Income Tax

As benches of the ITAT exercise jurisdiction over more than one state, Explanation to Standing Order No. 1 of 1954 and Standing Order No. 1 of 1967 issued under the Rules prescribe that, the jurisdiction of the ITAT should be based on the location of the Assessing Officer. The same principle should apply for determining […]

Amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software, not royalty, hence, not taxable in India. The end user does not get any of the rights that the owner continues to retain under Section 14(b) of the Copyrights Act read with sub sections (a)(i)-(vii)

Rectification of return, on the premise of Form GSTR-2A being non-operational at the relevant time is not permissible. The factum of non-operability of Form GSTR-2A, is flimsy plea taken by writ petitioner, it is only a facilitator for taking an informed decision while doing self-assessment [Union of India v. Bharti Airtel Ltd., (2022) 4 SCC

The proportionate disallowance of interest is not warranted under S. 14-A for investments made in tax free bonds/securities which yield tax-free dividend and interest to assessee Banks in those situations where, interest-free own funds available with the assessee, exceeded their investments. Held, agree with the view taken by learned ITAT. Para 31 [South Indian Bank

The word used S. 263 is “made” and not “received”. Hence, if the order under S. 263 was made/passed within the period of two years from the end of financial year in which order sought to be revised was passed, such an order would not be beyond the period of limitation prescribed under S. 263(2).

Held, unequals are being treated equally in that  no differentiation is made by the third proviso between the assessees who are responsible for delaying the proceedings and assessees who are not so responsible- since the objective was automatic vacation of stay granted on the completion of 365 days whether or not the assessee is responsible

This is evident from the answers given to the questionnaire by the managing Trustee of the Trust showing that the donations were received by way of cheques out of which substantial money was ploughed back or returned to the donors in cash. Cancellation of registration under S. 12-AA as charitable trust and approval granted under

Held, there are three conditions/tests to prove the existence of mutuality: Identity of the contributors to the fund and the recipients from the fund; Treatment of the company, though incorporated as a mere entity for the convenience of the members and policy holders, in other words, as an instrument obedient to their mandate, and; Impossibility

Held, unequals are being treated equally in that  no differentiation is made by the third proviso between the assessees who are responsible for delaying the proceedings and assessees who are not so responsible- since the objective was automatic vacation of stay granted on the completion of 365 days whether or not the assessee is responsible

held- The appellant assessee despite being given sufficient opportunity, failed to prove the correctness and genuineness of his claim. Resultantly the said transactions were assumed as bogus entries (Para 15) Once sources of income were disclosed on affidavit and recorded statements of persons concerned in penalty proceedings, held, it could no longer be said that