TaxCorp Direct Taxes

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04-10-2022 (2022) TaxCorp (DT) 88169 (HC-BOMBAY)

Income Tax - Sections 147, 148 - In terms of GKN Driveshafts (India) Ltd. the Respondents are required…

30-09-2022 (2022) TaxCorp (DT) 88168 (HC-BOMBAY)

Income Tax - Section 69C - CIT as well as ITAT have concurrently concluded, on a matter of fact that…

28-09-2022 (2022) TaxCorp (DT) 88167 (HC-DELHI)

Income Tax - Sections 147, 148, 148A - The petitioner sufficiently informed that the initiation of reassessment…

28-09-2022 (2022) TaxCorp (DT) 88166 (HC-DELHI)

Income Tax - Sections 220, 226 - No particulars of the FDRs have been enlisted in the said notice in…

27-09-2022 (2022) TaxCorp (DT) 88165 (HC-DELHI)

Income Tax - Sections 147, 148 - In view of the explanation provided by ADIT, ITBA, in its e-mail it…

23-09-2022 (2022) TaxCorp (DT) 88164 (HC-DELHI)

Income Tax - Section 148A(d) - We have perused reply filed by the petitioner in response to the SCN …

09-09-2022 (2022) TaxCorp (DT) 88163 (HC-DELHI)

Income Tax - Sections 147, 148, 148A - Revenue reiterates that though there was factual mistake in the…

29-08-2022 (2022) TaxCorp (DT) 88162 (HC-GUJARAT)

Income Tax - Section 148 - In writ, the High Court directs the competent authority to consider the objections…

13-09-2022 (2022) TaxCorp (DT) 88161 (HC-MADRAS)

Income Tax - Section 148 - Both the replies of the petitioner dated 24.10.2019 and 27.12.2019 are especially…

12-09-2022 (2022) TaxCorp (DT) 88160 (HC-MADRAS)

Counsel for the petitioners draws attention to the fact that the notice received prior to finalisation…

08-09-2022 (2022) TaxCorp (DT) 88159 (HC-DELHI)

Income Tax - Sections 148A, 153A - As per the notice issued under Section 148A(b) the reassessment proceedings…

21-09-2022 (2022) TaxCorp (DT) 88158 (HC-DELHI)

Income Tax - Section 144B - In writ, the High Court directs the Revenue authorities concerned to keep…

06-09-2022 (2022) TaxCorp (DT) 88157 (HC-BOMBAY)

Income Tax - Sections 144, 147, 148 - In writ, the High Court finds that the order and notice of demand…

03-10-2022 (2022) TaxCorp (DT) 88156 (HC-BOMBAY)

Income Tax - Sections 69C, 145 - Transaction was not verifiable only the income component, could be …

29-09-2022 (2022) TaxCorp (DT) 88155 (HC-MADRAS)

Income Tax - Sections 68, 132 - It is no doubt true that only through search, the evidence has been …

12-08-2022 (2022) TaxCorp (DT) 88154 (SC)

Sections 14A, 194H, 40(a)(ia), of the Income-tax Act, 1961 - Tag with SLP (Civil) No. 432/2022.

16-08-2022 (2022) TaxCorp (DT) 88153 (SC)

Sections 194LA, 2(14), of the Income-tax Act, 1961 - Leave granted.

18-08-2022 (2022) TaxCorp (DT) 88152 (SC)

Sections 68, 28(i), 147 of the Income-tax Act, 1961 - Tag with SLP(C) No 4575 of 2020.

