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“…..Commissioner could exercise his jurisdiction under Section 263 of the Act “only in cases where no enquiry is made by the assessing officer.” (Para 9) Aug 2, 2019 HIGH COURT OF CALCUTTA

“…..Commissioner could exercise his jurisdiction under Section 263 of the Act “only in cases where no enquiry is made by the assessing officer.” (Para 9) Aug 2, 2019 HIGH COURT OF CALCUTTA Full text of decision is as under:- PRINCIPAL…
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263-Revision of orders prejudicial to revenue, Calcutta High Court

November 16, 2019

KOLKATA TRIBUNAL on 8.9.2019 held that Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38) EVERGREEN RESIDENCY PVT. LTD. vs ITO

EVERGREEN RESIDENCY PVT. LTD. vs. INCOME TAX OFFICER KOLKATA TRIBUNAL A.T. VARKEY, JM. & DR. A.L. SAINI, AM. ITA No. 416/Kol/2018 Aug 9, 2019 (2019) 56 CCH 0386 KolTrib Legislation Referred to Section 68, 69, 106, 131, 133(6), 143(2), 143(3),…
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106, 131(1), 133(6), 143(2), 143(3), 260A, 263-Revision of orders prejudicial to revenue, 271(1)(c), 68, 69, Cases Income tax, ITAT Mumbai, Section 4 of Bankers Book Evidence Act 1891

November 16, 2019

eligibility to opt for the scheme-VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 when audit, enquiry or investigation started

eligibility to opt for the scheme-VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 when audit, enquiry or investigation started If an audit, enquiry or investigation has started, the person shall not be eligible to opt for the scheme-VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME,…
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2019, Articles, VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME

November 16, 2019

No deemed rental income when use in business or profession inspite of no depreciation claimed.Also for calculating holding period date of allotment if initial payment made by cheque

अगर करदाता यह प्रूफ कर देता है की हाउस प्रॉपर्टी उसके बिजनेस या प्रोफेशन में काम आ रही थी तो भले ही करदाता ने डेप्रिसिएशन नहीं क्लेम किया हो deemed rental income मानकर आय में नहीं जोड़ा जा सकता कैपिटल…
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23, 50C, ITAT Mumbai

November 16, 2019

Compensation received in lieu of ‘right to sue’ is not taxable. Decision held In Chheda Housing Development Corporation Vs Addl. CIT (ITAT Mumbai) on dated 29/05/2019

Compensation received in lieu of ‘right to sue’ is not taxable. Decision held In Chheda Housing Development Corporation Vs Addl. CIT (ITAT Mumbai) on dated 29/05/2019 2(+4,45 When the breach of contract does not give rise to any debt and…
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2(14), 45, ITAT Mumbai

November 16, 2019

FAQ filing ITR for assessment year 2019 20

FAQ filing ITR for assessment year 2019 20 Please read carefully e the following FAQ and then filed the ITR. These points are relating to to NRI Director Not ordinary resident Person holding unlisted shares Cost of acquisitions sales considerations…
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139, Articles, FAQ-ITR

November 16, 2019

Guidelines has been issued on 14.6.2019for compounding of Offices under Direct Tax Laws,2019

451654584Guidelines for compounding of Offices under Direct Tax Laws,2019_compressed

269SS, 276CC, Guidelines for compounding of offences

November 16, 2019

these-individuals-huf-mandatorily-needs-to-file-itr-for-ay-2019-20

These individuals /HUF mandatorily needs to file ITR for AY 2019-20 When total income without deductions exceeds Rs. 2.5 lakh below the age of 60 years, 3 lakh for senior citizens (between 60 and 80 years) and 5 lakh for…
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139, 276CC, Articles, Filing ITR

November 16, 2019

No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had utilised interest bearing funds to make said investments—In absence thereof, presumption would apply that assessee invested its own interest free funds to make investments in securities capable of yielding an exempt income—Revenue was not able to rebut said presumption—Revenue’s ground dismissed

On Jul 4, 2019 BOMBAY TRIBUNAL held that No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had…
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14A, 194H, 40(a)(ia), Bombay Tribunal, Rule 8D of Income Tax Rules

November 16, 2019

There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income

ITAT, VISAKHAPATNAM BENCH held on 3rd April, 2019 that there is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income. Followed: ACN Infotech (India) (P) Ltd. v. Asstt. CIT [ITA No….
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14A, Court or tribunal, VISAKHAPATNAM BENCH

November 16, 2019