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Late Padmaben Zinabhai Trivedi v. ITO
Gujarat High Court : S.147 : Reassessment-After the expiry of four years- Reference to DVO – Fair Market Value as on 1-4-1981 – Amendment to section 55A(a) prospective – Reassessment invalid- The Court left open the question regarding the validity of a notice issued in the name of a deceased person. [S. 45, 48, 55A, 148, Art. 226] The… Read More ...
Pr. CIT v. Macleods Pharmaceuticals Ltd.
Bombay High Court: S. 80IB : Industrial undertakings-Special category States-Research & Development (R&D) expenditure-Allocation of R&D expenses to eligible manufacturing units-No allocation permissible in the absence of direct nexus between R&D activity and eligible units – Revenue's appeal dismissed. [S. 35(2AB), 80IC, 260A] The assessee claimed weighted deduction under section 35(2AB) in respect of R&D expenditure incurred by… Read More ...
Sherlyn Dias (Mrs.) (Legal Heir of Late Mrs. Dorothy Lawrence Pereira) v. ITO
Mumbai Tribunal : S. 45 : Capital gains-Income from other sources-Transfer of Development Rights-Compensation received under a redevelopment agreement is assessable as Capital Gains and not as Income from Other Sources. Exemption under section 54EC is allowable. [S. 2(14), 2(47), 54EC, 56, 50C & 147] The assessee, a co-owner of a property, entered into a Development Agreement with… Read More ...
Satinder Govind Oberoi v. ITO
ITAT Mumbai: Sources of cash deposited by the assessee in her bank account during demonitisation period were explained as from marriage gifts, past savings and cash retained at home to meet medical emergencies for specially-abled and ailing family members. Finding that it was not uncommon in Indian social customs for a bride to receive gifts in cash… Read More ...
Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69C : Unexplained expenditure-Bogus Purchases-Addition based on estimation cannot be made without rejection of books of account. Assessee produced invoices, e-way bills, ledger accounts and bank statements, and Revenue failed to establish purchases as bogus; the entire addition was deleted. [S. 37(1), 145(3)] The assessee, engaged in the business of hoarding advertisements, was subjected… Read More ...
Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69A: Unexplained Money-Protective addition-under section Gold bullion found during search-Not sustainable where ownership stood admitted by company and bullion was duly recorded in books of account of the company. [S. S.132(4), S.143(3)] During the course of the search, gold bullion was found and a protective addition of ₹8.28 crore was made in the hands… Read More ...
Gudari Large Sized Multipurpose Cooperative Society Ltd. v. ITO
CUTTACK TRIBUNAL : S. 254(1) : Appellate Tribunal-Powers-Practice and Procedure- Authorised representative-Virtual Hearing-Dress Code- Appeal dismissed for non-compliance with SOP.[S. 288, R. 49 , ITAT R, 1963, 17A] The ITAT dismissed the assessee's appeal solely on the ground that the assessee's authorised representative, who appeared through virtual mode, was not dressed in the uniform prescribed under the Standard… Read More ...
Pr. CIT v. Arunkumar Ramniklal Mehta
Bombay High Court: S. 153A : Assessment- Search- HSBC Geneva accounts- In absence of incriminating material found during search, no addition can be made in respect of completed/unabated assessments- Foreign bank account additions based merely on the Base Note received from the French Government and not on search material were unsustainable- Addition under section 69A also deleted as… Read More ...
Panaqua Tradecom P Ltd.
ITAT Agra Bench: Issue: Whether in terms of newly inserted proviso to section 251(1)(a) empowering CIT(A) to set aside assessment, where assessment is made u/s 144, the CIT(A) must necessarily set aside the assessment order and restore it the assessing officer? The court held that “4. Perusal of the impugned order shows that the ld CIT(A) has remanded/… Read More ...
Mohamedali Shabanali Badami v. ITO
Mumbai Tribunal : S. 148 : Reassessment-Limitation-Notice issued under section 148 after expiry of six years under the erstwhile law is barred by limitation notwithstanding that notice under section 148A(b) was issued within the limitation period-Reassessment quashed. [S. 147, 148A(b) 149] The assessee challenged the validity of the reassessment proceedings for A.Y. 2015-16 on the ground that the… Read More ...