22-08-2022 (2022) TaxCorp (DT) 88151 (SC)

Sections 14A, 28(i) 32 of the Income-tax Act, 1961 - From perusal of section 14A of the Act, it is evident…

26-08-2022 (2022) TaxCorp (DT) 88150 (SC)

Sections 115JB, 14A, of the Income-tax Act, 1961 - Learned Senior Counsel Sri A.Shankar appearing for…

03-10-2022 (2022) TaxCorp (A.T.) 100390 (ITAT-RAJKOT)

Income Tax - Sections 68, 263 - Assessee was selected through "CASS" selection for Complete Scrutiny,…

03-10-2022 (2022) TaxCorp (A.T.) 100389 (ITAT-RAJKOT)

Income Tax - Section 80IC - Assuming for the moment that the new unit is not capable of independently…

30-09-2022 (2022) TaxCorp (A.T.) 100388 (ITAT-SURAT)

Income Tax - Sections 68, 147, 148 - Validity of reopening or invalidity of notice are mixed question…

29-09-2022 (2022) TaxCorp (A.T.) 100387 (ITAT-DELHI)

Income Tax - Sections 54, 143 - As case of assessee was picked up for limited scrutiny and one of the…

23-09-2022 (2022) TaxCorp (A.T.) 100386 (ITAT-AHMEDABAD)

Income Tax - Section 68 - As noted from the submissions of the assessee before the Ld.CIT(A), that they…

23-09-2022 (2022) TaxCorp (A.T.) 100385 (ITAT-KOLKATA)

Income Tax - Sections 80P, 263 - It is pertinent to note that ld. AO adjudicated the issue of claim …

23-09-2022 (2022) TaxCorp (A.T.) 100384 (ITAT-DELHI)

Income Tax - Sections 5, 9, 90 - As observed, taxability of income received from technical and ground…

21-09-2022 (2022) TaxCorp (A.T.) 100383 (ITAT-AHMEDABAD)

Income Tax - Section 80P - Jurisdictional High Court in the case of State bank of India Employees’ Co-operative…

21-09-2022 (2022) TaxCorp (A.T.) 100382 (ITAT-CUTTACK)

Income Tax - Sections 14A, 37, 80P - As has been held by the Hon’ble Supreme Court in the case of Godrej…

20-09-2022 (2022) TaxCorp (A.T.) 100381 (ITAT-DELHI)

Income Tax - Sections 9, 14A, 36, 43B, 80IC, 90, 92, 92C - We find that on the same agreement, ITAT …

14-09-2022 (2022) TaxCorp (A.T.) 100380 (ITAT-RAIPUR)

Income Tax - Sections 36, 43B - As relying on case of Ind Synergy Lyd. as the employees contributions…

09-09-2022 (2022) TaxCorp (A.T.) 100379 (ITAT-KOLKATA)

Income Tax - Sections 132, 153A - AO has nowhere made reference to any seized material in the assessment…

19-07-2022 (2022) TaxCorp (A.T.) 100378 (ITAT-MUMBAI)

Income Tax - Sections 2(42A), 37, 45, 50, 112 - Customs and Excise Settlement Commission has categorically…

07-06-2022 (2022) TaxCorp (A.T.) 100377 (ITAT-MUMBAI)

Income Tax - Sections 35, 37, 40, 115JB - CIT(A) concluded that for the relevant assessment year for…

30-09-2022 (2022) TaxCorp (A.T.) 100376 (ITAT-DELHI)

Income Tax - Section 9, 90 - We find that the Co-ordinate Bench of this Tribunal in assessee’s own case…

07-09-2022 (2022) TaxCorp (A.T.) 100375 (ITAT-CHENNAI)

Income Tax - Sections 14A, 37, 80IC, 92, 92B, 92C, 199 - We direct Ld. AO to compute interest at LIBOR+2%…

07-04-2022 (2022) TaxCorp (A.T.) 100374 (ITAT-JABALPUR)

Income Tax - Sections 2(24)(x), 36(1)(va), 43B, 139, 154 - The view recorded in the order/s on the merits…

14-09-2022 (2022) TaxCorp (A.T.) 100373 (ITAT-DELHI)

Income tax - Section 147, 148 - There has been no independent application of mind by the Assessing Officer…

14-09-2022 (2022) TaxCorp (A.T.) 100372 (ITAT-CHANDIGARH)

Income Tax - Sections 54B, 148 - It is seen that a consistent view has been taken by the Punjab & Haryana…

10-05-2022 (2022) TaxCorp (A.T.) 100371 (ITAT-PUNE)

Income Tax - Sections 131, 153A - On perusal of remand report we note that the AO had given opportunity…

