Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

 

New Delhi, 28th August, 2018

 

PRESS RELEASE

Extension of date for filing of Income Tax Returns for taxpayers in Kerala

                The Central Board of Direct Taxes(CBDT) had earlier extended the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the categories of taxpayers who were liable to file their Income Tax Returns by 31st July, 2018.

                In view of the disruption caused due to severe floods in Kerala, CBDT hereby further extends the due date for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.              

 

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

 

HC dismisses assessee's  appeal, holds the share applicants and investments therefrom bogus;  Notes the facts that the only explanation given by the assessee as to one shareholder-HUF was that the relevant person was 'out of station' and the other shareholder-company whose address was in a residential  building, without any more information about the same and hence, identity of both the shareholders was found unsatisfactory; Observes that the AO after making a thorough enquiry into the documents submitted, held them to be not satisfactory; Holds that "In the light of such findings of the AO which withstood scrutiny before final fact-finding body that is the Appellate Tribunal, it scarcely lies in the mouth of the assessee to question the propriety of the AO having found the explanation furnished by the assessee to be unsatisfactory."

Click here to read facts and download copy of HC judgment reported in [TS-5528-HC-2018(Calcutta)-O]

 

Interest on delayed payment of excise duty, service tax and ESI, compensatory in nature, not disallowable u/s. 43B;  Disallowance u/s 14A cannot exceed the exempt income - ITAT rules in favour of assessee; Holds that interest is levied on service tax, excise duty and ESI is compensatory in nature and not disallowable u/s .43B; States that SC has held in many cases that only interest which is in the nature of breach of Act can be disallowed and interest in compensatory nature cannot be disallowed; Further, noting that HDFC Bank is not a not public financial institution, holds that interest paid thereto is  outside the purview of section 43B; Separately, deletes disallowance made u/s 14A r.w.r. 8D(2)(iii), holds that disallowance u/s 14A cannot exceed the exempt income

Click here to read facts and download copy of ITAT ruling reported in [TS-7893-ITAT-2018(Hyderabad)-O]

 

Merely because addition has been made in hands of co-owner, no presumption could be drawn that income has escaped assessment in the hands of assessee, without there being independent 'reasons to believe' , based upon cogent materials - ITAT allows assesssee's appeal, quashes and sets aside reopening of assessment; Holds that both the reasons for reopening the assessment i.e., addition in hands of co-owner and inspector's report in case of co-owner that the area in which land was situated was industrial hub and not used for agricultural purposes, were unsustainable; Further, holds that " intention to use a particular piece of land for non agricultural purposes cannot by itself alter character of the land in question. What is to be seen is nature of land as on the date it was acquired."; As regards reassessment, states that addition made in hands of co-owner cannot be the basis for re-opening in assessee's case in absence of indepenent 'reasons to believe'; Notes that the report itself states that the land was situated 11 kms away from the city of Palwal and holds thus, that the 2nd reason for reopening of assessment is again based upon a contrary view;

Click here to read facts and download copy of ITAT ruling reported in [TS-7854-ITAT-2018(Delhi)-O]

 

Bombay HC allows assessee's writ against CBDT order u/s 119(2)(b) rejecting assessee's claim of credit for two TDS certificates amounting to Rs. Rs.1,03,15,783/-; CBDT rejected the claim on the ground that in the reassessment order passed under Section 147 of the Act, the AO has considered and disallowed the said two TDS credits; HC observes that the ruling of the CBDT is incorrect inasmuch on perusal of the records, it notes that the issue of said TDS credit of Rs.1,03,15,783/- was not considered by the AO in reassessment and hence,  claim for grant of credit of the said TDS has not at all being considered for the AY 2008-09 by any of the authorities;  Direct the AO to take fresh decision in the matter with regard to the claim for grant of such TDS credit in accordance with law after giving an opportunity of hearing to the Petitioner;

Click here to read facts and download copy of HC judgment reported in [TS-5681-HC-2018(Bombay)-O]