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Sec. 80G deduction available for donation forming part of CSR obligation; Income from unlisted company’s share sales to be taxed as “capital gain”...…and lots more!

Issue No. 210 / June 25th, 2020 

Dear Professionals,

Taxsutra Database”, a true Income-tax research tool, is an archive of over 107400+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR (Trib) and also includes recent ‘unreported handpicked rulings of SC, HC & ITAT’. It is a completely integrated service with the following features:

  • Comprehensive coverage of all latest cases powered by an advanced search engine to provide a seamless user experience;
  • Effective search results supported by active filters around Court Level, Location, Case Numbers and Citation;
  • Enhanced search feature, using the Unique Bulls Eye Application, by including "Exact words", "Any of these", "none of these" options. 

We are glad to present to you the 210th edition of ‘Taxsutra Database Bulletin’, where we keep you updated with current trends in the tax arena!

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Key Takeaways from Handpicked Rulings 

1) ITAT: Non-deposit of tax deducted by Deductor, liability cannot be fastened on Assessee-deductee; Assessee cannot be denied tax credit - ITAT holds that once tax had been deducted then it is deductor’s liability to deposit the withheld tax into the credit of the Central Government, deductee cannot be denied credit of tax; Observes that u/s 205, the assessee/deductee ............. Click here to read and download ITAT order

2) ITAT: Oral contract is adequate to invoke the provisions of Section 194C – ITAT upholds TDS liability u/s. 194C on vehicle hire-charges, states that a contract need not be in writing, it may be inferred from the conduct of the parties; Notes that assessee is engaged in the business of vehicle hire and takes vehicles along with drivers on hire from various persons and pays vehicle hire charges, petrol and diesel expenses to such cab owners; ITAT holds that payment of hire charges made by assessee to cab owners for hiring cabs for the purpose of providing transportation services to its customers would ...........Click here to read and download ITAT order

3) HC: Allows Sec 54F exemption; Actual use, whether commercial or residential, to be considered while adjudicating upon the eligibility of deduction – HC grants Sec. 54F benefit for investing long term capital gains arising on sale of shares during the financial year 2005-06, holds two independent residential units to be treated as one residential unit; Observes that out of nine flats, seven flats have been sanctioned for commercial purposes and only two flats have been sanctioned as residential units which were put to use for commercial purposes for service apartments; Rules that the usage of the property ........... Click here to read and download HC order

4) HC: Souharda Co-operative entitled to claim Sec.80P benefit; Allows writ – HC quashes assessment order passed by AO, rules that Assessee-society registered under the Karnataka Souharda Sahakari Act, 1997 fits into the definition of “co-operative society” u/s. 2(19) and is hence entitled for deduction u/s 80P.................. Click here to read and download ITAT order

5) ITAT: Income from unlisted company’s share sales to be taxed as “capital gain”, applies CBDT Circular – ITAT grants relief to NDTV, sets aside lower authorities order treating income from sale of shares of M/s Astro Awani Networks Ltd as income from “Other Sources"; AO noted that the shares of increasingly loss making companies which had been purchased just 13 months before the date of sale (for Rs.46 per share) were sold at a high price (Rs.544) and treated gain from sale of shares as income from other sources instead of capital gain; CIT(A) placed reliance on Apex court ruling of Karanpura Development and Durga Prasad More confirmed the order passed by AO that the valuation report of shares of the company is not reliable; ITAT observes that the sale price................... Click here to read and download ITAT order

6) ITAT: Allows co-operative society’s Sec. 80P claim on interest income; Distinguishes Totgars SC ruling – ITAT allows Sec. 80P benefit to assessee (a co-operative society) with respect to interest earned on statutory deposits being income from business and not the income from other sources; Follows co-ordinate bench decision in assessee’s own case for AY 2013-14 & 2014-15 wherein it was held that as per guidelines of Orissa Co-operative Society Rules, it is mandatory for assessee to create surplus / reserve fund and it was intrinsically connected with the ............. Click here to read and download ITAT order

7) ITAT: Date of possession is the date of the actual purchase of the property for purpose of Sec.54F – ITAT allows the benefit of section 54F, treats date of possession of the flat, not date of payment of the first installment towards allotment of flats to be considered as the date of obtaining the title of the property.......... Click here to read and download ITAT order

Note: SC in [TS-5072-SC-2015-O] had dismissed assessee’s SLP against HC’s order. HC had held that booking confirmation letter is irrelevant for determining Apartment "Booking Rights". “Booking rights” in flat / apartment shall be treated as acquired upon execution of buyer’s agreement with builder and not on the date of 'booking confirmation letter' for provisional allotment of flat.

