Neetaa sunil shah vs income tax officer

Madras High court decides if a writ can be filed if the ITAT has remanded a matter back to the AO, and the AO has exceeded the scope of the remand.

Case: Neetaa Suneel Shah v. Income Tax Officer Background Revenue reopened the assessment for the year 2010-2011 in 2015 for evasion of tax to the tune of about INR 25 lakhs through client code modification.After rejecting the objections of the assessee the AO added the money to income from Short Term Capital Gains.Assessee’s appeal to … Continue reading Madras High court decides if a writ can be filed if the ITAT has remanded a matter back to the AO, and the AO has exceeded the scope of the remand.

Capital Expenditure vs Revenue Expenditure

The question about the nature of expenditure has always been a highly contested issue in tribunals and courts in India. Characterising an expenditure as revenue or capital has tax implications. Revenue expenditure is taken into account while computing taxable profits and would be eligible for a tax deduction whereas on capital expenditure only depreciation can … Continue reading Capital Expenditure vs Revenue Expenditure

Grant of sanction under Section 279 of the Income Tax Act necessary for prosecution: Delhi HC

The Delhi High Court in the case of Indo Arya Central Transport  Limited & Ors. vs. Commissioner of Income Tax (TDS), Delhi -1 & Anr. has held that the Revenue has the burden to prove that a valid sanction had been granted for prosecution under section 279 of the Income Tax Act, based on documents and … Continue reading Grant of sanction under Section 279 of the Income Tax Act necessary for prosecution: Delhi HC