​

Amit Kumar Gupta

Advocate (Delhi High Court)

B.Com (H), LL.M, FCA

You Tube Channel : https://www.youtube.com/channel/UCzq_rdaQEKh7ZAZHdnUdF4g/videos https://

Section 2(42A)

Definition of Short Term Capital Asset

DURATION: 4:53

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Dated : 21/07/2020

Play List: Exempt income, section 56(2)(viii), section 145A(b), 194A

Tag Line: Interest awarded in motor accident claim cases is compensatory in nature.

Assessment Year: 2016-17

Favouring: Assessee, person /Matter remanded/remitted

[2019] 417 ITR 169 (Bom)

[IN THE BOMBAY HIGH COURT]

RUPESH RASHMIKANT SHAH v. UNION OF INDIA AND OTHERS

AKIL KURESHI and S. J. KATHAWALLA JJ.; August 8, 2019.

• Section 194A(3)(ix) & (ixa)
• Section 145A(b)
• Section 56(2)(vii)
• Section 2(24) : defines the term income
• Section2(28) : define Interest
• Section 56(2)(viii): income by way of interest received on compensation or on enhanced compensation referred to in clause (b) of section 145A
• 145A(b) : As amended form, as noted, provides that notwithstanding anything to the contrary contained in section 145, interest received by an assessee on compensation or on enhanced shall be seemed to be income of the year in which it is received
• Repudiate- refuse

VIDEO 598

DURATION : 12:19/11:41

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Dated : 17/10/2022

Play List: Section(s): Income-tax Act, 1961, ss. 68, 260A, 263

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Tag Line: WHETHER GENUINITY OF STEEP RISE IN THE PRICES OF SHARES HAS TO

BE ESTABLISHED BY THE ASSESSEE?

​

[2022] 446 ITR 56 ( Cal )

[ IN THE CALCUTTA HIGH COURT ]

​

PRINCIPAL COMMISSIONER OF INCOME-TAX v. SWATI BAJAJ

June 14, 2022.

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• The breach of the audi alteram partem rule cannot by itself, without more lead to the conclusion that prejudice is thereby caused.

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• The right of hearing cannot include the right of cross-examination but depends upon the circumstances of each case and on the statute under which the allegations are being enquired into.

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• The assessee cannot be allowed to contend that the language employed in the orders passed by the Commissioner under section 263 does not mention about how the assessment order was erroneous in so far as it is prejudicial to the interests of the Revenue.

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• In a batch of more than ninety cases the Assessing Officer issued notices based on the report of the special investigation team.

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• The report was available in the public domain. Nothing prevented the assessees who were ably defended by chartered accountants and advocates to download such reports and examine them and thereafter put up their defence. Therefore, based on general statements of violation of principles of natural justice the assessees had not made out any case.

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• The genuinity of such steep rise in the prices of shares had to be established and the onus was on the assessee to do so as mandated in section 68 .

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• It was the assessee who had to establish that the price rise was genuine and consequently it was entitled to claim long-term capital gains on the transaction.

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• Merely because the assessee had invested in other blue chip companies and earned profit or incurred loss that would not validate the tainted transactions.

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• The manipulative practice adopted by the stock brokers and entry operators was not even adverted to by the Tribunal and the entire matter was dealt with in a very superficial manner without delving deep into the core of the issue.

VIDEO 601

DURATION : 7:31/8:10

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Dated : 20/10/2022

Play List: Section(s) 132, Writ

Tag Line: WHETHER FORMATION OF OPINION AND THE RECORDING OF REASONS TO BELIEVE IS ADMINISTRATIVE IN CHARACTER?

2022] 446 ITR 18 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

PRINCIPAL DIRECTOR OF INCOME-TAX (INVESTIGATION) AND OTHERS v. LALJIBHAI

KANJIBHAI MANDALIA

July 13, 2022.

