“Taxsutra Database”, a true Income-tax Research is an archive of over 106600 + Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent ‘unreported handpicked ruling of SC, HC & ITAT’. A completely integrated service with all the latest cases powered by an advanced search engine to provide a seamless user experience; Search results supported by active filters around Court Level, Location, Case Numbers and Citation; A Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"
We are glad to present to you the 201st edition of ‘Taxsutra Database’, where we keep you updated with recent rulings.
Key Takeaways from Handpicked rulings
1) [TS-5083-HC-2020(MADRAS)-O] - HC: Dismisses writ against jurisdiction transfer u/s. 127; No explanation for the delay in challenge - HC observes that pursuant to search proceedings carried out at different places in case of assessees group companies, Commissioner transferred their pending assessments to one particular place for centralisation of cases and for effective and coordinated investigation after...............
2) [TS-5430-ITAT-2020(Kolkata)-O] - ITAT: Scrutiny notice u/s. 143(2) issued by ITO invalid when same is to be issued by Deputy Commissioner or Assistant Commissioner – ITAT holds scrutiny notice u/s 143(2) issued by ITO as invalid and consequential assessment framed by Deputy Commissioner is void; Quashes assessment order u/s 143(3), follows precedents to observe that …….........
3)[TS-5298-ITAT-2020(INDORE)-O] - ITAT : AO justified in levying fees u/s 234E if TDS return filed beyond 1.6.2015, deletes fees for the period prior to 01.06.2015 - ITAT holds that where the delay in filing TDS return continues beyond 1.06.2015, AO is well within his jurisdiction to levy fees u/s 234E for the period starting .............
4) [TS-5015-HC-2020(BOMBAY)-O] - HC: Once assessment gets abated, it is open for the assessee to lodge a new claim in a proceeding u/s 153A(1) which was not claimed in his regular return of income – HC rules in assessee’s favour, holds that return of income filed u/s 153A(1) would be construed to be one filed under Section 139(1); HC notes that, at the time search was conducted, assessment for A.Y 2008-09 was pending……..........
5) [TS-5074-ITAT-2020(MUMBAI)-O] - ITAT : Assessee has the right to change method of accounting over the present method - ITAT holds assessee justified in changing the method of accounting to give better treatment to project management expenditure; Assessee-company (engaged in real-estate development projects, SEZ, IT Parks, etc) was allotted lease of industrial land by KIADB; According to the assessee, the change in accounting method for accounting project management expenses was due to temporarily suspension of construction activities due to non allotment of the entire parcel of land by the .......................
6) [TS-5425-ITAT-2020(Mumbai)-O] - ITAT: No addition of unexplained cash credit u/s 68 on unsecured loan obtained and repaid along with interest - ITAT holds that assessee proved the identity of the lender, their creditworthiness and genuineness of the transactions, onus was on revenue to rebut the same; ITAT notes that ...................
7) [TS-8741-ITAT-2019(Mumbai)-O] - ITAT: Rejects stamp-duty valuation u/s 50C as FMV for computing capital gains considering serious restrictions on rights of the seller – ITAT holds that higher stamp duty valuation of property for the purpose of the sale deed cannot be adopted as a fair market value (FMV) for the purpose of computation of capital gains; Directs AO to adopt the deed sale consideration at Rs. 50 lakh and compute as long term capital gains (LTCG); Accepts sale consideration on which the transaction is actually taken place, being an arm’s length transaction as......................
8) [TS-5433-ITAT-2020(AMRITSAR)-O] - ITAT: Notice served through affixture at assessee's (Non-resident) last known address, sufficient – ITAT Upholds CIT(A) order, holds that AO was justified in sending notice u/s 148 through affixture at the last known address as reflected in the registered sale deed, as this being a none PAN case; Rejects assessees contention that the service of notice is not as per section 282; ITAT notes that..................
9) [TS-5320-SC-2019-O] - SC: Contents of memory card / pen drive being electronic record must be regarded ‘as a document’ as envisaged by the Information and Technology Act and cannot be regarded as a material object – SC holds that as per provisions of Sec. 2(1)(t) of the IT Act, 2000, an electronic record is not confined to "data" alone, but it also means the record or data generated, received or sent in electronic form; The expression "data" includes a.......................
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a) Over 106600+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling
b) Completely integrated service with all the latest cases powered by an advanced search engine to provide a seamless user experience
c) Search results supported by active filters around Court Level, Location, Case Numbers and Citation
d) A Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"
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