Join our Telegram Channel
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

Sumit Export v. ACIT (ITAT Mumbai)

Mumbai Tribunal : Sec. 2(29AA)/ Sec. 2(42A)/ Sec. 48 - Period of holding - immovable property - Date of acquisition - Provisional allotment versus final allotment. During the financial year under consideration, on 19.05.2012, the Assessee sold office premises in Bharat Diamond Bourse - a trade body of diamond merchants. The Final Allotment Letter in respect thereof was… Read More ...

Shri Kamanahalli Pilla Reddy Nagesh Vs ITO (ITAT Bangalore)

BANGALORE ITAT: Rural agricultural land situated beyond the specified limits was converted for non agricultural purposes but was used for agriculture till the date of sale- Facts: Assessee claimed that land is situated beyond the Municipal limits 10 kms. and therefore, it is not a capital asset as per section 2(14) of the Act. Revenue contended that… Read More ...

Poly flex (India) Pvt ltd Vs CIT & another (Supreme court)

Supreme Court of India : Poly flex (India) Pvt ltd Vs CIT & another (Supreme court) Date-17th November, 2022 Sub- Whether deduction u/s 80IB can be claimed by a manufacturer of an item which falls under entry 25 of the eleventh schedule of the Income-tax Act,1961 which is not eligible for such claim? The Supreme Court of India in this… Read More ...

Singapore Airlines Limited Vs CIT, Delhi (Supreme Court)

Supreme Court of India : Singapore Airlines Limited Vs CIT, Delhi (Supreme Court) Date-14th November,2022 Sub-Whether an airline is responsible for deducting tax at source in respect of supplementary commission which an agent is paid on the difference between the actual fare and the net fare- Section 194H of Income-tax Act, 1961 analysed including whether liability to deduct when the… Read More ...

DEEPAK KAPOOR Vs PRINCIPAL COMMISSIONER OF INCOME TAX-2, N.DELHI (DELHI HIGH COURT)

DELHI HIGH COURT: Held in detail by division bench of Delhi High Court comprising of Justice Vibhu Bakhru and Justice Amit Mahajan that AO cannot assume jurisdiction u/s 147 for re-opening the assessment in order to correct an error in the original assessment order framed u/s 143(3). Held that re-opening for reviewing the earlier assessment order is forbidden… Read More ...

DCIT v. Manish Vijay Mehta (Mum.)(Trib.)

Mumbai Tribunal : S. 68 : Cash credits-Foreign bank deposits-HSBC account-Non-Resident-Merely on the basis of ‘base note’ addition cannot be made in the hands of non-Resident-Deletion of addition is affirmed. [S. 5(2), 6, 147, 148] The assessee is a non-resident since AY. 2001-02. The assessee is working an employee in Belgium and has no business communication in India… Read More ...

Registrar of Assurance & Anr Vs ASL Vyapar Pvt ltd & Anr (Supreme Court)

Supreme court: Registrar of Assurance & Anr Vs ASL Vyapar Pvt ltd & Anr (Supreme Court) Date-10th November, 2022 Sub- Whether Registrar while registering any immovable property ,the value of which has been determined in a court monitored public auction can apply the provisions of Section 47A of the Indian Stamp Act (West Bengal Amendment) Act, 1990… Read More ...

M/s Texco Marketing Pvt ltd Vs Tata AIG General Insurance Company Ltd & Ors (Supreme Court)

Supreme Court of India : M/s Texco Marketing Pvt ltd Vs Tata AIG General Insurance Company Ltd & Ors (Supreme Court) Date-9th November, 2022 Sub-Whether an exclusion clause destroying the very contract knowingly entered, can be permitted to be used by a party who introduced it, becomes a beneficiary and then to avoid its liability? The Supreme Court of India… Read More ...

G-Trans Logistics (India) P Ltd Vs ITO (ITAT Delhi)

ITAT Delhi : CIT(A) dismissed the appeal just on the ground that in Form No.35, the section of assessment order mentioned is 144 instead of 143(3). CIT(A) held that it is an incurable defect. Tribunal noted that CIT(A) has not specified under which law, it is an incurable defect. On query in this regard from the ITAT, the… Read More ...

Municipal Corporation of Greater Mumbai & Ors Vs Property Owners’ Association & Ors (Supreme Court)

Supreme Court of India : Municipal Corporation of Greater Mumbai & Ors Vs Property Owners’ Association & Ors(Supreme Court) Date-7th November,2022 Sub-When the property tax is levied on the basis of capital value system as against rateable value system, whether capital value can be fixed on the basis of future intended use or has to be fixed on the basis… Read More ...