30-09-2022 Circular No. 19/2022

Extension of timeline for filing of various reports of audit for the Assessment Year 2022-23

30-09-2022 PRESS RELEASE, DATED 30-9-2022

CBDT EXTENDS DUE DATE FOR FILING OF VARIOUS REPORTS OF AUDIT FOR THE ASSESSMENT YEAR 2022-23 UNDER THE…

28-09-2022 Order-Instruction No. F. No. 370133/13/2022-TPL

Order specifying the Collegium - Explanation to section 158AB of the Income-tax Act, 1961

28-09-2022 NOTIFICATION NO. 111/2022

Income-tax (32nd Amendment) Rules, 2022

27-09-2022 CORRIGENDUM F. NO. 370142/41/2022-TPL

SECTION 119, READ WITH SECTION 171 OF THE INCOME-TAX ACT, 1961 - CENTRAL BOARD OF DIRECT TAXES - INSTRUCTIONS…

26-09-2022 ORDER F. NO. 370142/41/2022-TPL

ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT, 1961

26-09-2022 CIRCULAR F.NO. 225/81/2022/ITA-II

GUIDELINES FOR COMPULSORY SELECTION OF RETURNS FOR COMPLETE SCRUTINY DURING FINANCIAL YEAR 2022-23 -…

23-09-2022 PRESS RELEASE 2022-23/927, DATED 23-9-2022

PREMATURE REDEMPTION UNDER SOVEREIGN GOLD BOND (SGB) SCHEME - REDEMPTION PRICE FOR PREMATURE REDEMPTIONS…

19-09-2022 NOTIFICATION 110/2022

Income-tax (31st Amendment) Rules, 2022.

18-09-2022 PRESS RELEASE, DATED 18-9-2022

GROSS DIRECT TAX COLLECTIONS FOR THE FINANCIAL YEAR (FY) 2022-23 REGISTER A GROWTH OF 30 PER CENT - …

17-09-2022 PRESS RELEASE, DATED 17-9-2022

CBDT ISSUES REVISED GUIDELINES FOR COMPOUNDING OF OFFENCES UNDER THE INCOME-TAX ACT, 1961

16-09-2022 LETTER F.NO. 285/08/2014-IT(Inv.V)/196

GUIDELINES FOR COMPOUNDING OF OFFENCES UNDER THE INCOME-TAX ACT, 1961

14-09-2022 NOTIFICATION NO. 109/2022

Income-tax (30th Amendment) Rules, 2022

13-09-2022 Circular No 18 of 2022

Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax…

09-09-2022 PRESS RELEASE, DATED 9-9-2022

DIRECT TAX COLLECTIONS FOR F.Y. 2022-23 UP TO 8-9-2022

09-09-2022 PRESS RELEASE, DATED 9-9-2022

SECTION 132 OF THE INCOME-TAX ACT, 1961 - SEARCH AND SEIZURE - GENERAL - INCOME TAX DEPARTMENT CONDUCTS…

05-09-2022 NOTIFICATION NO. 107/2022

U/s 10(46) of IT Act 1961 - Central Government notifies, Central Registry of Securitisation Asset Reconstruction…

05-09-2022 NOTIFICATION NO. 108/2022

U/s 10(46) of IT Act 1961 - Central Government notifies, Haryana Electricity Regulatory Commission

02-09-2022 NOTIFICATION NO. 106/2022

Control of income-tax authorities - U/s 118 of IT ACT 1961

01-09-2022 NOTIFICATION NO. 105/2022

Income-tax (29th Amendment) Rules, 2022

06-10-2022 (2022) TaxCorp(LJ) 30186 (ITAT)

ITAT: In the present case, undisputedly, Assessee earned franchise fee in the course of its business, thus, the same was assessable as business income which can be set off against the brought forward …

06-10-2022 (2022) TaxCorp(LJ) 30187 (HC)

HC: Since Assessee filed the return under Section 139(4A) in the course of reassessment proceedings, it is open to the Revenue to verify the books of account and other documents on record.