Assessment Year: 2017-18

Favouring: Department

• Search and seizure warrant of authorisation
• Adequacy of reasons not within scope of judicial review
• No allegations of mala fides against officers of department
• Detailed reasons recorded in satisfaction note satisfying prerequisite conditions
• Bona fide opinion that assessee would not respond to summons in west Bengal
• Warrant of authorisation valid and department at liberty to proceed against assessee in accordance with law

VIDEO 597

DURATION : 6:00/5:42

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Dated : 16/10/2022

Play List: Section(s) 220, Section 222, Section 223, Section 245

Tag Line: ONCE AN APPEAL IS FILED WITHIN TIME, ASSESSEE WILL NOT BE DEEMED AS AN ASSESSEE-IN-DEFAULT

[2022] 445 ITR 622 ( Raj )

[ IN THE RAJASTHAN HIGH COURT — JAIPUR BENCH ]

RAJENDRA KUMAR v. ASSISTANT COMMISSIONER OF INCOME-TAX AND ANOTHER

May 25, 2022.

Assessment Year: 2017-18

Favouring: Plaintiff

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• Nowhere in the provisions of section 220(6) of the act, it is specified that the stay application has to be filed.
• Recovery of tax refund
• Adjustment of refund against tax dues
• Effect of filing appeal
• Assessee must be given information regarding proposed adjustment

VIDEO 498

DURATION : 7:09

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dated : 08/07/2022

Play List: Section(s) 148

Tag line: WHETHER FAILURE TO ISSUE NOTICE U/S148 CAN BE TO PREJUDICE OF ASSESSEE ESPECIALLY WHEN REFUND IS DUE

[2022] 442 ITR 376 ( Mad )

[ IN THE MADRAS HIGH COURT(VIDEO CONFERENCING )]

R. PANNERSELVAM v. PRINCIPAL COMMISSIONER OF INCOME-TAX AND ANOTHER C. SARAVANAN J. November 23, 2021.

Assessment Year: 2011-12

Favouring: Matter remanded/remitted

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• Failure to file returns within time , notice of reassessment must be issued
• Procedure laid down in Income Tax Act must be followed by Income Tax
• Authorities.
• Assessee, had failed to file returns in time.
• Jurisdictional assessing officer ought to have issued notice under section 148

VIDEO 671

DURATION: 5:51/5:43

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dated : 28/12/2022

Play List: Section(s) 148, 148A(d)

Tag Line: WHETHER FRESH MATERIAL IS NECESSARY FOR REOPENING IN CASE OF

ORIGINAL ASSESSMENT BY INTIMATION?

[2022] 449 ITR 425 ( Del )

[ IN THE DELHI HIGH COURT ]

ERNST AND YOUNG U. S. LLP v. ASSISTANT COMMISSIONER OF INCOME-TAX

( INTERNATIONAL TAXATION) AND ANOTHER

August 22, 2022.

Assessment Year: 2018-19

Favouring: Department/Department of State/Union Government, and/or the State/ Union/

​

• Financial Corporations/Institutions of State/Union
• Reassessment notice in case of original assessment by intimation
• Fresh material not necessary for reopening assessment
• Order for issue of notice valid
• CIT (Asst.) v. Rajesh Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 (SC) (para 10)

VIDEO 670

DURATION: 5:56/5:56

YouTube uploading status- done; Dated : 27/12/2022

Play List: Section 143(3), Limited Scrutiny

Tag Line: WHETHER A.O ENTITLED TO EXAMINE EXP. SIDE IN A LIMITED SCRUTINY CASE OF HIGH RATIO OF REFUND TO TDS?

