Click here to download the pdf versions of the Digest of case laws Direct Tax Vivad Se Vishwas Act, 2020 (2020) 422 ITR 121 (St)
S.2(1)(a) : Appellant – Declarant – Pendency of appeal – Physically and digital mode – No difference between appeal admitted physical and digital mode – Rejection is not valid .[ ITAct, 1961 , S. 254(2), Art . 226 ]
Ardent Info Systems Pvt. Ltd. v. PCIT [2023] 152 taxmann.com 496 / (2024)460 ITR 421 (Delhi)(HC)Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015 .
S. 10(1): Undisclosed Foreign Assets — Evasion of tax — Look-out circular banning travel — Pendency of appeal – The look-out circular shall stand modified to an intimation in terms of clause 6(I) of the Office Memorandum of 2021, which states that in cases where there is no cognizable offence under the Indian Penal Code and other penal laws ; the look-out circular subject cannot be detained or arrested or prevented from leaving the country-The originating agency can only request that they be informed about the arrival and departure of the subject in such cases. [ S. 10(3), 41 , ITAct , 131(IA) 133A 153A , Art. 226
Prateek Chitkara v .UOI (2024)460 ITR 673 (Delhi)(HC)Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India -Did not disclose foreign asset in ITR Schedule FA, order of Commissioner (Appeals) confirming levy of penalty under section 43 of Black Money Act is affirmed . [ ITAct, S.139 ]
Shobha Harish Thawani (Ms.) v. Jt. CIT (2023) 154 taxmann.com564 / 226 TTJ 593(Mum) ( Trib.) Editorial : Appeal is pending for admission before Bombay High Court .S. 147 : Reassessment – After the expiry of four years – Bogus purchases and sales – Accommodation entries -Information from DDI (Inv) – Cross examination – Denied giving accommodation entries – Reassessment order is quashed ,[ S.69C , 148]
Allied Engineers and Elastomers v.ITO (Mum)( Trib) . www.itatonline.org .S. 2(14)(iii): Capital asset – agricultural land – land situated within the jurisdiction of municipality limit – Chargeable to capital gain tax. [ S. 2(14)(iii)(a), 2(14)(iii)(b), 45 ]
Precot Ltd. v ACIT (2023) 201 ITD 350/ 103 ITR 82 (SN) / 226 TTJ 481 (Chennnai)( Trib)S. 68: Cash credits – Cash deposited – Demonetisation- Explained the source – Explanation cannot be rejected on the ground of after thought – Addition is deleted .
Gouthamchand Jain v. ITO ( Chennai )( Trib ) www.itatonline .orgS. 271D: Penalty-Takes or accepts any loan or deposit-Cash transactions between group company-Common cashier-Book entries-Reasonable cause-Penalty is deleted. [S. 269SS, 269T, 271E, 273B]
Lok Vikas Housing Funds Ltd v. Add. CIT(2023) 223 TTJ 746 (Jaipur)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Sales through NSEL-Alleged out of book sales-NSEL has not responded to the letter issued by the Assessing Officer u/s 133(6)-Possible view-Revision is bad in law and quashed. [S. 133(6), 143(3)]
Namdhari Rice & General Mills v. PCIT(2023) 221 TTJ 784 (Chd)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Contribution to Provident fund and ESI-Justified in setting aside the order-Incentive payments-Commission-Tax deduction at source-Not justified in revising the order-Exempt income-Debatable issue-Revision order is set aside. [S. 14A, 36(1) (v), 139(1), 192, 194H]
O. S. Motors (P) Ltd v. PCIT(2023) 222 TTJ 27(UO)(Jodhpur)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposit-Demonetisation-No lack of proper enquiry-Proper explanation was furnished in the course of assessment proceedings-Revision order is quashed. [S. 68, 143(3)]
Gurucharan Singh v. PCIT(2023) 223 TTJ 53 (Chd)(Trib)