Kolkata ITAT in [TS-8534-ITAT-2018(Kolkata)-O] had held that by virtue of the allotment letter issued and receipt of booking amount acknowledged by the builder, assessee was vested with title, domain and control over the flats (i.e. legal right over the property) 

8) ITAT: Donation to trust eligible for deduction u/s 80G though forming part of CSR obligation – ITAT sets aside lower authorities order, holds that the benefit under Chapter VI-A for computing “Total Taxable Income” cannot be denied to assessee; States that “If Assessee is denied this benefit, merely because such payment forms part of CSR, would lead to ..................Click here to read and download ITAT order

9) ITAT: Shah commission report merely an expression of its opinion lacking both finality and authoritativeness, no reason for reopening the assessment – ITAT quashes initiation of reassessment proceedings against assessee [trader / exporter of iron ore]; Observes that reasons recorded by AO for reopening the assessment and approved by the Addl. Commissioner (i.e., under-invoicing of exports) is entirely based on findings in the .................. Click here to read and download ITAT order

Note: Karnataka HC in [TS-6469-HC-2016(Karnataka)-O] upheld re-assessment beyond 4 years on the grounds that ‘Under-invoicing’ based on Shah Committee report was ‘sufficient reason’ for reassessment initiation.

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About Taxsutra Database!

Access to a strong repository of Tax Rulings is a key requirement of tax professionals like yourselves.  Taxsutra Database is a brand new addition to the Taxsutra bouquet of services. Largely known for its world class real time news and updates service, Taxsutra brings to you a comprehensive, easy to use Database service which offers the following features:

  • Over 107400+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling 
  • 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
  • Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"

The Taxsutra Database comes at a very special Annual Subscription price of 4200 + GST AND includes a annual license to the Taxsutra Library.

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ITAT grants relief to 'Moin Qureshi'; No immunity from penalty, even if specific charge not mentioned in SCN issued u/s 274

 

  Issue No. 209 / June 10th, 2020 

Dear Professionals,

Taxsutra Database”, a true Income-tax Research is an archive of over 107375+ 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 209th edition of ‘Taxsutra Database Bulletin’, where we keep you updated with current trends in the tax arena!

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Key Takeaways from Handpicked Rulings 

1) ITAT: Profit from undisclosed activity to be undisclosed income for each assessment year - ITAT grants relief to 'Moin Qureshi' (exporter) for past assessment additions over 100cr on computation of undisclosed income undertaking clandestine transactions, holds peak credit / balance to be taxed and not the entire cash payment; ITAT holds that only the net profit is to be added to the total income and not the entire unaccounted sales and under no circumstances the entire amount of cash payments aggregating to Rs.143 crore can be added as it is the same cash which is getting circulated year after year during the entire block period; Notes that the orders of the lower authorities show that the search operation ............. Click here to read and download ITAT order

2) ITAT: Assessee cannot get the benefit of immunity from the penalty merely because there was no specific charge in the penalty notice issued u/s 274 or in the assessment order - ITAT rejects Assessee’s contention that there was no specific charge levied by the AO whether the assessee has “concealed the particulars of income or furnished inaccurate particular of income”; Notes that “the AO has mentioned the specific charge in the penalty order by stating that the assessee has furnished inaccurate particulars of income”; ITAT separately holds that addition/disallowances............. Click here to read and download ITAT order 

Editorial Note: Recently HC held that defect in Show cause notice u/s 274 can be rectified u/s 292B, notice not invalid and ITAT in its order held that once the reason for levying penalty u/s. 271(1)(c) is mentioned in the assessment order, mere mention in the notice "for concealing the particulars of income" or "furnished inaccurate particulars of income" would not cause any prejudice to the assessee.