[2022] 99 ITR (Trib) (S.N.) 24 ( ITAT[Del ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — DELHI "C" BENCH ]

INSTEL SERVICES PVT. LTD. v. DEPUTY COMMISSIONER OF INCOME-TAX

September 20, 2022. ;Assessment Year: 2015-16; Favouring: Assessee, person

​

• Limited scrutiny to examine “high ratio of refund to tax deducted at source”
• Examination should be of heads of receipts wherein credit for tax deducted at source sought to be adjusted against income and refund claim
• Assessing officer not entitled to examine expenditure which had no relationship with tax deducted at source
• Exercise of jurisdiction to examine disputed expenses vitiated and all additions illegal
• Business expenditure capital or revenue expenditure
• Payment of fee for assistance in connection with seeking clarification from
• Reserve bank of India and evaluating tax implications of investment
• Expenses paid to legal and professionals for opinion about legal and tax consequences of
• prospective investment not capital expenditure
• Disallowance as capital expenditure not sustainable

VIDEO 669

DURATION: 5:35/6:02

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dated : 26/12/2022

Play List: Section(s) 69C, 115BBE

Tag Line: WHERE SOURCE IS EXPLAINED BY ASSESSEE, CAN A.O. MAKE ADDITION U/S 69C AND APPLY TAX RATE U/S 115BBE?

[2022] 99 ITR (Trib) (S.N.) 15 ( ITAT[Bang ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — BANGALORE "A" BENCH ]

RAGAVS DIAGNOSTIC AND RESEARCH CENTRE PVT. LTD. v. ASSISTANT COMMISSIONER OF INCOME-TAX

September 9, 2022.

WHERE SOURCE IS EXPLAINED BY ASSESSEE, CAN A.O. MAKE ADDITION U/S 69C AND APPLY TAX RATE U/S 115BBE?

Assessment Year: 2018-19; Favouring: Assessee, person

​

• Search and seizure assessment in search cases
• Unexplained expenditure special rate of tax
• Assessee running diagnostic centre
• Additional income offered as agreed during search assessed under head “business income” for assessment years 2012-13 to 2017-18

• Unaccounted expenditure paid for 2018-19 towards referral fees sourced through business receipts of assessee in course of business
• Assessee’s only source of income receipts from patients
• No contrary material on record to infer that source for expenditure was other than business income
• Additional income could not be taxed at special rate and assessee to be allowed to set off current year’s loss against it

VIDEO 668

DURATION: 5:37/6:14

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dated : 25/12/2022

Play List: Section: 143(2), 292BB

Tag Line: WHETHER FAILURE TO ISSUE NOTICE U/S 143(2) RENDER REASSESSMENT INVALID IF RETURN NOT FILED U/S 148?

[2022] 99 ITR (Trib) (S.N.) 19 ( ITAT[Ahm ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — AHMEDABAD "SMC" BENCH]

ASHOKSINH INDRASINH KUMPAVAT v. INCOME-TAX OFFICER

September 12, 2022.

Assessment Year: 2011-12

Favouring: Department/Department of State/Union Government, and/or the State/ Union/

​

• Financial Corporations/Institutions of State/Union
• No submissions filed by assessee before commissioner (appeals)
• Additions confirmed on merits
• Nothing filed in writing and assessee not represented by authorised person before tribunal
• Department not informed of death of assessee even though notice of reassessment received by family

• Legal heir of assessee claiming for first time before commissioner (appeals) that assessee had died
• Assessment order not invalid on ground notice had been served on deceased assessee
• No return filed by assessee
• Failure to issue notice under section 143(2) does not render reassessment proceedings invalid
• No submissions filed by assessee before commissioner (appeals)
• And additions confirmed on merits
• Nothing filed in writing and assessee not represented by authorised person before tribunal

VIDEO 667

DURATION: 5:19/5:58

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dated : 24/12/2022; Play List: Section : 56(2)(viia), 263

Tag Line: WHETHER REVISION IS JUSTIFIED U/S 263 WHEN IT IS DONE DUE TO WRONG INTERPRETATION OF SEC.56(2)(viia)

[2022] 99 ITR (Trib) (S.N.) 13 ( ITAT[Del ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — DELHI "E" BENCH ]

