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The Maharashtra Mantralaya Shaskiy Karmachari Co-op Credit Society Ltd. vs. ITO, Ward 25(2)(1) (ITAT Mumbai)
ITAT Mumbai: Assesses being co-op credit society engaged in providing credit facility exclusive to its members is eligible for deduction u/s 80P(2)(a)(i), on its total income including the interest from commercial banks. Read More ...
N.P. SASEENDRAN VERSUS N.P. PONNAMMA (SUPREME COURT)
Supreme Court: What is the difference between a Gift, Settlement and Will? The nomenclature of the instrument is immaterial and the nature of the document is to be derived from its contents. There must be a transfer of interest in praesenti for a gift or a settlement and in case of postponement of such transfer until the… Read More ...
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS VERSUS ABERDARE TECHNOLOGIES PRIVATE LIMITED (Supreme Court)
Supreme Court: (i) The Central Board of Indirect Taxes and Customs must re-examine the provisions/timelines fixed for correcting the bonafide errors. Time lines should be realist as lapse/defect invariably is realized when input tax credit is denied to the purchaser when benefit of tax paid is denied. Purchaser is not at fault, having paid the tax amount.… Read More ...
THE UNION OF INDIA VERSUS BRIJ SYSTEMS LTD (Supreme Court)
Supreme Court: (i) It appears that on account of mistakes or errors getting noticed on the input tax credit, and the input tax credit being subsequently denied to the purchaser, the Revenue has been taking the stand that rectification is not possible after expiry of the period prescribed under Sections 37(3) and 39(9) of the Central Goods… Read More ...
Anil Dattaram Pitale v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the assessee should be… Read More ...
Vaibhav Goel & Anr versus Deputy Commissioner of Income Tax (Supreme Court)
Supreme Court: (i) In view of the declaration of law made in Ghanashyam Mishra and Sons Pvt. Ltd v. Edelweiss Asset Reconstruction Company Ltd (2021) 9 SCC 657, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued… Read More ...
Aarti Sudarshan Soni v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 69 : Unexplained Investments-Alleged on money-Purchase of flat-Survey statement-Opportunity of cross examination is not provided- Merely on the basis of statement of the accountant of the builder no addition can be made. [S. 132(4), 133A] The assesseee purchased the flat from shah Hosecon Pvt. Ltd. In the course of survey in the premises of… Read More ...
PCIT v. Jayesh V. Sheth (Bombay High Court)
Bombay High Court: S. 268A : Appeal-Instructions-Circulars-Monetary limits-Revision-Penalty- Concealment penalty-Monetary limit is also applicable to proceedings under section 263 of the Act-The CIT u/s. 263 of the Income-tax Act directed the AO to initiate a penalty for concealment, which was not originally initiated in the assessment order-Tribunal set aside the order of the Commissioner-On appeal as the tax… Read More ...
PCIT v. Buniyad Chemicals Ltd (Bombay High Court)
Bombay High Court: S. 68 : Cash credits – Failure to furnish source , identity of parties and genuineness of transaction -Shell companies - A racket of illegal business of providing accommodation entries -Accommodation entry provider -Credit appearing in the bank account -Books of account -Data appearing in 2 CDs are extracted by the investigating wing from books… Read More ...
Bhavya Construction Co. v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 80IB(10) : Housing projects-Slum Rehabilitation Authority (SRA) Projects-CBDT circular-Notification- Claim u/s.80IB (10) would be allowable even the approval was granted before 01/04/2004 and commencement certificate after 01-4-2004-Circulars and notifications cannot override the provisions of the Act.-Notification No. 1/2011 dated 5-1-2011 restricting the eligibility of section 80IB(10) to SRA project on or after 1-4-2004 and… Read More ...