July 14-20, 2024

JAO no longer has jurisdiction to issue revaluation notice beyond faceless valuation: Bombay High Court

Case Title: Royal Bitumen Private Limited, Mumbai vs. Assistant Commissioner of Income Tax

The Bombay High Court has held that the Jurisdictional Assessing Officer (JAO) no longer has the power to issue notice under Section 148A(b) and to take further action under Section 148A(d) and Section 148 of the Act, beyond anonymous assessment.

Investment deduction available on exchange rate fluctuations: Bombay High Court

Case title: M/s. Tolani Ltd. Versus DCIT

The Bombay High Court has ruled that there is an investment deduction when there is fluctuation in the exchange rate.

Investment deduction available on exchange rate fluctuations: Bombay High Court

Case title: M/s. Tolani Ltd. Versus DCIT

The Bombay High Court has ruled that there is an investment deduction when there is fluctuation in the exchange rate.

Section 148A(d) order without Section 151 penalty is illegal: Bombay High Court

Case Title: Umang Mahendra Shah vs. Union of India & Ors.

The Bombay High Court has held that if an order is passed under Section 148A(d) of the Income-tax Act without providing for an appropriate penalty within the meaning of the provisions of Section 151 of the Income-tax Act, the order and the consequential notification under Section 148 must be declared illegal.

JAO not empowered to issue Section 148A(b) notification in anonymous review: Bombay High Court

Case Title: Venus Jewel vs. ACIT

The Bombay High Court has held that it is not permissible for the Jurisdictional Assessing Officer (JAO) to issue a notification under Section 148A(b) as it would violate the provisions of Section 151A of the Income Tax Act.

Karnataka High Court

Reassessment notice to non-existent entity is legally untenable: Karnataka High Court

Case Title: Informatica Business Solutions Private Limited vs. Acit

The Karnataka High Court has held that the notice of revision to a non-existent entity is not legally sustainable.

Kerala High Court

Tax impact on appeals under monetary limit of Rs.1 Crore; Kerala High Court dismisses ministry’s appeal

2024 LiveLaw (Ker) 445

Case title: PCIT vs. Kunhitharuvai Memorial Charitable Trust

The Kerala High Court has held that the tax benefit in the appeals filed by the Income Tax Department relating to the assessment years 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11 is well below the monetary limit of Rs 1 crore and is liable to be dismissed.

Assessment Order downloaded from Common Portal is valid service: Kerala High Court

2024 LiveLaw (Ker) 444

Case Title: Sunil Kumar K vs. State Revenue Officer-I, Kottarakkara

The Kerala High Court has held that the assessment downloaded from the common portal is a valid service.

Non-admissibility operates against a negligent employer-taxpayer where employee’s contribution to EPF/ESI is not paid within the due date: Kerala High Court

Case Title: Unitac Energy Solutions (India) Pvt.Ltd. vs. Assistant Commissioner of Income Tax

The Kerala High Court has held that disallowance of tax will be applied to the defaulting employer, when the contribution of employees to EPF/ESI is not paid within the stipulated time.

Long term finance provided for purchase of residential property, bank entitled to deduction; Kerala High Court

Case title: The South Indian Bank Ltd vs. ACIT

The Kerala High Court has held that South Indian Bank is entitled to the deduction under Section 36(1)(viii) of the Income Tax Act in respect of the long-term finance provided by it for construction and purchase of houses in India for residential purposes.