One may also refer following rulings in favour of Revenue on defect of SCN u/s 274  

[TS-6291-ITAT-2019(Chennai)-O] , [TS-5853-HC-2019(Madras)-O][TS-6511-HC-2017(Hyderabad)-O]

[TS-8444-ITAT-2017(Mumbai)-O][TS-5776-HC-2017(Bombay)-O][TS-6055-ITAT-2017(Mumbai)-O]

[TS-5033-HC-1992(Bombay)-O][TS-5873-ITAT-2017(Bangalore)-O][TS-5465-ITAT-2017(Mumbai)-O]

3) ITAT: In absence of any incriminating seized material / document, Sec68 additions cannot be sustained – ITAT rejects Revenue submission that additions u/s 153A can be made without having any incriminating material on record; Relies on jurisdictional HC ruling in Veerprabhu Marketing and  distinguishes Revenue’s reliance on HC decisions in Sunny Jacob Jewellers and Dayawanti; ITAT upholds order passed by CIT(A) in holding the additions............. Click here to read and download ITAT order

4) Penalty u/s 271AAB is not mandatory – ITAT: In absence of any undisclosed income revealed by seized materials, income surrendered does not fall within the ambit of undisclosed income as defined in Section 271AAB; ITAT holds that penalty u/s 271AAB is not ipso facto as a result of surrender or disclosure of income during the course of search and seizure, until and unless such surrender of income falls in the definition of........... Click here to read and download ITAT order

5) ITAT: Penalty u/s 271(1)(c) cannot be imposed merely based on addition / disallowances made during the quantum proceedings – ITAT set aside the order passed by lower authorities, directs AO to delete the penalty levied by him u/s 271(1)(c), holds that for the element of income added in the quantum proceedings, there must be some ..........Click here to read and download ITAT order

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Expert Column

The “cess” was introduced in the Finance Act, 2004, as “an additional surcharge” and the issue on deductibility of ‘education cess’ while computing income from business or professional has been a debatable one for a while now.

Author Prabhat Agarwal (Chartered Accountant), in his article, refers to the recent HC decision of SESA GOA LIMITED as reported in [TS-5087-HC-2020(BOMBAY)-O] which held that Education Cess and Higher and Secondary Education Cess is allowable as a deduction. The author highlights that HC relied heavily on circular no. F. No.91/58/66-ITJ(19), issued by the Board and intendment deciphered from the omission of word "Cess" on recommendation of Select Committee of Parliament from Income Tax Bill, 1961. Noting that the Revenue has not challenged the above ruling and other similar HC rulings in SC, the author opines that “this can be tricky and risky to conclude that the "Cess" is not in nature of Tax, hence deductible as expenditure in the year of payment”.

Click here to read the article titled, “Deductibility of Cess on Income Tax from the Taxable Income”

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Lot's more at Taxsutra Database

Access all “Taxsutra Database Newsletters”, in case you have missed any!

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About Taxsutra Database!

Access to a strong repository of Tax Rulings is a key requirement of tax professionals like yourselves.  Taxsutra Database is a brand new addition to the Taxsutra bouquet of services. Largely known for its world class real time news and updates service, Taxsutra brings to you a comprehensive, easy to use Database service which offers the following features:

  • Over 107375+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling 
  • 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
  • Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"

The Taxsutra Database comes at a very special Annual Subscription price of 4200 + GST AND includes a annual license to the Taxsutra Library.

Click Here to Sign up, make payment and join the Taxsutra Family.  

Copyright © TAXSUTRA. All Rights Reserved

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“A Probe into 115BAB”; “Secondment of employees and tax litigation – A perpetual battle" – Part 3

  Issue No. 208 / June 4th, 2020 

Dear Professionals, 

Taxsutra Database”, a true Income-tax Research is an archive of over 107350+ 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 208th edition of ‘Taxsutra Database Bulletin’, where we keep you updated with current trends in the tax arena! 

