-2018
K. S. Puttaswamy v. UOI (2018) 252 Taxman 357 (SC)