Books of account not audited at time of filing of ITR isn’t a criteria to deny carry forward of losses: ITAT
DCIT v. Brahmos Aerospace (Thiruvananthapuram) Ltd. - [2022] 137 taxmann.com 340 (Cochin - Trib.)
The assessee was engaged in the business of Manufacturing ...
No penalty on receiving cash loan over Rs. 20,000 from family members to meet business exigencies: ITAT
Balwan Singh v. ACIT - [2022] 137 taxmann.com 395 (Delhi - Trib.)
Assessee-transporter was engaged in the business of plying the truck and filed return based on estim ...
Sec. 54 relief can’t be denied merely because description of property was mentioned as ‘land’ in sale deed: ITAT
Charu Agarwal v. DCIT - [2022] 137 taxmann.com 283 (Delhi - Trib.)
Assessee was an individual and non-resident of India. She had sold a resident ...
Penalty u/s 271G can’t be levied on assessee if TPO asked for doc. which wasn’t available in public domain: ITAT
ACIT v. DA Jhaveri - [2022] 137 taxmann.com 336 (Mumbai - Trib.)
Assessee-company was engaged in the business of cutting and polishing diamonds. It ha ...
ITAT gives relief to assessee; set-aside penalty for non-furnishing of Form 3CEB in its first year of applicability
Faith Intertrade v. ITO - [2022] 137 taxmann.com 259 (Ahmedabad - Trib.)
Assessee was a partnership firm engaged in the business of industrial waxes and p ...
No disallowance of exp. relying upon audit report if same was in contrary to view of jurisdictional HC: ITAT
Kalpesh Synthetics (P.) Ltd. v. DCIT - [2022] 137 taxmann.com 475 (Mumbai - Trib.)
While processing of return, the CPC, Bangalore had proposed some adj ...
The Finance Act, 2022 has introduced a new concept of updated return, wherein it allows up to 24 months to file the return of income. A new sub-section (8A) has been inserted under section 139 to allow a person to file an updated return of income except in case of search & seizure and ...
Malavika Enterprises v. Central Board of Direct Taxes - [2022] 137 taxmann.com 398 (Madras)
The assessee filed a writ-petition challenging the date of issuance of the notice under section 148 of the Income-tax Act. In the case of the assessee, notice was issued vide email on 31/0 ...
Electra Paper and Board (P.) Ltd. v. ITO - [2022] 137 taxmann.com 74 (Chandigarh - Trib.)
Assessee-company had allotted certain shares at Rs. 20/- (including premium of Rs. 10) to the family members and related group companies on 31-03-2016. During the assessment, the Assess ...
Notification No. 37/2022, dated 21-04-2022
The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in the following situations:
1. If total sales, turnover, or gross receipt of the business exceeds Rs ...
Failure of AO to issue scrutiny notice in time couldn’t be cured by resorting to sec. 292BB: HC
PCIT v. Cherian Abraham - [2022] 137 taxmann.com 73 (Karnataka)
A search under section 132 was conducted in the assessee's case in connection with a search in an ...
ITAT gives relief to senior citizen; CIT to look at practical situation before treating cash deposits as unexplained income
Shergil Harjit v. PCIT - [2022] 136 taxmann.com 413 (Pune - Trib.)
The assessee was engaged in the business of readymade garments and also ...
In an important judgement, the ITAT -Mumbai has held Agreement to Sale' can't be considered as date of purchase of property for computing Sec. 54 deduction -Reji Easow v. ITO - [2022] 136 taxmann.com 111
The assessee and his wife booked a new residential house property. The assessee ...
In an important judgement, the ITAT-Delhi in the matter of Abhay Kumar Mittal v. DCIT - [2022] 136 taxmann.com 78 held the assessee paying rent to his wife is entitled to claim benefit of HRA.
The assessee claimed the benefit of House Rent Allowance (HRA) on rent pai ...
In an important judgement, the Indore-Tribunal in the matter of Yogesh Jhingan v. DCIT - [2022] 135 taxmann.com 291 held that Date of possession of new flat to be considered to calculate threshold limit to allow sec. 54F deduction. The assessee in the case, sold agricultural ...
The Supreme Court of India has put the controversy to rest regarding the deductibility of freebies gifted by Pharma Company to doctors. The Apex Court held that when acceptance of freebies is punishable under Indian Medical Council Regulations, pharmaceutical companies cannot be granted the& ...
In the instant case Pavan Morarka v. ACIT - [2022] 136 taxmann.com 2 (Bombay), the Assessing Officer issued a reassessment notice relying on the observations of the Delhi High Court. The assessee filed the writ petition before the Bombay High Court against the issue of reassessment notice. ...
In an interesting case the Karnataka HC in the matter of Devendra Pai v. ACIT - [2022] 135 taxmann.com 196 (Karnataka) allowed filing of revised return u/s 119 (2)(b) after a delay of 6 years.
In the instant case, The assessee was a retired bank employee. He availed o ...
Corporate Social Responsibility ('CSR') started out as a philanthropic pursuit, a voluntary act of kindness undertaken by the large corporate business houses. However, this pursuit had a transitory existence, as its voluntary nature was short-lived with the introduction of the Companies Act, 2013 (' ...
The CBDT vide notification Notification No. 95/2021/ F.No.370142/36/2021-TPL, dated 31st August 2021 brought in the ammendments to Income Tax Rules, called the Income-tax (25th amendment) Rules,2021, by inserting Rule 9D, which will come in force from 1st April 2022 for computing taxable interest on ...
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 3 ...
In an important judgement, the Kerala HC directed CIT(A) to decide appeal on merits without asking for deposit of 20% of tax demand in the matter of Aranattukara Oriental Service Co-Operative Bank Ltd. v. CIT – [2020] 116 taxmann.com 900 (Kerala).
The CBDT vide its Office Memorandum dated 31. ...
The Finance Bill 2020 introduced a new Section 285BB in the Income Tax Act 1961 to implement revised Form 26AS. Pursuant to the section, the CBDT has notified new Form 26AS (Annual Information Statement) vide notification no 30/2020 dated 28th May 2020 inserting rule 114-I under Income Tax Rules 196 ...
Generally, number of days presence is considered as a threshold (the total number of days that an individual is present in a particular jurisdiction) for determining individual tax residency. An exception to this principle is where citizens are taxed irrespective of their presence. Due to the Covid- ...
The Central Board of Direct Taxes (CBDT) has vide notification no. 25/2020, dated 20th May 2020, notified changes to Rules 10TD and 10TE of Income Tax Rules relating to Safe Harbour Rules (SHR). It notified that the rates applicable from Assessment Year (AY) 2017-18 to 2019-20 will continue to apply ...