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Estate Investment Co. Pvt. Ltd. v. DCIT
Mumbai Tribunal: S. 45 : Capital gains – Alleged NOC receipts – Loose sheets - Dumb documents-Statement in the Course of search – Statement retracted - No corroboration – Additions deleted. [S.132, 132(4), 132(4A)] During search, diaries maintained by an employee were seized containing notings with initials “KB”, which the Assessing Officer treated as unaccounted cash receipts… Read More ...
Estate Investment Co. Pvt. Ltd. v. DCIT
Mumbai Tribunal: S. 69A : Unexplained money – Rough diary notings – Internal circulation of funds –Statement in the Course of search – Statement retracted - Addition unsustainable.[S. 132, 132(4), 132(4A) ] The Assessing Officer treated a diary entry of ₹ 2.50 lakh as unexplained money under section 69A. The Tribunal found that the entry represented internal… Read More ...
Estate Investment Co. Pvt. Ltd. v. DCIT
Mumbai Tribunal: S. 151A : Face less assessment scheme - Reassessment – Faceless jurisdiction – Manual DIN – Reassessment held void ab initio – Jurisdictional AO issued notice instead of Faceless AO – Assessment order manually issued without computer-generated DIN – Proceedings invalid. S. 147, 148 151, CBDT Circular No. 19/2019] Pursuant to a search on the… Read More ...
Mohanji Bharat Welfare Foundation v. CIT(E)
Mumbai Tribunal : S. 80G : Donation-Provisional registration-Delay in filing Form No. 10AB-Technical glitch-Tribunal and CIT(E) empowered to condone the delay-Mere enabling clause to apply funds outside India cannot be ground to reject registration-Delay condoned-Matter restored to CIT(E) for fresh consideration on merits. [S. 11(1)(c), 12A(1)(ac)(iii), 80G(5)(iii), Form No. 10AB] The assessee, Mohanji Bharat Welfare Foundation, a charitable… Read More ...
Rajkumar Laxminarayan Kanojiya v. DCIT, CPC
Bombay High Court: S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Subsequent decision of Supreme Court-Employee’s contributions (EPF/ESI) -Tribunal cannot invoke section 254(2) on basis of subsequent change in law-Order of rectification quashed. [S. 36(1)(va), 139(1), 143(1), 260A, Art. 226, 227] The assessee had deposited the employees’ share of provident fund and ESI before the due… Read More ...
Vinil Venugopal v. DDIT (Inv.) & Ranjeeta Vinil v. DDIT (Inv.)
Mumbai Tribunal : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 S. 43 : Penalty for failure to furnish return of income or furnish inaccurate particulars of an asset ( Including financial interest in any entity ) outside India- Non-disclosure of foreign assets – Use of word “may” in section 43 is directory… Read More ...
PCIT v. N. N. Trading Corporation & PCIT v. Relcon Infraprojects Ltd.
Bombay High Court: S. 69C : Unexplained expenditure -Bogus purchases-Estimate of alleged bogus purchases-No substantial question of law-Appeal of revenue was dismissed. [S. 260A] Assessing Officer has estimated the gross profit (GP) at 12 % on the bogus purchases. This was not challenged by the revenue in any proceedings. The Commissioner (Appeals), reduced this estimation to 5.75%. On… Read More ...
Vinay Tarachand Chawla vs PCIT [ITA 3371/Mum/2025] (ITAT Mumbai)
Hon'ble Mumbai ITAT: Hon’ble Mumbai ITAT quashed order passed u/s 263 of the Income Tax Act, 1961 (Act) by holding that the AO has made detailed inquiry before passing the order which has been raised by the PCIT in proceeding initiated u/s 263 of the Act. Hon’ble ITAT also allowed following claims on merits: (i) Loss on relinquishment… Read More ...
Arham Star v. ITO (ITAT Mumbai)
ITAT Mumbai: Bogus purchases - Ratio of judgement of Mohd. Haji Adam (Bom. HC) followed and Kanak Impex India Ltd. (Bom. HC) distinguished. Read More ...
Deepak Jain v. ACIT (ITAT Delhi)
Delhi Tribunal : Black Money (Undisclosed Foreign Income and Assets) Act, 2015 . S. 10(3) :Assessment – Charge of tax Undisclosed foreign asset – Asset ceased before 1.7.2015 – Not taxable-Penalty – Non-disclosure of asset – Ceased before AY 2012–13-Penalty not leviable-Doctrine of election/approbate and reprobate-Once proceedings under the IT Act are consciously chosen, the Revenue cannot subsequently… Read More ...