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The income tax assessment order has been quashed by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) as of the absence of higher authority approval u/s 151 of the Income Tax Act, 1961 for the reopening beyond three years. The taxpayer Sunil Harischandra Keni, filed a return claiming an income of Rs. 16,42,210 for […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]
The addition on the interest income received out of the fixed deposits has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Kavitha Rajagopal (Judicial Member) and B R Baskaran (Accountant Member) has marked that Assessing Officer (AO) is unable to corroborate the fact that the FD made by […]
It was ruled by The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) that no reopening can take place after the expiry of four years from the end of the relevant assessment year unless any income levied to tax has escaped assessment for the reasons of the failure on the taxpayers part to reveal truly […]
Tax Penalty u/s. 271D and 271E of the Income Tax Act, 1961 cannot be charged if the assessment proceedings are quashed. Under section 147 of the Act, the matter of the taxpayer was reopened on the grounds of the data obtained from the office of, ACIT, Central Circle-2(4), Ahmedabad. An investigation was performed at the […]
The income tax addition of Rs. 1.61 crores has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT), because the seized documents lack information as to the date and mode of receipt of “on money.” The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has remarked that the entries […]
The income from the reselling of subscription-based products is royalty, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer has sold the digital product as well as all copyrights therein, which squarely drops under the definition of ‘royalty’ both under Article 12 of the Double Taxation Avoidance Treaty (DTAA) between India and […]
The Income Tax Assessment Order, remarking that no order can be passed in the name of a non-existent entity has been quashed by the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ). The issue at hand was whether the assessment made in the name of a company that did not exist at […]
Section 249(4)(b) of the Income Tax Act, 1961 does not apply when there is no question of advance tax payment in the income tax reassessment proceedings, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held. The taxpayer M/s. Nine Globe Industries Pvt. Ltd. furnished its income return dated 29.09.2012 for AY 2012-13 declaring […]