REINFORCE RECRUITER PVT. LTD. v. PRINCIPAL COMMISSIONER OF INCOME-TAX

September 9, 2022; Assessment Year: 2015-16; Favouring: Assessee, person

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• The assessment was selected for limited scrutiny on the issues relating to (i) low income in comparison to very high investment
• The assessee filed details sought by the Assessing Officer
• On the ground that the assessee had invested in unlisted equities attracting section 56(2)(viia) of the Act
• The Principal Commissioner issued notice of revision.
• Held, allowing the appeal, that the enquiry qua the provisions of section 56(2)(viia) of the Act was not necessary on the facts when the provisions of section 56(2)(viia) of the Act as they stood for the assessment year 2015-16 were for taxability as income from other sources in the hands of the company receiving the shares, whereas during the year under consideration, the assessee had invested in equity shares.
• The order of the Principal Commissioner under section 263 of the Act was liable to be set aside

VIDEO 666

DURATION: 5:54/5:36

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Dated : 23/12/2022; Play List: Section 68

Tag Line: SUBMISSIONS WITHOUT EVIDENCE HAVE NO VALUE TO PROVE GENUINENESS AND CREDITWORTHINESS

[2022] 99 ITR (Trib) (S.N.) 21 ( ITAT[Varanasi ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — VARANASI CIRCUIT BENCH]

AAKAR HOUSING DEVELOPERS PVT. LTD. v. ASSISTANT COMMISSIONER OF INCOME-TAX

VIJAY PAL RAO (Judicial Member) and RAMIT KOCHAR (Accountant Member) September 16, 2022.

Assessment Year: 2013-14; Favouring: Department/Department of State/Union Government, and/or the State/ Union/Financial Corporations/Institutions of State/Union /Assessee, person

​

• Cash credits burden of proof
• Assessee carrying on business of construction of residential flats
• Cash received from seventeen persons
• That these seventeen persons cancelled agreements and cash refunded to them
• No particulars of flats booked by persons who had given cash nor agreements with these persons
• No agreements cancelling their bookings of seventeen flats
• Mere submission of aadhaar and permanent account number card not sufficient
• Failure to satisfy mandate of provision as to creditworthiness of these persons as well as genuineness of transactions

VIDEO 665

DURATION: 5:21/5:33

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dated : 22/12/2022

Play List: Section: 14A

Tag Line: WHETHER DISALLOWANCE WITHOUT FINDING HOW MUCH EXP. INCURRED TO EARN EXEMPT INCOME CAN BE DONE?

[2022] 447 ITR 662 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

COMMISSIONER OF INCOME-TAX v. UTI BANK LTD.

September 1, 2022.

Assessment Year: 2003-04

Favouring: Assessee, person

​

• Income disallowance of expenditure relating to exempt income
• Disallowance without finding how much administrative expenditure incurred to earn exempt
• income
• Disallowance not justified

VIDEO 664

DURATION: 5:40/5:56

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dated : 21/12/2022

Play List: Section: 12AA(3)

Tag Line: WHETHER REGISTRATION U/S 12A CAN BE DENIED FOR FAILURE TO

START CHARITABLE ACTIVITY?

[2022] 447 ITR 663 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

DIRECTOR OF INCOME-TAX (EXEMPTIONS) v. MEENAKSHI AMMA ENDOWMENT

TRUST

September 1, 2022.

Favouring: Assessee, person

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• Charitable purpose registration
• Authority to look to objects and activities of assessee
• Denial for failure to start charitable activity not justified
• The authority can cancel the registration in case he found that the “charitable activity” was not undertaken, set up or established by the assessee.

VIDEO 663

DURATION: 5:10/5:21

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dated : 20/12/2022

Play List: Section: 80HHC

Tag Line: WHETHER UNABSORBED LOSSES TO BE TAKEN INTO ACCOUNT BEFORE COMPUTING SPECIAL DEDUCTION?

[2022] 447 ITR 661 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

ASHOK LEYLAND LTD. v. COMMISSIONER OF INCOME-TAX

September 7, 2022.