06-10-2022 (2022) TaxCorp(LJ) 30188 (ITAT)

ITAT: The application of Section 43B depends on the character of the levy being either statutory or contractual.

03-10-2022 (2022) TaxCorp(LJ) 30173 (ITAT)

ITAT: The interest income derived by a co-operative society by way of investment made with a co-operative bank is eligible for deduction under section 80P(2)(d).

03-10-2022 (2022) TaxCorp(LJ) 30174 (HC)

HC: Since the term or set off of any loss was specifically inserted only by the Finance Act 2016, w.e.f. Apr 1, 2017 an assessee is entitled to claim set-off of loss against income determined under Section…

03-10-2022 (2022) TaxCorp(LJ) 30175 (ITAT)

ITAT: A warrant issued in respect of one premises cannot be valid to search another premises and if the authorities intend to search another premise, they will have to issue another warrant after recording…

03-10-2022 (2022) TaxCorp(LJ) 30176 (ITAT)

ITAT: Assessee furnished various documents including cash book and bank statements for the whole year to explain the nature and source of cash deposits and three of the customers from whom amount was …

03-10-2022 (2022) TaxCorp(LJ) 30177 (ITAT)

ITAT: Assessee does not constitute a dependent agent of Car Care Private Ltd., on the ground that privity of contract for extended warranty is between the Assessee and the customers, wherein, CCPL has…

03-10-2022 (2022) TaxCorp(LJ) 30178 (HC)

HC: Assessee is permitted to raise all the contentions including limitation aspect as well as objections for reopening the assessment w.r.t reasons furnished along with order dated 06.01.2022, as per …

01-10-2022 (2022) TaxCorp(LJ) 30155 (ITAT)

ITAT: The book value of the liability shown in the balance sheet has to be reduced for the purpose of valuation and determination of FMV of unquoted equity shares.

01-10-2022 (2022) TaxCorp(LJ) 30156 (ITAT)

ITAT: Receipt from domain name registration received by GoDaddy.com LLC is in the nature of royalty under Section 9(1)(vi) read with Section 115A.

01-10-2022 (2022) TaxCorp(LJ) 30157 (ITAT)

ITAT: Even if Assessee’s income remained Nil after the adjustments, such adjustments constitutes as requisite variation in the income returned by Assessee under Section 144C.

01-10-2022 (2022) TaxCorp(LJ) 30164 (ITAT)

ITAT: The assessment order as invalid and deemed to have never been issued as it failed to mention DIN in its body.

01-10-2022 (2022) TaxCorp(LJ) 30165 (ITAT)

ITAT: The ITAT has inherent powers of granting a stay on demand in fit and deserving cases, which is ancillary and incidental to its appellate powers.

01-10-2022 (2022) TaxCorp(LJ) 30166 (HC)

HC: The limitation being a question of law and touching upon the jurisdiction of the authority to initiate proceedings, it could be raised at any stage of the proceedings and it will not preclude the …

29-09-2022 (2022) TaxCorp(LJ) 30146 (ITAT)

ITAT: In the absence of any definition of 'debenture' in the Act, reliance can be placed on the definition given in the Companies Act which provides that 'bond' is covered under the expression debentu…

29-09-2022 (2022) TaxCorp(LJ) 30147 (HC)

HC: Wherever the date of despatch or issuance is determined to be on or after Apr 1, 2021, the reassessment notices shall be deemed to be show cause notices under Section 148A(b) of the new regime.

29-09-2022 (2022) TaxCorp(LJ) 30148 (HC)

Danish Tax Council: The MD does not have any operative role in the subsidiary nor any premises in the subsidiary, thus it can be safely concluded that the MD would not be directly involved in the Assessee’s…

28-09-2022 (2022) TaxCorp(LJ) 30110 (ITAT)

ITAT: Premium on redemption of debentures is taxable in the year of redemption and hence there was no exempt income whatsoever warranting invocation of the provisions of Section 14A.

28-09-2022 (2022) TaxCorp(LJ) 30111 (ITAT)

ITAT: Since the impugned addition made towards the unaccounted sales and disallowance u/s.10B is not based on any incriminating material found during the course of search, the additions are liable to …