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Sheth Developers Private Limited v. ACIT
Mumbai Tribunal : S. 23 : Income from house property-Annual value-Unsold flats held as stock-in-trade-Annual letting value-Estimation of rent-The matter was remitted to the Assessing Officer to ascertain the municipal rateable value and recompute the addition after giving the assessee an opportunity to furnish the relevant details [S. 22, 23(5), 24] The assessee, engaged in the business of… Read More ...
ACIT v. Sheth Developers Private Limited
Mumbai Tribunal : S. 32 : Depreciation-Goodwill arising on amalgamation-Excess consideration over net assets acquired-Depreciation allowable. [S. 32(1(ii), Companies Act, 2013, S. 230, 232] Pursuant to the amalgamation of Precious Trading & Investments Ltd. with the assessee, the excess consideration over the net assets acquired was recognised as goodwill on the basis of the valuation report and the… Read More ...
Sheth Developers Private Limited v. ACIT
Mumbai Tribunal : S. 37(1) : Business expenditure-Interest on delayed payment of TDS-Compensatory or penal in nature-Allowable as deduction. [Expln. to S. 37(1)] The assessee claimed deduction of interest paid for delayed remittance of tax deducted at source. The Assessing Officer disallowed the amount by treating it as expenditure incurred for an infraction of law, and the CIT(A)… Read More ...
ACIT v. Sheth Developers Private Limited
Mumbai Tribunal : S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-Difference between agreement value and stamp duty value-Tolerance limit-Retrospective application-Addition deleted. [S. 50C] The Assessing Officer made an addition of Rs. 14,75,200 under section 43CA on account of the difference between the agreement value and the stamp duty valuation of… Read More ...
ACIT v. Sheth Developers Private Limited
Mumbai Tribunal : S. 115BAA : Tax on income of certain domestic companies--Concessional tax regime-Form No. 10-IC filed after the due date-Procedural lapse-Eligibility for concessional taxation-The Assessing Officer was directed to allow the benefit in accordance with law. [S. 139(4), 115JB, Rule 21AE] The assessee claimed the benefit of the concessional tax regime under section 115BAA by filing… Read More ...
Bala Sreenivas Rao Somisetty & Ors v. ITO
ANDHRA PRADESH HIGH COURT: S. 147A : Reassessment-Face less Assessment-Assessing Officer for the purposes of sections 148, 148A-Constitutional validity Constitutional validity-Retrospective amendment-Jurisdiction of Jurisdictional Assessing Officer (JAO)-Faceless assessment -Section 147A inserted by the Finance Act, 2026, with retrospective effect from 1-4-2021, clarifying that the Assessing Officer for the purposes of sections 148 and 148A shall mean an Assessing Officer… Read More ...
PCIT v. Mahalaxmai Infra Projects Ltd.
Bombay High Court : S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Strictures - Construction of roads and other infrastructure works- Concurrent findings of fact - Department failed to establish perversity or application of an erroneous legal test- High Court cannot reappreciate evidence or substitute its view for concurrent findings of fact in the absence of a substantial question… Read More ...
South Indian Bank Ltd. v. National Highways Authority of India
Delhi High Court : Arbitration and Conciliation Act, 1996 Enforcement of arbitral award-Virtual hearing-Counsel appearing from a moving car-Stamp duty-Arbitral award dated 13-11-2024-Stamp duty paid only on 24-12-2025, beyond one month from the date of execution-Payment held not in consonance with the judgment in M/s URC Construction (P) Ltd. v. Airports Authority of India-Decree holder directed to furnish proof… Read More ...
PCIT v. Pravesh Kumar Jaiswal
CALCUTTA HIGH COURT : S. 69C : Unexplained expenditure -Unexplained expenditure -Bogus purchases -Sales accepted and books of account not rejected under section 145(3) –Furnished books of account, purchase invoices, payment details through banking channels and other supporting evidence -Addition based merely on non-response of suppliers to notices under section 133(6) and cancellation of GST registrations -Once corresponding sales… Read More ...
Ravi Dilip Waghela v. ITO
Mumbai Tribunal : S. 148 : Reassessment-Validity of notice-Service of notice-Notice under section 148 affixed at an unrelated locked premises without establishing any connection of assessee with the premises-Departmental record itself indicated that assessee did not reside at the said address-Subsequent notices also returned with endorsement “LEFT”-Assessee objected to non-service before completion of assessment-Deemed service under section 292BB… Read More ...