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Sunday, June 14, 2020

[ACCA_Profs] Articles On S. 271AAD Penalty And S. 80-P Deduction

 

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The following important updates are available at itatonline.org:

A Draconian Penal Provision: Critical Analysis Of Section 271AAD Of Income-tax Act, 1961 Introduced By Finance Act, 2020

Section 271AAD of the Income-tax Act, 1961, which was inserted by the Finance Act 2020, levies penalty for making a false entry or omission of an entry in the books of accounts. CA Rohit Kapoor has conducted a critical analysis of the provision and explained all of its nuances. He has also dealt with the various possibilities that can arise in day-to-day life and explained in a precise manner what the impact of the provision can be upon taxpayers

Decoding The Deduction U/s 80P Of The Income-tax Act, 1961

CA Rajat Powar has pointed out that section 80P of the Income-tax Act, 1961, which confers a deduction upon co-operative societies, is a hotbed of perennial litigation between taxpayers and the Department. Though there are a plethora of judgements on each point, they are often contradictory and confusing. The author has used his expertise in the subject and explained the relevant statutory provisions and judicial precedents with utmost clarity

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


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Editor,

 

itatonline.org

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Ventura Textiles Ltd vs. CIT (Bombay High Court)

S. 260A/ 271(1)(c): (i) An appeal u/s 260-A can be entertained by the High Court on the issue of jurisdiction even if the same was not raised before the Tribunal (ii) the question relating to non-striking off of the inapplicable portion in the s. 271(1)(c) show-cause notice goes to the root of the lis & is a jurisdictional issue (iii) it would be too technical and pedantic to take the view that because in the printed notice the inapplicable portion was not struck off, the order of penalty should be set aside even though in the assessment order it was clearly mentioned that penalty proceedings u/s 271(1)(c) had been initiated separately for furnishing inaccurate particulars of income, (iv) Penalty cannot be imposed for alleged breach of one limb of s. 271(1)(c) of the Act while proceedings were initiated for breach of the other limb of s. 271(1)(c). This vitiates the order of penalty, (v) Threat of penalty cannot become a gag and / or haunt an assessee for making a claim which may be erroneous or wrong (All judgements referred)

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