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Mark Studio India Private Limited vs Income Tax Officer (Madras High Court)
Madras High Court: (i) The Jurisdictional Assessing Officer (JAO) does have ‘exclusive powers’ to issue notice under Section 148 of the Income Tax Act, 1961. Both the JAO and the Faceless Assessing Officer (FAO)will have concurrent powers for ‘assessment, re-assessment and re-computation’ of the particular income in a faceless manner. (ii) The Directorate of IT (Systems) shall have… Read More ...
DIRECTOR OF INCOME TAX INTN’L vs. WESTERN UNION FINANCIAL SERVICES INC (Delhi High Court)
Delhi High Court: The Liaison Office of the assessee did not constitute a PE in India, there was no DAPE and that the software did not result in the creation of a permanent establishment. (i) On an overall conspectus of the various decisions handed down by this Court as well as the Supreme Court insofar as Fixed Place… Read More ...
The Chamber of Tax Consultants v. Director General of Income-Tax Systems & Ors (Bombay High Court)
Bombay High Court: S. 87A : Rebate of income-tax in case of certain individuals-New tax regime-Tax on income of individuals and Hindu undivided family- Rebate u/s 87A is substantive right which cannot be deprived by procedural changes such as changes in the utility software made by the department-The Court has directed the CBDT to extend the date of… Read More ...
Raunaq Prakash Jain v. ITO (ITAT Jodhpur)
Jodhpur Tribunal: S. 45 : Capital gains-Crypto currency-Bitcoin-Virtual Digital Asset-Held for more than 3 years (Thirty six months)-Property of any kind-Taxable as capital gains-Not as income from other sources-Entitle to claim exemption under Section 54F of the Act-Finance Act, 2022 w.e.f. 01.04.2022, Section 2(47A) had been inserted thereby Virtual Digital Asset meaning was assigned and that included… Read More ...
Raunaq Prakash Jain vs. Income Tax Officer (ITAT Jodhpur)
ITAT Jodhpur: Cryptocurrencies are capital assets and any profits made on their sale prior to the amendments to sections 2(14) and 2(47A) by the Finance Act 2022 should be considered capital gains and taxed accordingly (1) Plain natural definition of ‘property’ as is given in the Act property ofany kind held by an assessee, whether or not… Read More ...
ACIT v. Rohit Krishna (ITAT Mumbai)
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 an information or furnish inaugurate particulars of an asset (Including financial interest in any entity) outside India-Failure to report foreign assets in the return- Employees Stock option- Tax is deducted at… Read More ...
ACIT vs Ranu Vohra (ITAT Mumbai)
ITAT Mumbai: Short term capital loss from sale of shares after Bonus cannot be prevented from being set off against the long term capital gain by alleging adoption of colorable device Mindtree Ltd. announced bonus shares at the ratio of 1:1. As a result of issue of bonus shares, the price of share reduced almost to half… Read More ...
DCIT vs. Lalita Devi Agarwal (ITAT Mumbai)
ITAT Mumbai: The assessee received the impugned gift from her son, who is a NRI. The details of the bank transfer were submitted to the AO, and these documents clearly established that the donor had sufficient funds to make the gift. With respect to the SEBI guidelines, the AR submitted that the SEBI order imposing the alleged… Read More ...
VEERMATA JIJABAI TECHNOLOGICAL INSTITUTE vs. ACIT (ITAT Mumbai)
INCOME TAX APPELLATE TRIBUNAL MUMBAI: One of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme’s key conditions is that the assessee must withdraw all pending appeals before any appellate forum, signifying their intention to resolve the matter through this settlement mechanism. In this case, the assessee opted for the DTVSV scheme, prompting the Income Tax Appellate Tribunal (ITAT) to dismiss… Read More ...
ACIT v. Ranu Vohra (ITAT Mumbai)
Mumbai ITAT: If an assessee arranges his/ her affairs within the legal framework and through legitimate means to reduce its tax liability, the Assessing Officer cannot prevent him/ her from doing so and when there is no evidence to doubt the genuineness of the transactions entered into by the assessee, set off of loss on such transactions… Read More ...