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Expert Column

Advocate Dharan Gandhi in Part 3 of his article discusses nuances further to reimbursement in cases of secondment of employees and examines the possibility of constitution of various forms of PEs upon such secondment. Considering that when senior employees are seconded, they are mostly given a place in India which is at their disposal, and carry out business of the foreign company from such place for a longer period of time, the author opines that they could constitute a ‘fixed place PE’ of business in India. Similarly, the author contemplates a possibility of a ‘Service PE’ also where the payment is not in the nature of FTS/FIS considering that its common that employees are seconded for providing services to AEs and would stay for a period longer than 90 days. The author also examines the Transfer Pricing implications in cases where in a MNC, a single entity employs such employees who are seconded worldwide, leading to business of such companies being providing of employees, the TP provisions would require such company to earn something more than mere cost.

Click here to read article titled“Secondment of employees and tax litigation – A perpetual battle" – Part 3

 

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 Authors Sunny Bansal and Akanksha Gupta (Chartered Accountants) in their article unveil the issues and interpretations surrounding Sec. 115BAB recently introduced vide the Taxation Laws (Amendment) Act, 2019 providing a reduced rate of 15% for manufacturing entities. The authors analyse the ‘Elemental Terms’ used in the section. Pondering whether the section allows benefit to Job worker, Contract Manufacturer or the Company engaging such Job worker/Contract Manufacturer, the authors opine that various factors such as license ownership, raw material procurement, supervision, risks, degree of control etc., matter in this regard. Further, the authors examine if R&D activities conducted towards an IP held by the parent company would be challenged as an additional activity other than manufacturing. Thereafter, the authors apprise about the possible scrutiny in cases of SDT wherein the tax authorities might argue that as per sub section (6) of section 115BAB, the taxpayer (a new company) by way of a cost plus arrangement has produced more than ordinary profits which might be expected to arise in the business.

Click here to read article titled“A Probe into 115BAB”

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Lot's more at Taxsutra Database

Access all “Taxsutra Database Newsletters”, in case you have missed any!

Access latest News....and more!

-----------------------------------------------------------------------------------------------

About Taxsutra Database!

Access to a strong repository of Tax Rulings is a key requirement of tax professionals like yourselves.  Taxsutra Database is a brand new addition to the Taxsutra bouquet of services. Largely known for its world class real time news and updates service, Taxsutra brings to you a comprehensive, easy to use Database service which offers the following features:

  • Over 107350+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling 
  • 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
  • Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"

The Taxsutra Database comes at a very special Annual Subscription price of 4200 + GST AND includes a annual license to the Taxsutra Library.

Click Here to Sign up, make payment and join the Taxsutra Family.  

Copyright © TAXSUTRA. All Rights Reserved

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SC: No bar in law for a person dealing in land to also have investment in land; “Secondment of employees and tax litigation – A perpetual battle" – Part 2...and lots more!

  Issue No. 207 / May 27th, 2020 

Dear Professionals, 

Taxsutra Database”, a true Income-tax Research is an archive of over 107310+ 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 207th edition of ‘Taxsutra Database Bulletin’, where we keep you updated with current trends in the tax arena! 

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Expert Column

Earlier in Part 1 of his article, Dharan V. Gandhi ( Advocate) deliberated on tax implications in respect of payments made by Indian companies to their overseas counterparts for secondment of employees, more particularly employees deputed at senior positions. In Part 2, the author discusses the legal jurisprudence rendered by the Indian Courts / Tribunals and extensively evaluates the angle of reimbursement of salary vis-a-vis FTS.

The author highlights that, reimbursement cannot be considered as income per se and therefore, the same cannot be taxed, irrespective of gross or net basis of taxation and remarks that, “once the payment is mere reimbursement of expenses, there arises no tax implication. The subsequent discussion of FTS and Permanent Establishment (‘PE’) is without prejudice to the argument of reimbursement”. In Part 3 the author shall deal with the angle of the secondment transaction vis-a-vis constitution of a Permanent Establishment, computation of profits and a flow chart.

