Direct Tax Weekly Flashback for the period 29 September To 5 October 2024.
Table of Contents
Supreme Court – Direct Tax Weekly Flashback
Technological Impediment Can’t Harass Assessee Year After Year, CBDT To Take Steps: Supreme Court
Case Title: Sunil Bakht V/S Asst. Director Of Income Tax, Cpc & Anr
The Supreme Court has held that the technological impediment cannot be a reason for harassing an assessee year after year.
BREAKING | Income Tax Dept’s Big Win | TOLA Applicable To Income Tax Act Beyond Specified Date, Rules Supreme Court
In a major relief to the Income Tax Department, the Supreme Court has ruled that Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020 (TOLA) is applicable to income tax act beyond specified date.
TOLA Will Apply To Income Tax Act After 1 April 2021, Rules Supreme Court: Know Key Observations
Case Title: UOI Versus Rajeev Bansal
The Supreme Court has held that the Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020 (TOLA) will continue to apply to the Income Tax Act after 1 April 2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20 March 2020 and 31 March 2021.
Supreme Court Remands Back Matter To AO To Determine Purpose For Which Short Term FD Accounts Were Opened, Nature Of Income
Case Title: XL India Business Services Pvt. Ltd. Versus Income Tax Officer
The Supreme Court has remanded the matter to AO to determine the purpose for which short term Fixed Deposit (FD) accounts were opened, and the nature of income.
AO Can’t Consider Claim Of Time Barred Income Tax Revised Return: Supreme Court
Case Title: M/s. Shriram Investments Versus The Commissioner of Income Tax III Chennai
The Supreme Court has held that the assessing officer (AO) had no jurisdiction to consider the claim made by the assessee in the revised return filed after the time prescribed by Section 139(5) of the Income Tax for filing a revised return had already expired.
Kerala High Court – Direct Tax Weekly Flashback
Depreciation Can Only Be Set Off Against ‘Profits Or Gains’ And Not Against ‘Income From Any Other Sources’: Kerala High Court
Case Title: Alapatt Jewellers V/S Deputy Commissioner Of Income Tax
The Kerala High Court has held that depreciation can only be set off against ‘profits or gains’ and not against ‘income from any other sources’.
Mere Existence Of Chapel In Nuns’ Residence Can’t Make Building Itself Place Intended For “Public Worship”, Property Tax Applicable: Kerala High Court
Case Title: Franciscan Sisters Of The Immaculate Heart Of Mary Versus The Secretary
The Kerala High Court while upholding the property tax liability held that mere existence of a chapel in nuns’ residence cannot make the building itself a place intended for “public worship”.
Delhi High Court – Direct Tax Weekly Flashback
Credit Card Issued By Foreign Branches But Used In India; No Income Tax On Credit Card Fee: Delhi High Court
Case Title: Director Of Income Tax New Del V/S Anz Grindlays Bank
The Delhi High Court has held that the credit card issued by foreign branches but used in India and no income tax is payable on the credit card fee.
Mere Use Of Expression ‘Yes, I Am Satisfied’ By PCIT Not A Valid Approval Under Section 151 Of Income Tax Act: Delhi High Court
Case Title: Capital Broadways Pvt. Ltd. Versus Income Tax Officer Ward 5(3) Delhi
The Delhi High Court has held that mere use of the expression ‘yes, i am satisfied’ by the Principal Commissioner of Income Tax (PCIT) cannot be considered to be valid approval under Section 151 Of Income Tax Act for reopening income tax assessment.
Madras High Court – Direct Tax Weekly Flashback
NFAC | Failure Of Assessee To Submit Documents Sought: Madras High Court Upholds Reassessment
Case Title: Bavan Motors v/s National Faceless Assessment Centre
The Madras High Court while upholding the income tax reassessment held that the assessee had not submitted the documents sought for by the National Faceless Assessment Centre (NFAC) and only computation of income and bank accounts were furnished, without any split up details with regard to sales made and the cash deposits.
ITAT – Direct Tax Weekly Flashback
No Depreciation On Toll Roads Is Allowable: ITAT
Case Title: Hazaribagh Ranchi Expressway Ltd v/s ACIT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the depreciation is not allowable on toll roads by considering it as tangible assets.
Signing Of Assessment Order Is An Integral Part Of Order Generation In E-Assessment: ITAT
Case Title: Bennett Coleman & Co Ltd. v/s National Faceless Assessment Centre, Delhi
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the signing of the assessment order is an integral part of order generation in e-assessment and the assessment proceedings conclude only after the order is digitally signed, therefore, signing of the assessment order should not be brushed aside lightly.
Notifications – Direct Tax Weekly Flashback
CBDT Increases Tax Refund Limit Jurisdiction For Condonation Of Delay In Filing ITR
Now it has become more easier to claim income tax refund in cases of filing of belated ITR. The Central Board of Direct Taxes (CBDT) has issued a circular on condonation of delay for Income Tax Refund and Carry forward of Loss notifying new limits for processing Condonation of Delay Applications.
Columns – Direct Tax Weekly Flashback
Direct Tax Vivad se Vishwas 2024: All You Need To Know
The Central Board of Direct Taxes (CBDT) in pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, the notified the Direct Tax Vivad Se Vishwas Scheme, 2024 ( DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
TDS Rate Changes Effective October 1, 2024
TDS rate changes, you need to know if you handle taxation in India, the upcoming (Tax Deducted at Source rates) and provisions are crucial for your financial planning.