Assessment Year: 1990-91; Favouring: Department/Department of State/Union Government, and/or the State/ Union/

• Financial Corporations/Institutions of State/Union
• Export special deduction computation
• Unabsorbed losses to be taken into account before computing special deduction
• 80A(1) describes the deductions to be computed from gross total income.
• 80B(5) defines total income as one computed in accordance with the provisions of the act
• before making any deduction under chapter VI-A
• Before deduction u/s 80HHC is considered, the assessing authority has to compute the
• income in accordance with the provisions of the act.
• Profits and gains of income from business will have to be computed taking note of section 72A also.

VIDEO 662

DURATION: 5:20/5:19

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dated : 19/12/2022

Play List: Section: 32

Tag Line: WHAT ARE CONDITIONS FOR CLAIMING DEPRECIATION ON ASSETS?

[2022] 447 ITR 659 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

COMMISSIONER OF INCOME-TAX v. SBI HOME FINANCER LTD.

September 13, 2022.

Favouring: Assessee, person

​

• Depreciation condition precedent
• Terms of lease showing assessee owner of plant and machinery and lease rental is entirety
• taxed as revenue receipts
• Assessee entitled to depreciation
• Revenue did not find any fault with lease agreement
• No evidence that lessee is owner of plant and machinery

VIDEO 661

DURATION: 5:24/5:42

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dated : 18/12/2022

Play List: Section 269SS, Section 271D, Section 273B

Tag Line: Whether penalty can be waived u/s 271D if reasonable cause is made out by assessee?

[2022] 99 ITR (Trib) (S.N.) 1 (ITAT[Bang])

[BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — BANGALORE "A" BENCH]

SMT. ANURADHA CHIVUKULA CHALLA v. ADDITIONAL COMMISSIONER OF INCOMETAX

(INTERNATIONAL TAXATION)

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• Penalty acceptance of cash in excess of prescribed limit
• Assessee, a non-resident indian holding property from 1994
• Finding it difficult to sell properties since 50 per cent. Of interest therein properties held by her estranged husband
• Assessee’s father finding buyer and assessee flying to india to complete formalities
• Accepting cash on date of execution of sale deed due to paucity of time
• Whole deal was completed in 10 days
• Cash receipts disclosed in sale deed and returns
• No intention to evade tax
• “reasonable cause” made out penalty to be cancelled

VIDEO 660

DURATION: 5:44/6:05

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dated : 17/12/2022

Play List: SECTION 143(2)

Tag Line: Whether notice issued by A.O. returned unserved can be treated as service of

notice?

[2022] 100 ITR (Trib) 295 (ITAT[Del])

[BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — DELHI "B" BENCH]

AMBA CONSTRUCTION CO. V/S ASSISTANT COMMISSIONER OF INCOME-TAX

​

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• Service of notice within prescribed time limit is a sine qua non for completion of assessment
• Notice issued by assessing officer returned unserved cannot be treated as service of notice

VIDEO 659

DURATION: 5:38/5:37

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dated : 16/12/2022

Play List: Section153A

Tag Line: Allahabad HC Rules 153A assessment should not be based only on basis of

incriminating material

[2022] 447 ITR 517 (All)

[IN THE ALLAHABAD HIGH COURT]

PRINCIPAL COMMISSIONER OF INCOME-TAX V/S MEHNDIPUR BALAJI

July 4, 2022

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• Search and seizure assessment in search cases
• Scope of section 153A
• No mandatory requirement that assessment or reassessment should be based only on basis
• of incriminating material found during search
• Other incriminating material can be relied on

VIDEO 658

DURATION: 5:20/5:16

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dated : 15/12/2022

Play List: SECTION 54B

Tag Line: Whether 54B can be denied if agriculture land purchased through unregistered sale agreement?

[2022] 100 ITR (Trib) 252 (ITAT[Del])

[BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — DELHI "A" BENCH]

INCOME-TAX OFFICER

V/S

BABITA GUPTA

October 18, 2022

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• Capital gains exemption
• Sale of agricultural land and purchase of agricultural land in same year
• Second transaction made through unregistered sale agreement, i.e., general power of attorney without evidence of change of ownership in revenue records
• Assessee furnishing income-tax return of seller for relevant year declaring capital gains
• Commissioner (appeals) allowing deduction under section 54B
• Order of commissioner (appeals) need no interference

VIDEO 657

DURATION: 5:54/5:24

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dated : 14/12/2022

Play List: Section: 12AA(2)

Tag Line: WHETHER FAILURE TO DISPOSE OF APPLICATION WITHIN SIX MONTHS

WILL BE DEEMED GRANT OF REGISTRATION?

