These judgements are uploaded by our esteemed readers. If you have a judgement on an important topic that you would like to share with others, please use this form to upload it
Sanjivani Mahila Gramin Bigar Sheti Sahakari Pat Sanstha Vs Income Tax Officer Ward–2, Bhandara (ITAT Nagpur)
INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR: Deletion of Arbitrary Addition under Section 69A In the instant case, a 10% ad hoc addition on cash deposits was deleted. The Tribunal held that once the explanation for source of funds is found to be substantially correct, there is no scope for estimated additions under Section 69A. Taxation must rest on evidence, not assumptions.… Read More ...
Shri Rupesh Laldas Dhakate Vs Income Tax Officer Ward–1, Bhandara (ITAT Nagpur)
INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR: 🔹 Reassessment Invalid under Section 148/149(1)(b) In the instant case, the Tribunal quashed the reassessment proceedings since the alleged escaped income was below ₹50 lakh. It reaffirmed that the extended time limit under section 149(1)(b) cannot apply unless the threshold is crossed – a welcome interpretation aligning with the Finance Act, 2021 and judicial precedents… Read More ...
DCIT v. M. Mahadevan (ITAT Chennai)
Chennai Tribunal: S. 6(1) : Residence in India-Individual -Stayed more than 60 days in each year-More than 365 days in India for a period or periods amounting to all to 365 days or more-More than 183 days for AY. 2013 -14 & 2014-15-Control and management office is located in Chennai , India-Foreigners Regional Registration Office (FRRO) data… Read More ...
Mohammed Fakhre Alam Shaikh v. The Assessing Officer (ITAT Mumbai)
Mumbai Tribunal : S. 4 : Charge of income-tax-Compensation-Surrender of premises - Allocated flat as compensation to remove illegal occupant-The value of flat received by the assessee as compensation for removing nuisance shall constitute capital receipt -Not taxable. [S. 2(24),54F, 56(2)(vii)( b )] The assessee was an illegal occupant of land, who was allotted a flat worth ₹2.59… Read More ...
DCIT v. M. Mahadevan (ITAT Chennai)
Chennai Tribunal: S. 56 : Income from other sources-Long term capital loss-Share transfer agreement-Shares sold at an undervalued price-Related party transaction-AO claimed that the transaction was structured to avoid tax-Shares valued at upwards of Rs 19,000/-, per share were sold for Rs.100 per share-Valuation was not in accordance with Rule 11UA-Matter remanded back to AO for recalculating… Read More ...
ACIT v. JM Financial Properties and Holdings Ltd (ITAT Mumbai)
Mumbai Tribunal : S. 36(1)(iii) : Interest on borrowed capital-Interest on ICDs used for giving interest-free security deposit for getting the premises on leave and license-Business purpose-Interest is allowed as deduction. [S. 37(1)] The assessee had taken an office premises on leave and license by providing an interest-free security deposit, funded partly through Inter Corporate Deposits (ICDs) on… Read More ...
Percival Joseph Pereira v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 45 : Capital gains Interim order-Year of taxability of capital gains on compensation-Interest on compensation-Income from other sources - Delay of 404 days-Delay is condoned-The compensation and interest received by in pursuance of an interim order of the Bombay High Court cannot be taxed in the year of receipt-Addition is deleted -Compensation and interest… Read More ...
Geecee Ventures Limited vs Deputy Commissioner of Income Tax (ITAT Mumbai)
ITAT (Mumbai): Sec. 80-IA: Even if income under the head Business/ profession is a loss, deduction under section 80-IA(4) is allowable from other heads of income if the Gross Total Income is a positive figure. Sec. 14A: Only investments yielding exempt income during the relevant previous year shall be taken into consideration for the purpose of computing… Read More ...
Shital Fibers Limited versus Commissioner of Income Tax (Supreme Court)
Supreme Court: The object of section 80- IA(9) is not to curtail the deductions computable under various provisions under Chapter VI-A. Section 80-IA(9) affects allowability of deduction and not computation of deduction (i) Section 80-IA(9) does not affect the computability of deduction under various provisions under heading C of Chapter VI-A, but it affects the allowability of… Read More ...
NOBLE RESOURCES AND TRADING INDIA PRIVATE LIMITED VERSUS UNION OF INDIA (Supreme Court)
Supreme Court: What is "manufacture"? Whether the process carried out by using soyabean as raw material and ending in the product crude degummed soyabean oil is manufacturing? (1) To constitute manufacture, the following are the essential features: i. There must be a process or series of process. ii. The original commodity or raw material undergoes a transformation… Read More ...