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Hemant Lalwani v. ITO (Bombay High Court)
Bombay High Court : S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Compounding application-Failure to dispose the compounding application by the Principal Commissioner-Directed the Principal Commissioner to dispose the pending compounding application with in the period of three months from today and not later than 27th February 2023. [S. 204, 278B, 279(2), Art.… Read More ...
RADHEYSHYAM MANDIR TRUST Vs. COMMISSIONER OF INCOME TAX (EXEMPTION) (ITAT Jaipur)
ITAT, JAIPUR: Charitable trust—Registration under s. 12AA—Filing of original or self-certified copies of documents, balance sheets, etc.—CIT (Exemption) rejected the assessee's application seeking registration on the ground that instrument establishing the trust and other evidences were not filed in original—Not justified—Application seeking registration was filed on 6th Feb., 2020—Hence, the amended r. 17A was applicable for registration… Read More ...
ITO v. Champaklal Mathurdas Mehta (ITAT Mumbai)
Mumbai Tribunal : S. 147 : Reassessment- Notice – Recorded reasons stating that the return was not filed – On the facts the assessee had filed the return and informed to the Assessing Officer in response to notice – Reassessment was quashed on the ground that the recorded reason was based on the incorrect facts hence the reassessment… Read More ...
PCIT-12 Kolkata Vs Soorajmull Nagarmull (Calcutta High Court)
Calcutta high court: PCIT-12 Kolkata Vs Soorajmull Nagarmull(Calcutta High Court) Date-23rd November, 2022 Sub-What are the parameters to consider the cessation of liability to be taxed u/s 41(1) of the Income-tax Act,1961 and relation with the limitation Act 1963. The Division bench of Calcutta High Court in this case even though was not satisfied about the grounds for… Read More ...
The Commissioner of Income-tax Vs Mansukh Dyeing and Printing Mills (Supreme Court)
Supreme Court of india : The Commissioner of Income-tax Vs Mansukh Dyeing and Printing Mills (Supreme Court) Date-24th November, 2022 Sub-Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961. The department has made a major win today in the above case when… Read More ...
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 ...