[2022] 447 ITR 372 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

HARSHIT FOUNDATION SEHMALPUR JALALPUR JAUNPUR v. COMMISSIONER OF

INCOME-TAX

April 22, 2022.

Favouring: Department/Department of State/Union Government, and/or the State/ Union/

Financial Corporations/Institutions of State/Union

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• Charitable purpose registration
• Application for failure by authority to dispose of application within six months
• No deemed grant of registration

VIDEO 656

DURATION: 6:33/5:44

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dated : 13/12/2022

Play List: Section: 2(15), Section 10(23C)(vi), Section 11(4A)

Tag Line: EFFECT “SOLELY” MEANS TO EXCLUSION OF OTHERS

[2022] 448 ITR 594 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

NEW NOBLE EDUCATIONAL SOCIETY v. CHIEF COMMISSIONER OF INCOME-TAX AND ANOTHER

October 19, 2022.

Favouring: Department/Department of State/Union Government, and/or the State/ Union/

Financial Corporations/Institutions of State/Union

​

• Educational institution exemption
• “any university or other educational institution existing solely for educational purposes and not for purposes of profit”
• Effect “solely” means to exclusion of others
• ”predominant object” test not proper
• Profits of business not exempt unless business incidental to attainment of objectives and separate books of account maintained in respect of such business

• Institution seeking approval should also comply with provisions of state laws regulating activities of charitable institutions
• Educational institution exemption approval of institution
• Factors to be considered
• Commissioner not bound to examine only objects of institution
• Commissioner free to call for audited accounts or documents for recording satisfaction whether institution genuinely seeks to achieve Objects
• Supreme court prospective declaration of law
• Law declared departing from previous rulings
• Assessees’ applications to be considered in light of subsequent events disclosed in fresh
• applications
• Law declared by supreme court to operate prospectively
• Words and phrases — “solely” — “incidental”.
• Interpretation of taxing statutes — literal interpretation.
• Interpretation of taxing statutes — proviso.

VIDEO 655

DURATION: 8:38/7:35

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dated : 12/12/2022

Play List: Section 127, Section 260A,

Tag Line: WHETHER JURISDICTION OF HIGH COURT IS SUBJECT TO TRANSFER OF

“CASE” FROM ONE A.O. TO ANOTHER?

[2022] 447 ITR 1 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

PRINCIPAL COMMISSIONER OF INCOME-TAX v. 1 . ABC PAPERS LTD.

2 . KUANTUM PAPERS LTD.

August 18, 2022.

Assessment Year: 2008-09

Favouring: Direction/Observation, Condition, Qualification, Clarification, Declaration

• Appeal to high court territorial jurisdiction
• Transfer of case effect
• Jurisdiction of court not subject to transfer of “case” from one assessing officer to another
• “Case” would not include proceedings pending before tribunal or high court
• Transfer of case relatable only to jurisdiction of income-tax authorities
• Jurisdiction of high court not dependent on location of appellate tribunal
• Appeals against orders of appellate tribunal lie before high court within whose jurisdiction assessing officer who passed assessment order situated even if case of assessee transferred

VIDEO 654

DURATION: 5:22/5:27

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dated : 11/12/2022

Play List: Section: 148A

Tag Line: WHETHER MINIMUM PERIOD OF 7 DAYS IS MANDATORY IN 148A(b) EVEN

IF ASSESSEE HAS REPLIED IN 3 DAYS?

[2022] 447 ITR 350 ( Del )

[ IN THE DELHI HIGH COURT ]

SHRI SAI CO-OPERATIVE THRIFT AND CREDIT SOCIETY LTD. v. INCOME-TAX OFFICER

May 12, 2022.

