S. 271(1)(c) : Penalty-Concealment-Set off of unabsorbed depreciation and business losses-Making full disclosure-Penalty not sustainable. [S. 115JB]
ASIT C. Mehta Investment Intermediates P. Ltd. v. Dy. CIT (2021) 90 ITR 7 (SN) (Mum.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Set off of unabsorbed depreciation and business losses-Making full disclosure-Penalty not sustainable. [S. 115JB]
ASIT C. Mehta Investment Intermediates P. Ltd. v. Dy. CIT (2021) 90 ITR 7 (SN) (Mum.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Disallowance of expenditure of annual exchange service charges-Levy of penalty is held to be not warranted. [S. 37(1)]
Aanya Real Estate Pvt. Ltd. v. Dy. CIT (2021) 90 ITR 5 (SN) (Mum.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share capital and share premium-Identity and creditworthiness established-Revision order is held to be not sustainable. [S. 68]
Lovely International Pvt. Ltd. v. ACIT (2021)90 ITR 52 (SN) (Kol.) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest on borrowed capital-Order was passed after due verification-Sale of land-Variation with in tolerance limit of 15 per Cent-Revision order was quashed. [S. 36(1(iii), 50(C), 143(3)]
Ashokkumar Govindbhai v. ITO (2021) 90 ITR 262 (Ahd.)(Trib.)S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Order of Supreme Court extending limitation for purposes of all laws-Miscellaneous application filed on 28-9-2020 was admitted as filed within extended due date-Glaring and patent mistakes-Tribunal order was recalled and matter was directed to be heard afresh.
Shiv Edibles Ltd. v. ACIT (2021) 90 ITR 669 (Jaipur)(Trib.)S. 194C : Deduction at source-Contractors-Advertisement-Liable to deduction u/s. 194C and not u/s. 194J-Lease rent-Failure to deduct tax at source on rent-Matter remanded. [S. 194J, 201(1), 201(IA)]
Perfect Probuild P. Ltd. v. Dy.CIT (2021) 90 ITR 25 (SN) (Delhi) (Trib.)S. 154 : Rectification of mistake-Excess deduction-Merits of issue could not be adjudicated in rectification proceedings-Deduction allowed while giving effect to the order of Tribunal-Withdrawal of deduction granted earlier on the basis of judgement of Supreme Court decision-Debatable-Order of Rectification is held to be nor valid. [S. 14A, 36(1)(vii), 147]
Union Bank of India v. Dy.CIT (LTU) (2021) 90 ITR 55 (SN) (Mum.)(Trib.)S. 154 : Rectification of mistake-Accumulation of 15% of gross receipts-Assessing Officer issuing intimation considering net revenue-Mistake apparent on record-Ought to have rectified. [S. 11(1)(a), 143(1)]
Bellary Educational Services Trust v. Dy. CIT(E) (2021) 90 ITR 94 (SN) (Bang.)(Trib.)S. 154 : Rectification of mistake-Excise duty refund Capital receipt-Capital subsidy liable to be excluded-Failure to consider subsequent judgement Supreme Court or Jurisdictional High Court-Mistake apparent from record. [S. 4, 115JB]
B. R. Agrotech Ltd. v. ACIT (2021) 90 ITR 77 (SN) (Delhi)(Trib.)S. 153B : Assessment-Search-Time limit-Assessment was initiated after amendment-Period of one year available-Assessment is not barred by limitation. [S. 132, 153B, Expln.(viii)]
ACIT v. Parminder Singh Kalra (2021) 90 ITR 419 (Delhi)(Trib.)