Monthly Archive: March 2020

ITAT Mumbai on 16th March 2020 held that the Additions merely on the basis of statements made during survey proceedings u/s 133A would not hold much evidentiary value unless the same were backed up by some cogent corroborative material.

ITAT Mumbai on 16th March 2020 held that the Retraction of a statement of a particular person by another person statement is bad and disregarded for all purposes. ITAT Mumbai on 16th March 2020 held that the Additions merely on the…
Read more

69C, AY 2010-11, ITAT Mumbai

ITAT Mumbai on 16th March 2020 held that the Retraction of a statement of a particular person by another person statement is bad and disregarded for all purposes.

Retraction of a statement of a particular person by another person statement is bad and disregarded for all purposes. Additions merely on the basis of statements made during survey proceedings u/s 133A would not hold much evidentiary value unless the same…
Read more

143(1), 69C, AY 2010-11, ITAT Mumbai

ITAT COCHIN held on Mar 13, 2020 that if Primary agricultural credit society give Loan for ‎agricultural purpose then the assessee’s activities are in compliance with the activities of ‎primary agricultural credit society and therefore claim of deduction u/s 80P(2) of the I.T. Act ‎can not be denied.‎

ITAT COCHIN held on Mar 13, 2020 that if Primary agricultural credit society give Loan for agricultural purpose then the assessee’s activities are in compliance with the activities of primary agricultural credit society and therefore claim of deduction u/s 80P(2)…
Read more

80P, 80P(2), 80P(4), AY 2013-14, AY 2014-15, AY 2015-16, ITAT COCHIN ‎

HIGH COURT OF MADRAS on Mar 3, 2020 hold that there is no capital gain on ‎Refundable Security Deposit received through development agreement when owner ‎continues to be owner throughout agreement, and has at no stage purported to transfer ‎rights akin to ownership to developer—At highest, possession alone is given under ‎agreement, and that too for a specific purpose, purpose being to develop property, as ‎envisaged by all parties

HIGH COURT OF MADRAS on Mar 3, 2020 hold that there is no capital gain on Refundable Security Deposit received through development agreement when owner continues to be owner throughout agreement, and has at no stage purported to transfer rights…
Read more

142(1), 143(2), 147, 148, AY 2007-08, madras High Court

ITAT Bangalore on Mar 13, 2020 hold that For reopening an assessment, the Assessing ‎Officer cannot consider the information which is already on record and it should be from ‎outside sources.

ITAT Bangalore on Mar 13, 2020 hold that For reopening an assessment, the Assessing Officer cannot consider the information which is already on record and it should be from outside sources AKSHAYA SOUHARDA CREDIT COOPERATVIE LIMITED vs. INCOME TAX OFFICER…
Read more

147, 148, 80P(2)(a)(i), Bangalore Tribunal

ITAT KOLKATA On 26.2.2020 held that it is settled legal proposition that the Sec. 263 revision jurisdiction is not attracted when there is absence of the corresponding assessment being both erroneous as well as causing prejudice to interest of the Revenue hence the order of PCIT to set aside the said assessment order and directing the A.O. to frame the assessment afresh is bad in law and facts.

ITAT KOLKATA On 26.2.2020 held that it is settled legal proposition that the Sec. 263 revision jurisdiction is not attracted when there is absence of the corresponding assessment being both erroneous as well as causing prejudice to interest of the…
Read more

263-Revision of orders prejudicial to revenue, Kolkata tribunal

On 11th March 2020 ITAT Delhi held that when the books of accounts have been rejected by the Assessing Officer, estimation of profit should be as per the material available on record. where the directors are the employees of the company and receive commission for services rendered to the company as per the resolution passed by the Board, the commission paid to the directors was part of the salary and cannot be considered for the purpose of disallowance u/s 36(1)(ii) of the Act.

When the books of accounts have been rejected by the Assessing Officer, estimation of profit should be as per the material available on record. where the directors are the employees of the company and receive commission for services rendered to…
Read more

143(3), 145(3), 361)(ii), Delhi, Delhi Tribunal

11 मार्च 2020 अहमदाबाद ट्रिब्यूनल ने फेसला दिया कि अगर कर निर्धारण अधिकारी धारा 148 का नोटिस मृत व्यक्ति के नाम से दिया है और उसके उत्तराधिकारी नोटिस का जवाब देते हैं और उस समय कोई ऑब्जेक्शन नहीं उठाते हैं और कर निर्धारण अधिकारी उत्तराधिकारी के नाम से एसेसमेंट ऑर्डर करते हैं तो वह नोटिस 148 वैलिड रहेगा लेकिन चूंकि एसेसमेंट ऑर्डर केवल एक उत्तराधिकारी के खिलाफ है इस कारण सेट एसाइड किया गया की यह आर्डर सभी उत्तराधिकारी के खिलाफ किया जावे।

11 मार्च 2020 अहमदाबाद ट्रिब्यूनल ने फेसला दिया कि अगर कर निर्धारण अधिकारी धारा 148 का नोटिस मृत व्यक्ति के नाम से दिया है और उसके उत्तराधिकारी नोटिस का जवाब देते हैं और उस समय कोई ऑब्जेक्शन नहीं उठाते हैं…
Read more

143(1), 143(3), 147, 148, 50C, Ahmedabad Tribunal

SUPREME COURT OF INDIA hold on 6th March, 2020 that it is trite law that, unless there ‎is preference given to the Crown debt by a statute, the dues of a secured creditor have ‎preference over Crown debts. When the sale of the property was pursuant to the order passed ‎by the DRT with regard to the property over which a charge was already created prior to the ‎issuance of notice by the income tax department on 11.02.2003, the dues of a secured ‎creditor have preference over Crown debts. In the case of Connectwell Industries Pvt. Ltd vs. ‎UOI (Supreme Court) ‎

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 1919 OF 2010 M/s. Connectwell Industries Pvt. Ltd. …. Appellant(s) Versus Union of India Through Ministry of Finance & Ors. …. Respondent(s) JUDGMENT ……L. NAGESWARA RAO, J….
Read more

Cases Income tax, coercive recovery, Rule 2 of Schedule II attachment order, Supreme Court

सोसाइटी या ट्रस्ट को कैपिटल या कॉरपस फंड के रूप में जो पैसा मिलता है वह टैक्सेबल नहीं है भले ही सोसाइटी या ट्रस्ट को 12A रजिस्ट्रेशन नहीं मिला हो।

ITO vs. HOSANNA MINISTRIESI ITAT VISHAKAPATNAM DURGA RAO, JM & D. S. SUNDER SINGH, AM. ITA No. 558/VIZ/2018, 286/VIZ/2019 Mar 11, 2020 Section 2(24)(iia), (11)(1)(d), 12A AY 2014-15, 2016-17 Cases Referred to R.B. Shriram Religious and Charitable Trust Vs. CIT…
Read more

12AA, Exemption, VISHAKAPATNAM TRIBUNAL