Income Tax Judgements
Addition to be made for unexplained cash found during search proceedings
Bimal Jain 24 March 2023 at 12:43
The ITAT, Chennai in R. Muthukumar v. Deputy Commissioner of Income Tax [ITA No.: 3090/Chny/2019 dated February 15, 2023 has upheld the findings of the Appellate Authority and held that, there is no error in the reasons given by the Appellate Authori
The ITAT, New Delhi in Reverse Age Health Services Pte Ltd v. DCIT [ITA No.1867Del/2022 dated February 17, 2023] has directed the Revenue Department to delete the disallowance of Short Term Capital Gains ("STCG") and allow the benefit of the provisio
Deemed rent not applicable on unsold flats by builder treated as stock-in-trade
Bimal Jain 16 March 2023 at 12:43
The ITAT, Pune in Pride and Expert Properties Pvt. Ltd. v. ACIT [ITA No.860/PUN/2022 dated February 14, 2023] has held that the order passed by the Appellate Authority, confirming the view of the Revenue Department is not justified on the grounds tha
Mere change of opinion does not provide jurisdiction for re-opening of assessment
Bimal Jain 28 February 2023 at 09:41
The Hon'ble Bombay High Court in Survival Technologies Pvt. Ltd. v. the Deputy Commissioner of Income Tax [Writ Petition No. 3035 of 2022 dated February 20, 2023] has set aside the notice issued under Section 148 of the Income Tax Act ("the IT Act")
Exemption of LTCG cannot be denied on residential property acquired by other than sale deed
Bimal Jain 27 February 2023 at 14:09
The ITAT, New Delhi inACIT v. Sh. Sanjay Choudhary [ITA No.1274/Del/2020 dated January 23, 2023] has affirmed the decision of the Appellate Authority holding that the exemption claimed under Section 54F of the Income Tax Act, 1961 (“the IT Act”) woul
Credit of TDS to be allowed for salaries even if the same is not deposited with the exchequer
Bimal Jain 25 February 2023 at 16:45
The ITAT, Pune in Mukesh PadamchandSogani v. ACIT, [ITA No.29/PUN/2022 dated January 30, 2023] has overturned the order passed by the Revenue Department for disallowing the Tax Deducted at Source ("TDS") to be provided to the assessee for the income
Notice issued without sufficient reasons to initiate reassessment is not sustainable
Bimal Jain 24 February 2023 at 16:43
The Hon'ble Bombay High Court in B.U. Bhandari Autolines Pvt. Ltd. v. The Assistant Commissioner of Income Tax, And Ors. [Writ Petition No. 5059 of 2022 dated February 10, 2023] has quashed the notice under Section 148 of the Income Tax Act, 1961 ('t
Penalty not leviable if there is reasonable cause for failure to get accounts audited
Bimal Jain 23 February 2023 at 11:25
The ITAT, Chennai in the Assistant Commissioner of Income Tax, v. Haneefa Sahib Shajahan,[I.T.A. No.931/Chny/2022 dated January 24, 2023] has upheld the decision of the Appellate Authority, deleting the penalty levied for failure to get accounts audi
Mere 'reason to believe' do not satisfy the condition for re-opening of the assessment
Bimal Jain 23 February 2023 at 11:25
The Hon’ble Bombay High Court in Punia Capital Pvt. Ltd. v. the Assistant Commissioner of Income Tax and Ors. [Writ Petition No.1091 of 2022 dated February 15, 2023] quashed the notice and the consequential order of the Revenue Department for re-open
Assessee cannot claim exemption of LTCG based on unregistered Banakhat agreement
Bimal Jain 22 February 2023 at 12:20
The ITAT, Ahmedabad in Shri Navghanbhai Laxman Rabari v. ITO[ITA No.1864/AHD/2019 dated January 18, 2023] has held that, the transfer of property only takes place when either the possession of the property is transferred or sale deed is executed and
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