Ojaswi Indap Income Tax, Update

Lok Sabha Passes the Taxation Laws (Amendment) Bill, 2019

On December 2, 2019, the Lok Sabha passed the Taxation Laws (Amendment) Bill, 2019 (“The Bill”) which inter alia reduces the corporate tax levied on domestic companies. The Bill is yet to be introduced in the Rajya Sabha and once passed by both the houses will replace the ordinance promulgated by the President in September … Continue reading Lok Sabha Passes the Taxation Laws (Amendment) Bill, 2019

Ojaswi Indap Income Tax, Update

Can AO’s order be termed as erroneous and prejudicial u/s 263 if the assessee has stated transactions are not allowable for deduction but AO has allowed such deductions?

Case: EMDEE DIGITRONICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX-4, ITAT KOLKATA  Listen to the case summary EMDEE DIGITRONICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX-4, ITAT KOLKATA here Background: The assessee's return of income was passed on for reassessment u/s 143(2).After the assessment, the AO passed an order u/s 143(3) of the Income … Continue reading Can AO’s order be termed as erroneous and prejudicial u/s 263 if the assessee has stated transactions are not allowable for deduction but AO has allowed such deductions?

Siddharth P. Sharma Income Tax, Update

Addition made to the income of the assessee (without cross-examination) cannot be sustained

In the case of Shakuntala Agencies Pvt. Ltd. vs. ITO, search and seizure operations at the premise of a third party uncovered incriminating material related to the assessee. The AO and CIT(A) both rejected the assessee’s request to cross examine the relevant person.Tribunal holding: Addition made to the income of an assessee on the basis of … Continue reading Addition made to the income of the assessee (without cross-examination) cannot be sustained

Siddharth P. Sharma Income Tax, Update

Broadcast companies not liable to pay TDS on Channel Placement Fees

ASIANET NEWS NETWORK P.LTD MUMBAI vs ASST CIT CIR 16(1) MUMBAI The Mumbai bench of the Income Tax Appellate Tribunal has held in the case of Asianet News Network vs. ACIT that channel placement fee paid by the broadcast company would not be liable to be disallowed u/s 40(a)(ia) as there is no obligation on … Continue reading Broadcast companies not liable to pay TDS on Channel Placement Fees

Siddharth P. Sharma Income Tax, Update

Revisional Jurisdiction cannot be exercised on issues which have not been covered in Reassessment

Gulab Badgujar (HUF) Thane vs Commissioner of Income-tax (Central) The Pune bench of the Income Tax Appellate Tribunal in the case of Gulab Badjugar vs. CIT has held that an issue which was not covered in the reassessment proceedings would not be available for readjudication under revisional jurisdiction. The Tribunal noted that once the re-assessment … Continue reading Revisional Jurisdiction cannot be exercised on issues which have not been covered in Reassessment

Sheece Baghdadi Income Tax, Update

Riverus Strategic Income Tax Research Tool v2.0 is out!

We are excited to share with you that our Riverus Strategic Income Tax Research tool had not only got new looks but also is packed with robust functionalities. This tool will save your research time by offering answers to your queries in seconds. Check this quick video to get sneak peek. To get a demo … Continue reading Riverus Strategic Income Tax Research Tool v2.0 is out!

Siddharth P. Sharma Income Tax, Update

ITAT Hyderabad comes down heavily on revenue officials for frivolous appeals

In the case of DCIT v. Shashikala Ramkumar the Hyderabad bench of the ITAT has come down heavily on the revenue officials for not applying their minds while preferring appeals. The Bench remarked that appeals are being filed on grounds that are not meritorious while invoking wrong provisions so as to raise unnecessary demands. Also Read: Unexplained cash … Continue reading ITAT Hyderabad comes down heavily on revenue officials for frivolous appeals