Click Here to read article titled“Secondment of employees and tax litigation – A perpetual battle" : Part 2

Note: One may also refer to Taxsutra Database Insight, wherein we have compiled 16  rulings in Part 2 & Part 3 which interpret on whether reimbursement of cost towards the services rendered by deputed employees/seconded employees tantamounts to "making available", the technical knowledge to Indian entity & hence taxable as fees for included services; deductibility of salary expenses of seconded employees upon constitution of service PE, what is crucial for bringing to tax and lots more!

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Key Takeaways from Handpicked Rulings

1) No bar in law for a person dealing in land to also have investment in land - SC: Dismisses Revenue’s SLP challenging HC-order holding sale of non-agricultural land as long-term capital gains instead of business income; Earlier HC had rejected Revenue’s submission that the purpose and object of holding land could only be for business purposes and not as investment as the business of the assessee is of building construction and land developers and any gain / profit earned on sale of land ought to be taxed under the head 'business income' and not as 'capital gains'; HC had noted ...............Click here to read and download SC order

2) SC admits Revenue’s SLP challenging HC-order in case of Insurance Company - HC had dismissed Revenue’s appeal and relying on Delhi HC ruling in Oriental Insurance Co. Ltd. held that provisions of 115JB of the Act, which enables the companies to compute book-profit, may not be applicable to insurance companies......Click here to read and download SC order

3) Interim stay granted and garnishee proceedings placed under suspension till the disposal of the stay petition - ITAT suspends operations of all the garnishee notices to the bankers of the assessee, observes that “such an undue haste in recovery of the disputed demands, in respect of which the hearing of appeal as also the stay petition is already concluded, is indeed inappropriate”; Directs Revenue authorities not to resort to, or continue with, any other coercive measures to recover the disputed outstanding demands.........Click here to read and download ITAT Order

4) State controlled Society / Committees, constituted to implement the educational policy, to be treated as an educational institution and eligible for the benefit of exemption u/s 10(23C) - HC dismisses Revenue’s appeal,......... Click here to read and download HC judgment

5) Deduction u/s 54 allowable even if not claimed in the original return of income; Beneficial provision should be construed liberally  - ITAT allows assessee’s appeal, remands issue back to AO with direction to consider the eligibility of the assessees` for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions; Notes that in the original return of income, the assessee has not offered the capital gain to tax nor has he claimed deduction u/s 54F, however .......Click here to read and download ITAT order

 

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Lot's more at Taxsutra Database

Access all “Taxsutra Database Newsletters”, in case you have missed any!

Access latest News....and more!

------------------------------------------------------

About Taxsutra Database!

Access to a strong repository of Tax Rulings is a key requirement of tax professionals like yourselves.  Taxsutra Database is a brand new addition to the Taxsutra bouquet of services. Largely known for its world class real time news and updates service, Taxsutra brings to you a comprehensive, easy to use Database service which offers the following features:

  • Over 107310+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling 
  • 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
  • Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"

The Taxsutra Database comes at a very special Annual Subscription price of 4200 + GST AND includes a annual license to the Taxsutra Library.

Click Here to Sign up, make payment and join the Taxsutra Family.  

Copyright © TAXSUTRA. All Rights Reserved

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The battle for custody of tax refunds; No exemption u/s. 54B on investment made in the name of the spouse ....and lots more!!

  Issue No. 206 / May 21th, 2020 

Dear Professionals,

Taxsutra Database”, a true Income-tax Research is an archive of over 107240+ 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 206th edition of ‘Taxsutra Database Bulletin’, where we keep you updated with current trends in the tax arena!

Expert Column

The inordinate delays in the issue of refunds, particularly in the cash-crunch times of COVID-19 crisis, have prompted certain taxpayers to take the custody battle to Courts, latest ruling on the issue being in the case of Vodafone Idea Ltd by the Apex Court.

