Yearly Archive: 2020

Landmark decision by Supreme Court during Lock down period in the case of ‎NDTV on 3rd April 2020. Appeal allow by holding that the notice u/s 148 is valid ‎when the revenue discovered fresh tangible material. However no addition can be ‎made when the assessee had fully and truly disclosed all material facts during ‎assessment proceedings 143(3). The assessee must be put to notice of all the ‎provisions on which the revenue relies upon. If the notice does not mention of ‎second proviso of section 147 the court will not allow to treat as a notice invoking ‎provisions of the second proviso of Section 147 of the Act.‎

A very decision by Supreme Court during Loc down period as it was the case of NDTV on 3rd April 2020. Appeal allow by holding that the notice u/s 148 is valid when the revenue discovered fresh tangible material. However…
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147, 147 First Proviso for extended period of Limitation of 6 Years, 147 Second proviso-Foreign income or Foreign Assets, 148

ITAT COCHIN on Mar 13, 2020 held that if the assessee had sufficient own capital then he can utilize that fund for non business purposes and no disallowance out of interest on borrowed funds can be made with allegation of diversion of funds. ACIT Vs. vs. ABDUL REHMAN KUNJU & ANR.

ITAT COCHIN on Mar 13, 2020 held that if the assessee had sufficient own capital then he can utilize that fund for non business purposes and no disallowance out of interest on borrowed funds can be made with allegation of…
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Cases Income tax

On 20.3.2020 ITAT VISHAKAPATNAM hold that when the sale proceeds of joint venture are utilized for advancement of the objects without diversion, it does not violate the objects of the assessee. Hence it does not make the assessee disentitle for registration u/s 12AA(3).

When the sale proceeds of joint venture are utilized for advancement of the objects without diversion, it does not violate the objects of the assessee. Hence it does not make the assessee disentitle for registration u/s 12AA(3). VISAKHAPATNAM METROPOLITAN…
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12AA, 12AA(3), Exemption, VISAKHAPATNAM BENCH

ITAT KOLKATA on Mar 18, 2020 held that the assessment made u/s 153A/143(3) of the ‎Act is invalid in the absence of any incriminating material found during course of search ‎hence the addition made by AO in assessment completed was beyond scope. ‎

DEPUTY COMMISSIONER OF INCOME TAX & ORS. vs. BHAVYA MERCHANDISE PVT. LTD. & ORS. IN THE ITAT KOLKATA BENCH ‘B’ P.M. JAGTAP, VP & S.S. VISWANETHRA RAVI, JM. ITA No. 2148/Kol/2017, IT(SS)A No. 139/Kol/2017 (C.O. No. 110/Kol/2018, 09/Kol/2017) Mar 18,…
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143(3), 153A, AY 2011-12, In Favour of Assessee, incriminating material, Kolkata tribunal, Satisfaction, Search and seizure

Calcutta High Court on 4th march, 2020 publication date 24th March, 2020 held that since the provisional Attachment u/s 83 of GST Act is ‎reprehensible and absolutely contrary to law the respondent authorities are directed ‎to pay costs of Rs. 5 lakhs to each of the three petitioners. ‎

Calcutta High Court held that since the provisional Attachment u/s 83 of GST Act is reprehensible and absolutely contrary to law the respondent authorities are directed to pay costs of Rs. 5 lakhs to each of the three petitioners. The…
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‎83, Article 19(1)

#Penny_Stock ITAT CHENNAI on Mar 4, 2020 hold that the A O shall require the assessee; to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are actual, genuine etc. The assessee shall comply with the A.O’s requirements as per law. The Assessing Officer shall also bring on record the role of the assessee in promoting the company and relationship of the assessee with other promoters, role of the assessee in inflating the price of shares, etc. as had been held by the Co-ordinate Bench of this Tribunal in the case of Shri Aravind Nandial Khatri Vs. I.T.O referred to supra.

#Penny_Stock ITAT CHENNAI on Mar 4, 2020 hold that the A O shall require the assessee; to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are…
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10(38), AY 2015-16, CHENNAI ITAT

SUPREME COURT OF INDIA on Mar 19, 2020 held that Section 143(1-A) can only be invoked when the revenue discharged the burden of proving that the assessee has attempted to evade tax which may be discharged by the Revenue by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has, in fact, attempted to evade tax lawfully payable by it. Hence the Ld. AO cannot mechanically apply the provisions of Section 143(1-A) after issuing intimation under Section 143(1)(a) of the Income Tax Act, 1961

SUPREME COURT OF INDIA on Mar 19, 2020 held that Section 143(1-A) can only be invoked when the revenue discharged the burden of proving that the assessee has attempted to evade tax which may be discharged by the Revenue by…
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143(1-A), 143(1), 143(1)(a), Supreme Court

ITAT INDORE held on Mar 19, 2020 fee u/s 234E cannot be levied in the statement processed u/s 200A up to 31.05.2015.

ITAT INDORE held on Mar 19, 2020 fee u/s 234E cannot be levied in the statement processed u/s 200A up to 31.05.2015. M/S.OSWAL COMPUTERS & AMP CONSULTANTS PVT. LTD. AND ORS. vs. INCOME TAX OFFICER (TDS) AND ANR. …
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234E, AY 2013-14, Indore Tribunal

ITAT DELHI held on Mar 19, 2020 that the notice issued by the AO would be bad in law if it did not specify which limb of Section 271(1)(c) the penalty proceedings had been initiated under i.e. whether for concealment of particulars of income or for furnishing of inaccurate particulars of income. M/S GIRI BUILDWELL PVT LTD. vs. ITO

ITAT DELHI held on Mar 19, 2020 that the notice issued by the AO would be bad in law if it did not specify which limb of Section 271(1)(c) the penalty proceedings had been initiated under i.e. whether for concealment…
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271(1)(c), 271(1)(c), AY 2009-10, Delhi, Delhi Tribunal, In Favour of Assessee, ITAT, Penalty, penalty 271(1)(c), penalty proceeding/s 271(1)(c) pending

ITAT LUCKNOW ने Mar 19, 2020 को फेसला दिया कि रेवेन्यू रिकॉर्ड में दर्ज खेती की जमीन पर लगाए चावल प्लांट सहित बेचने पर केवल प्लांट और प्लांट के लिए ली गई जमीन पर केपिटल गेन टैक्स लगेगा बाकी खेती की जमीन अगर खेती की जमीन धारा 2(14) में आती है तो कोई टैक्स नहीं लगेगा।

रेवेन्यू रिकॉर्ड में दर्ज खेती की जमीन पर लगाए चावल प्लांट सहित बेचने पर केवल प्लांट और प्लांट के लिए ली गई जमीन पर केपिटल गेन टैक्स लगेगा बाकी खेती की जमीन अगर खेती की जमीन धारा 2(14) में आती…
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2(14), AY 2011-12, LUCKNOW ITAT