Quote for the Day

"Parindon ko milegi manzil,
yeh phaille huye unke pankh bolte hain,
wahi log rehte hain khamosh aksar,
zamane me jinke hunar bolte hain"

Important Case Laws:

[Contributions by CA. A. K. Srivastava]

• Order of ITAT Delhi bench for which action under section 153C could be taken:

Rajesh Bansal Vs ACIT (2024) 159Taxmann.com1632 (Delhi - Trib)

Date of recording of satisfaction in case of searched person qua other person becomes the date of search in case of the other person. Satisfaction note was recorded in respect of searched person on 22.02.2021. Block of six years would start from A Y 2015-16 and assessment for AY 2014-15 was beyond the period of six years.

• Section 17 of Income-tax Act 1961 - Compensation - Voluntary Settlement

Income-tax Officer Vs. Avirook Sen - (2024) 161taxmann.com462 (Delhi - Trib)

Assessee received certain amount as lump sum amount after his termination from service as a settlement out of court with his employer and said payment was voluntary in nature without there being any obligation on part of employer to pay further amount to assessee in terms of any service rule.

Held - Such payment would not amount to compensation in terms of section 17(3)(1).

• Section 148 of the Income-tax Act, 1961 - Recording of reasons - Borrowed satisfaction

Balaji Mines and Minerals (Pvt.) Ltd. Vs Assistant Commissioner of Income-tax (2024) 163taxmann.com37 (Bombay)

Reasons recorded for reopening of assessment was on basis of information received from Directorate of Revenue Intelligence(DRI) and there was no independent application of mind on part of Assessing Officer to come to his own conclusion that income had escaped assessment. Reopening of assessment was held to be not permissible.
 

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