Favouring: Assessee, person /Direction/Observation, Condition, Qualification, Clarification, Declaration

​

• Reassessment notice change in law new procedure
• Showcause notice under section 148A(b)
• Time stipulated for response by assessee grant of minimum of seven days’ time
• Failure to grant causing prejudice to assessee
• Order and subsequent notice for reopening of assessment quashed

VIDEO 653

DURATION: 6:36/6:37

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dated : 10/12/2022

Play List: Section(s) 36(1)(vii), 36(2), 37

Tag Line: CAN BAD DEBT BE CLAIMED U/S 37 IF IT IS PROHIBITED BY EXPLANATION

OF SECTION 36(1)(Vii)?

[2022] 447 ITR 167 ( SC )

[ IN THE SUPREME COURT OF INDIA ]

PRINCIPAL COMMISSIONER OF INCOME-TAX v. KHYATI REALTORS PVT. LTD.

August 25, 2022.

CAN BAD DEBT BE CLAIMED U/S 37 IF IT IS PROHIBITED BY EXPLANATION OF SECTION 36(1)(Vii)?

Assessment Year: 2009-10

Favouring: Department/Department of State/Union Government, and/or the State/ Union/

Financial Corporations/Institutions of State/Union

​

• Bad debt principles governing deduction of
• Law after 1989 provision for bad and doubtful debts no longer included
• Merely stating debt irrecoverable and written off without appropriate treatment in accounts and compliance with conditions not sufficient

• Assessee engaged in real estate business depositing sum of money with developers for acquisition of commercial premises
• Project not materialising and sum written off in assessee’s books
• Accounts of assessee nowhere showing advance was in ordinary course of business
• No details to substantiate that payment was for construction of unit to be given to assessee or that amount was given as loan
• Nothing to suggest bad debt written off as irrecoverable in accounts for year
• Sum advanced for acquiring immovable property could not be treated as business expenditure
• Deduction of sum as bad and doubtful debt not allowable

VIDEO 652

DURATION: 5:26/5:31

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dated : 9/12/2022

Play List: Section : 127, 148, 153C

Tag Line: CAN NOTICE U/S 148 BE ISSUED BY A.O WHO HAS TRANSFERRED THE CASE U/S 127?

[2022] 98 ITR (Trib) (S.N.) 93 ( ITAT[Mum ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — MUMBAI "E" BENCH ]

ESSEL MINING AND INDUSTRIES LTD. v. DEPUTY COMMISSIONER OF INCOME-TAX

September 5, 2022.

Assessment Year: 2008-09

Favouring: Assessee, person

• Assessee’s case transferred to Mumbai jurisdiction
• Notice of reassessment issued by Kolkata officer thereafter null and void
• Search and seizure assessment of third person
• No proceedings of assessee for assessment year 2008-09 pending on date of assumption of jurisdiction under section 153C
• Concluded assessment does not abate
• No additions made placing reliance on seized document
• Additions and disallowances relating to issues attaining finality in concluded assessment not sustainable

VIDEO 651

DURATION: 5:24/5:39

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dated : 8/12/2022

Play List: Section(s) 148, 151

Tag Line: WHETHER LAW IN FORCE ON DATE OF ISSUE OF NOTICE APPLIES FOR

SEEKING APPROVAL U/S 151?

[2022] 98 ITR (Trib) 665 ( ITAT[Jai ])

[ BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — JAIPUR "A" BENCH ]

SHYAM GIDWANI v. INCOME-TAX OFFICER

October 21, 2021.

Assessment Year: 2008-09

Favouring: Matter remanded/remitted /Department/Department of State/Union

Government, and/or the State/Union/ Financial Corporations/Institutions of State/ Union

​

• Reassessment notice after four years
• Date of issue of notice 18.03.2015
• Condition precedent sanction of prescribed authority
• Sanction obtained from joint commissioner
• Approval of principal commissioner or chief commissioner or commissioner from 01.06.2015
• Notice valid.

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