Clipped from: https://www.taxscan.in/addition-to-difference-in-stock-as-per-books-and-valuation-report-cant-be-made-without-credible-evidence-itat-read-order/253906/ Top Stories The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an addition on the difference in stock as per books
Category: Income Tax Cases
👍👍👍👍👍No penalty if Assessee revises return before completion of Assessment & correct Bonafide mistake
Clipped from: https://taxguru.in/income-tax/penalty-assessee-revises-return-completion-assessment-correct-bonafide-mistake.html Shri Altaf Hussain Laskar Vs DCIT (ITAT Guwahati) The case of the assessee is that he has committed certain mistakes in computing the
👍👍👍👍👍Section 263 notice issued to a person after his death is invalid
Clipped from: https://taxguru.in/income-tax/section-263-notice-issued-person-death-invalid.html Mohammad Sharif Siddiqui (Through legal Heir Suhail Siddiqui) Vs ITO (ITAT Mumbai) In the assessment order itself, the learned Assessing Officer has mentioned
👍👍👍👍👍Rajasthan HC stays Time barred Re-assessment Proceedings
Clipped from: https://taxguru.in/income-tax/rajasthan-hc-stays-time-barred-re-assessment-proceedings.html Rajendra Bana Vs ITO (Rajasthan High Court) Shri Vedant Agarwal, learned counsel representing the petitioner drew the Court’s attention to the order dated
👍👍👍👍👍Reassessment proceedings becomes null & void if no valid service of section 148 notice
Clipped from: https://taxguru.in/income-tax/reassessment-proceedings-null-void-valid-service-section-148-notice.html Chitra Supekar Vs ITO (Bombay High Court) We have heard both counsels at length and have perused the proceedings. we agree with the
👍Exemption u/s 54 to extent of non-deposit of unutilized amount in ‘Capital Gain Account Scheme’ not available
Clipped from: https://taxguru.in/income-tax/exemption-u-s-54-extent-non-deposit-unutilized-amount-capital-gain-account-scheme-available.html Ramalingam Nagarajan Vs ITO (ITAT Chennai) ITAT Chennai held that exemption under section 54 of the Income Tax Act not allowable to the
👍👍👍👍👍Mere ‘reason to believe’ not satisfy condition for reopening of assessment
Clipped from: https://taxguru.in/income-tax/mere-reason-believe-satisfy-condition-reopening-assessment.html Punia Capital Pvt. Ltd Vs ACIT (Bombay High Court) The Hon’ble Bombay High Court in Punia Capital Pvt. Ltd. v. the Assistant Commissioner of
👍👍👍Reopening of assessment without any new tangible material is unsustainable
Clipped from: https://taxguru.in/income-tax/reopening-assessment-new-tangible-material-unsustainable-law.html Tahnee Heights CHS Ltd. Vs ITO (Bombay High Court) Bombay High Court held that assessment order was passed after post considering the submission
👍👍👍Addition based on mere statement without independent finding is unsustainable
Clipped from: https://taxguru.in/income-tax/addition-based-mere-statement-without-independent-finding-unsustainable-law.html Ganesh Ginning Factory Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given
👍👍👍Reopening of assessment on the basis of change of opinion is untenable
Clipped from: https://taxguru.in/income-tax/reopening-assessment-basis-change-opinion-untenable.html Bharat Amratlal Shah Vs ITO (Bombay High Court) Bombay High Court held that reopening of assessment on the basis of change of opinion
👍👍👍Exemption u/s 54F available towards purchase of residential property one year before the sale of capital asset
Clipped from: https://taxguru.in/income-tax/exemption-u-s-54f-available-towards-purchase-residential-property-one-year-before-sale-capital-asset.html Akshay Janak Shah Vs CIT (ITAT Mumbai) ITAT Mumbai held that purchase of residential property within specified period of one year before the
Reopening of assessment unsustainable in absence of any failure on part of assessee
lipped from: https://taxguru.in/income-tax/reopening-assessment-unsustainable-absence-failure-part-assessee.html Mumbai Postal Employees Co-operative Credit Society Ltd Vs ITO (Bombay High Court) Bombay High Court held that failure on the part of assessee