BS Nagaraj and GL Rinitha, Chartered Accountants, in their article explore on the issue in light of the aforesaid ruling and provisions relating to processing of refunds and the recent legislative changes. The authors discuss the changes in law with amendments in Sec. 143(1D) which stated that processing of a return shall not be necessary, where a notice has been issued to the assessee under sub-section (2) and introduction of Sec. 241A which laid down provisions on withholding of refunds in certain cases. The authors further discuss the implications of the SC ruling in Vodafone and ponder “If the observations of the Hon’ble SC on the interplay between sections 143(1), 143(1D) and 143(2) as they stood prior to AY 2017-18,  are interpreted on a standalone basis to mean that once notice under 143(2) is issued, there is no requirement for 143(1) processing, it may lead to a conclusion that, there is no requirement for any discretion to be exercised by the AO”. The authors sign off stating that “While the law has since changed, the battle for custody of tax refunds is likely to continue before the Courts and the facts of each case would determine which party wins the battle!”

Click here to read the article titled – The battle for custody of tax refunds!

Key Takeaways from Handpicked Rulings

1) Mere inclusion of son name as joint owner does not disentitle assessee for exemption u/s 54 - ITAT sets aside, lower authorities order restricting capital gain exemption u/s 54 to the extent of 50% of the claim made on the reasoning that the new residential house has been purchased in the name of assessee and his son;  ITAT notes that...... Click here to read and download ITAT order

Note: Bombay HC admits assessee's appeal challenging ITAT-order restricting capital gains exemption u/s 54 to 50% of investment in property made in joint name of assessee along with her daughter

2) Chapter VI-A benefits on expenses disallowed as they are forming part of CSR cannot be denied as that would lead to double disallowance - ITAT holds in favour of assessee, if the assessee is denied benefit of deduction u/s.80G, merely because such payment forms part of CSR, would lead to double disallowance, which is not the intention of Legislature; Rejects revenue submission that, expenditure incurred by an assessee on activities relating to CSR referred to in section 135 of Companies Act, 2013 shall not be deemed to be an expenditure incurred by assessee for purpose of business or profession and therefore, no deduction would be allowed for such expenditure; Explains that …. Click here to read and download ITAT order

3) HC: No exemption u/s. 54B on investment made in the name of the spouse - HC dismisses assessee's appeal, rejects Sec 54B exemption for investment in the name of spouse; Notes that assessee on sale of agricultural land, purchased a land worth his share, in the name of his spouse ......... Click here to read and download HC judgment

4) No prosecution initiation u/s 276C absent willful intent to evade payment of tax – HC quashes prosecution initiation u/s 276C, notes that assessee-petitioner voluntarily disclosed the undisclosed income during an inspection conducted u/s 132 and paid entire tax as demanded; HC holds that as per the.......... Click here to read and download HC judgment

5) Penalty cannot be levied u/s 271D on mere assumption of acceptance of loan / deposit – HC dismisses Revenue’s appeal, upholds ITAT order deleting the penalty levied u/s. 271D; Notes that according to the AO, the Assessee had accepted a loan or deposit in cash from one, Jivraj Desai, and therefore, a penalty u/s 271D was levied for contravention of section 269SS ......... Click here to read and download HC judgment

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Wall of Tax News

CBDT: Clarifications in respect of prescribed electronic modes under section 269SU

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Lot's more at Taxsutra Database

Access all “Taxsutra Database Newsletters”, in case you have missed any!

Access latest News....and more!

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About Taxsutra Database!

Access to a strong repository of Tax Rulings is a key requirement of tax professionals like yourselves.  Taxsutra Database is a brand new addition to the Taxsutra bouquet of services. Largely known for its world class real time news and updates service, Taxsutra brings to you a comprehensive, easy to use Database service which offers the following features:

  • Over 107240+ Income Tax Rulings reported across ITR, CTR, Taxman, DTR, ITD, TTJ, and ITR(Trib) and which also includes recent unreported handpicked ruling 
  • 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
  • Unique Bulls Eye application to further enhance search by including "Exact words", "Any of these", "none of these"

The Taxsutra Database comes at a very special Annual Subscription price of 4200 + GST AND includes a annual license to the Taxsutra Library.

Click Here to Sign up, make payment and join the Taxsutra Family.  

Copyright © TAXSUTRA. All Rights Reserved

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