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Smt. Sunita Purushottam Virgincar v. ITO [Bombay High Court (Goa Bench)]
Bombay High Court (Goa Bench): Where assessee had only 50 per cent share in property since she and Section 5A of the IT Act speaks about division of income amongst the spouses and not division of assets. Once the substantive rights of the assessee were governed by section 5A of the Portuguese Civil Code, the mere non-mention of the same… Read More ...
Purandhar Technical Education Society vs CIT (Exemptions) (Bombay High Court)
Bombay High Court: Section 12A / 12AA / 12AB - whether assessee is entitled to "deemed registration" if application not disposed off in 6 months. [Sections 11, 12, 12A, 12AA, 12AB of Income Tax Act, 1961] Held: - Assessee's application for registration under s 12A(1)(ac)(i) made in Form 10AC was allowed by the Revenue and the said registration… Read More ...
State of Uttar Pradesh vs. Virendra Bahadur Katheria (Supreme Court)
Supreme Court: The doctrine of merger on grant/ dismissal of SLP (i) The doctrine of merger although has its roots in common law principles, but has been deeply interspersed in Indian jurisprudence, through a series of decisions. (ii) If Special Leave is not granted and the petition is dismissed by a reasoned or unreasoned order, the order… Read More ...
ITO vs. M.P. Police Sakh Sahakari Sanstha Maryadit (ITAT Indore)
ITAT INDORE: Income Tax - Appeals - Low Tax Effect - Maintainability - Circular No. 5/2024 Superseding Earlier Circulars - Exception for Audit Objections Removed - Appeals Dismissed Arguments of the Assessee The assessee argued that the appeals filed by the revenue are not maintainable due to the low tax effect. Arguments of The Revenue:- The Departmental… Read More ...
Indore Paraspar Grah Nirman Sahakari Sanstha vs. ACIT (ITAT Indore)
ITAT Indore: The Hon'ble ITAT, Indore Bench in the case of Indore Paraspar Sahkari Grah Nirman Sanstha ITA No. 322/Ind/2023 order dated 18.06.2024 held that section 50C is not applicable on lease property and when the transfer of capital asset is took place as per approval and under the supervision of the statutory authorities and after due… Read More ...
Raghunandan Mishra Charitable Trust vs. CIT (Exemption) (ITAT Delhi)
ITAT Delhi: Assessee applied for permanent registration of 12A & 80G and Dept. uploaded Notice only on IT Portal without serving on Email or through Dak, hence in absence of any response from the Assessee CIT(Exemption) passed a Ex- Party rejection Order. ITAT Held that Notice should have also been served to the Assessee on Email. Read More ...
Elara India Opportunities Fund Limited v. DCIT (International Taxation) (ITAT Mumbai)
ITAT, Mumbai: The assessee was a SEBI-registered portfolio investor and a tax resident of Mauritius. It held shares of an Indian company M/s International Conveyors Limited (ICL) for more than 10 years before selling them. The AO treated the transaction as a non-genuine transaction and taxed the gains of Rs. 6,64,96,351/- u/s 68 of the Act. On… Read More ...
Dy. CIT v. ANI Integrated Services Ltd (ITAT Mumbai)
Mumbai Tribunal : S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Deduction of the amount deposited on account of employees’ contribution to PF and ESIC after due dates specified in PF /ESIC Acts, but before the due date filing of return as prescribed in Section 139(1) of the Act- Tribunal allowed the deduction relying on the… Read More ...
Shaily Prince Goyal v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 68 : Cash credits- Sale of shares-Penny stock-Denial of exemption is not justified-Addition as cash credits is deleted-Estimated commission- Addition is deleted. [S. 10(38), 45, 69C] The assessee purchased 2 lakh shares of M/s Paridhi Properties Ltd (PPL) at cost of Rs.10 per share which is amounting to Rs.20 lakhs., in March 2014. Later… Read More ...
ITO v. Bhavitha Foundation (ITAT Mumbai)
Mumbai Tribunal : S. 11 : Property held for charitable purposes - Dividend received on the shares which were received as donation towards corpus fund-Treated as part of corpus fund - Cannot be treated as income from other sources-Entitle to exemption. [S. 11(1)(d), 11(5), 13(1)(d)] The issue in dispute is whether the dividend received on the shares, which… Read More ...