Not intentional or mala fide delay in filing of an appeal is condonable
Clipped from: https://taxguru.in/income-tax/intentional-mala-fide-delay-filing-appeal-condonable.html Punjab State Warehousing Vs ITO (ITAT Amritsar) ITAT Amritsar held that appellant being a government undertaking is required to take necessary permission for
🙏🙏Personal Hearing to be granted only after receipt of reply and where contemplation of adverse decision against petitioner: Madras HC
Clipped from: https://www.taxscan.in/personal-hearing-to-be-granted-only-after-receipt-of-reply-and-where-contemplation-of-adverse-decision-against-petitioner-madras-hc-read-order/254939/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Personal%20Hearing%20to%20be%20granted%20only%20after%20receipt%20of%20reply%20and%20where%20contemplation%20of%20adverse%20decision%20against%20petitioner:%20Madras%20HC Top Stories In a recent decision the Madras High Court observed that personal hearing to be granted only after receipt of reply and
Mere change of opinion does not provide jurisdiction for re-opening of assessment
Clipped from: https://taxguru.in/income-tax/mere-change-opinion-does-provide-jurisdiction-re-opening-assessment.html Survival Technologies Pvt. Ltd. Vs DCIT (Bombay High Court) The Hon’ble Bombay High Court in Survival Technologies Pvt. Ltd. v. the Deputy Commissioner of
TDS credit denial merely because the same is in the name of deceased person unsustainable
Clipped from: https://taxguru.in/income-tax/denial-tds-credit-merely-name-deceased-person-unsustainable.html Sh. Varinder Pal Vs ITO (ITAT Amritsar) ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS
👍Difference in Date of Dispatch and Date Assessment Order: Madras HC quashes Assessment Order
Read More: https://www.taxscan.in/difference-in-date-of-dispatch-and-date-assessment-order-madras-hc-quashes-assessment-order-read-order/257115/ Clipped from: https://www.taxscan.in/difference-in-date-of-dispatch-and-date-assessment-order-madras-hc-quashes-assessment-order-read-order/257115/ Top Stories The Madras High Court quashed assessment order as there was difference in date of dispatch and date assessment order.
Addition of Deemed Rent cannot be made in respect of a Non-Habitable Residential Flat: ITAT
Clipped from: https://www.taxscan.in/addition-of-deemed-rent-cannot-be-made-in-respect-of-a-non-habitable-residential-flat-itat-read-order/254874/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Addition%20of%20Deemed%20Rent%20cannot%20be%20made%20in%20respect%20of%20a%20Non-Habitable%20Residential%20Flat:%20ITAT Top Stories The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench, has recently, in an appeal filed before it, held that addition of deemed rent
👍Non-Compliance of Notice and Non-Submission of Details: ITAT Refuses to Condone Delay of 927 Days in filing of Appeal
Clipped from: https://www.taxscan.in/non-compliance-of-notice-and-non-submission-of-details-itat-refuses-to-condone-delay-of-927-days-in-filing-of-appeal-read-order/255189/ Top Stories The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench, has recently, in an appeal filed before it, refused to condone the delay of
👍Non-Response to Notice due to Negligence of Chartered Accountant/ Income Tax Practitioner: Madras HC directs Re-Adjudication
Clipped from: https://www.taxscan.in/non-response-to-notice-due-to-negligence-of-chartered-accountant-income-tax-practitioner-madras-hc-directs-re-adjudication/254749/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Non-Response%20to%20Notice%20due%20to%20Negligence%20of%20Chartered%20Accountant/%20Income%20Tax%20Practitioner:%20Madras%20HC%20directs%20Re-Adjudication Top Stories By Aparna. M – On February 17, 2023 11:30 am – 2 mins read The Madras High court has recently directed to the Income tax
