Check Out The Rogue's Gallery Of Absconding 'Wilful Tax Defaulters'
The Income Tax department has adopted the aggressive strategy of 'naming and shaming' some large tax defaulters by publishing names of 18 entities who owe over Rs 500 crore tax to the exchequer
Posting + Transfer Orders Of Hon'ble ITAT Members (March 2015 – IV)
Vide orders passed by the Hon'ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following decisions have been taken
ITAT Members To Get Bonus Points For Intl Tax + Transfer Pricing Orders
Vide Order dated 20th March 2015, the Hon'ble President of the Tribunal has directed that the order dated 2nd February 2015 is withdrawn forthwith and the practice of giving bonus point is restored. It is stated that the Vice Presidents will have the discretion to award bonus points in accordance with the quality and effort required to decide cases relating to International Taxation and Transfer Pricing
Plus Paper Food Pac Ltd vs. ITO (Bombay High Court)
S. 147/ 148: If the recorded reasons show contradiction and inconsistency it means necessary satisfaction in terms of the statutory provision has not been recorded at all. The Court cannot be called upon to indulge in guess work or speculate as to which reason has enabled the AO to act in terms of s. 147
The Court cannot be called upon to indulge in guess work or speculate as to which reason has enabled the Assessing Officer to act in terms of this section. If more than one reason is assigned as in this case then the Court can sustain the notice only if it is of the opinion that an erroneous reference to a statutory provision has been made but still there is an income chargeable to tax which has escaped assessment and on account of which issuance of notice is justified. Which ground is sufficient to sustain the notice is something which must be indicated in clear terms and should not be a matter of speculation or guess work
Suresh Chandra vs. ITO (ITAT Delhi)
S. 147/ 148: Failure to comply with the procedure prescribed in G.K.N. Drive Shaft (India) Ltd. vs. ITO 259 ITR 19 (SC) renders the assessment order invalid & void ab initio
The AO was required to first decide the objection of the assessee filed u/s 148 and serve a copy of the order on assessee. And after giving some reasonable time to the assessee for challenging his order, it is open to him to pass an assessment order. Since such compliance has not been made by the Assessing Officer in the present case, the assessment order is not valid and is void ab initio
Jitendra Mansukhlal Shah vs. DCIT (ITAT Mumbai)
S. 40(a)(ia): Merilyn Shipping 136 ITD 23 (SB) should be followed in view of approval by Allahabad HC and dismissal of SLP by Supreme Court. In any event as two views are possible, view in favour of assessee should be followed. Amounts already paid without TDS cannot be disallowed
Though there are contrary decisions of the other Hon'ble High Courts, i.e. Hon'ble Calcutta High Court and Hon'ble Gujarat High Court, in the light of the decision of the Hon'ble Allabahad High Court it can be said the there can be two views possible in this matter in which event the one which is in favour of the assessee has to be followed in the light of the decision of the Hon'ble Supreme Court in the case of Vegetable Products Ltd. 88 ITR 192
Rushi Builders and Developers vs. ACIT (ITAT Mumbai)
S. 271(1)(c): Disallowance of expenditure for failure to deduct TDS does not attract penalty
The disallowance of expenditure was attracted due to non-deduction of TDS and it cannot be said to be a case of concealment of income or furnishing of inaccurate particulars of income. The levy of penalty u/s.271(1)(c) of the Act is not attracted
Regards,
Editor,
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