-
Section 153C- Supreme Court of India on on 5 March, 2020 Before issuing notice under Section 153C of the Act, the Assessing Officer of the searched person must be “satisfied” that, inter alia, any document seized or requisitioned “belongs to” a person other than the searched person. If the satisfaction note recorded under Section 153C of the Act in respect of the assessee, i.e., a third party, hold invalid entire proceedings taken there under is null and void. However, in the case where the Assessing Officer of the searched person and the other person is the same, it is sufficient by the Assessing Officer to note in the satisfaction note that the documents seized from the searched person belonged to the other person i.e; the assessee. In the case of M/S. Super Malls Private Limited. vs PCIT. AY 2008-09
-
Section 2(14): Income earned by the assessee constitute business income not Long Term Capital Gains reason that the assessee has always shown it as closing stock of agricultural land in the balance sheets and the object is of property business. Following contention of the assessee was not accepted the land is always valued at cost, period of holding for 13 years, accepting by deptt for deriving of agricultural income from the land. KOHLI ESTATES PVT. LTD. vs. ITO ITAT DELHI on May 5, 2020 AY 2011-12.
-
Rule 46A. The assessee submitted that additional evidence before the CIT(A), but the CIT(A) has not admitted the same. The CIT(A) should have looked into the additional evidences while arriving at the proper conclusion which the CIT(A) failed to do so. In the present case, the assessment order was passed under Section 144 of the Act which shows that the Assessing Officer has not seen any evidences while making additions. Thus, we are admitting the additional evidence filed before the CIT(A). ITAT DELHI on May 15, 2020 AY 2010-11. Rakesh Aggarwal vs. ITO
-
If the Notice u/s 143(2) issued by Income tax Officer was having no Jurisdiction at the time of issue of the notice then this is not a valid notice as it suffers from an inherent lacuna affecting his / its jurisdiction. It is not a curable defect u/s 292BB. The consequent order passed u/s 143(3) dated 29.12.2017 was legally unsustainable and therefore is null in the eyes of law and therefore quashed. ITO vs Mr.P N Krishnamurthy ITAT Bangalore on 27 April, 2020.
-
Article on NOTICE U/S 143(2)- Circumstances when notice U/s 143(2) hold as non service- resulting that assessment framed is invalid and accordingly quashed.
-
TDS Rate is changed from 14.5.2020. So click for getting new rate.
-
Decision SUPREME COURT OF INDIA on MAY 13, 2020 on the issue when original evidence is not available. JAGMAIL SINGH & ANR. V KARAMJIT SINGH & ORS.
-
Economic Package on 13.5.2020 by Finance Minister Nirmala Sitharaman
-
Section 54 BANGALORE ITAT Decision on 8.5.2020: The deduction u/s 54 of the Act should not be denied merely because the name of assessee’s husband is mentioned in the purchase document, when the entire purchase consideration has flown from the assessee. Smt. Subbalakshmi Kurada Vs ACIT AY 2016-17
-
Section 69A, 69B, 148, 254 CHANDULAL AMRUTLAL SHAH (HUF) & ORS. vs. ITO May 4, 2020 ITAT SURAT AY 2000-01 & 2004-05. Supreme Court in the case of MCorp Global (P) Ltd. v. CIT [2009] 309 ITR 434 (SC) held that It is well-settled that the Tribunal is not authorized to take back the benefit granted to the assessee by the Assessing Officer. It has no power to enhance the assessment. In view of the statutory provisions. AO cannot enhanced the income originally assessed under section 143 (3) in set-aside proceeding in consequence of direction of the tribunal.