S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Delay in filing return-Hospitalization of managing trustee-Reasonable cause-Assessing Officer is directed to delete the penalty. [S. 12AA, 139, 272(2)(e), 273B]
National Institute of Women Child & Rural Health Trust v. JCIT (2021) 208 DTR 433 / (2022) 215 TTJ 400/ 194 ITD 214 (Chennai)(Trib.)
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 271G : Penalty-Documents-International transaction-Transfer pricing-Diamond business-Maintaining primary books of account and documents-Transactions accepted to be at Arm’s Length-Failure by Transfer Pricing Officer to determine Arm’s Length Price independently by applying one of prescribed methods-Deletion of penalty is justified.
ACIT v. Dharmanandan Diamonds (P.) Ltd. (2021) 91 ITR 40 (SN) (2022) 193 ITD 133 (Mum.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.
My Guest House Accommodations Pvt. Ltd. v. Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.
My Guest House Accommodations Pvt. Ltd. v Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)S. 271(1)(c) : Penalty-Concealment-Denial of exemption u/s 11-High Court admitted the appeal-Not specifying the specific limb of section 271(1)(c)-Penalty not leviable. [S. 11. 13, 260A]
Jamsetji Tata Trust v. ACIT (2021) 198 DTR 46 (Mum.)(Trib.) Interocean Shipping (India) Pvt. Ltd. v. DCIT (2021) 91 ITR 63 (SN) (Delhi)(Trib.) S. D. Constructions v ACIT (2021) 91 ITR 43 (SN) (Kol.)(Trib.) Transgulf Frozen Foods Containers Pvt. Ltd. v. ACIT (2021) 91 ITR (Trib.) 22 (Delhi)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Show cause notice and discussion restricted too share application money-Reassessment order not erroneous and prejudicial to revenue-Revision order was quashed. [S. 68, 147, 148]
Majestic Stock Pvt. Ltd. v. PCIT (2021) 91 ITR 71 (SN) (Jaipur)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Reassessment-Revision notice a verbatim copy of reasons recorded by Assessing Officer for reopening assessment-Assessing Officer Accepting returned income after verifying explanation-Revision by PCIT not sustainable. [S. 143(3), 147]
Chandravadan Desai v. PCIT (2021) 91 ITR 78 (SN) (Kol.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Proceedings for rectification was dropped-Revision based on audit objection-Revision is not sustainable. [S. 24B, 154]
Ashish Dham v. PCIT (2021) 91 ITR 75 (SN) (Delhi)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest expenditure allowed after conducting enquiry-Revision is held to be not valid. [S. 143(3)]
P. S. Srijan Height Developers v. PCIT (2021) 91 ITR 246 (Kol.) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Set off of brought forward business loss-No excess unabsorbed depreciation allowed while computing book Profit-Issue of show-cause notice beyond period of two years from date of original assessment Order-Revision barred by limitation-Revision quashed. [S. 115JB]
India Cements Ltd. v. Dy. CIT (2021) 91 ITR 541 (Chennai)(Trib.)