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STATE OF MAHARASHTRA vs. GREATSHIP (INDIA) Ltd. (SUPREME COURT)
SUPREME COURT: Do not miss this case, if you ever thought of filing Writ under Article 226 of the Constitution 1.Assessing Officer passed the assessment order determining the tax liability along with interest and penalty under the MVAT Act and CST Act 2. Assessee preferred Writ before Hon. Bombay High Court which quashed the Assessment Order and… Read More ...
CIT v. Mukund Bhavan Trust (Bombay High Court)
Bombay High Court : S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Rent charged to trustee less than market rate-Violation of section 13 exemption cannot be denied- Only the income to the extent of violation is liable to tax at maximum marginal rate. [S. 11, 12, 12A, 13(1)(c)(ii)] The AO held that rent charged from one of the Trustee… Read More ...
Micro Ankur Developer Vs DCIT (ITAT Mumbai)
Mumbai tribunal: Regular books of accounts maintained by the assessee in tally software, now being referred by the Revenue, to justify the impugned addition did not constitute incriminating material unearthed during the search. Read More ...
G.E. Conductors Pvt. Ltd vs. ACIT (ITAT Amritsar)
ITAT Amritsar: Section 115JB could not be invoked for the first time while giving appeal effect to the order of CIT(A). There being no reference to section 115JB in the assessment order while framing assessment a rectification order could have been passed within the time permissible under law but section 115JB could not have been applied while… Read More ...
PCIT-4, Kolkata Vs Krishi Rasayan Exports Pvt ltd (Calcutta High court)
Calcutta High Court : PCIT-4, Kolkata Vs Krishi Rasayan Exports Pvt ltd (Calcutta High court) Date- 14th September 2022 Sub:-Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ?” The division bench of… Read More ...
CIT(Exemption) vs. B P Poddar Foundation for Education (Calcutta High Court)
Calcutta High Court : Whether other additions can be made in an order under Section 147/ 143(3) of the Income Tax act, 1961, which were not part of the reasons recorded for reopening the assessment even after insertion of Explanation 3 to Section 147 of the Act by Finance Act, 2009 when Assessing Officer, upon issuance of notice u/s… Read More ...
PCIT, Kolkata- 1 Vs Arshia Global Tradecom Pvt ltd (Kolkata High Court)
Calcutta High Court : PCIT, Kolkata- 1 Vs Arshia Global Tradecom Pvt ltd(Kolkata High Court) Date -13th September, 2022 Sub: Whether on the facts and in the circumstances of the case the ITAT erred in law in quashing the proceedings under Section 147 of the Income Tax Act, 1961 by not appreciating the facts of the issue? The division… Read More ...
ITO v. Armine Hamied Khan (ITAT Mumbai)
Mumbai Tribunal : S.54F : Capital gains- Investment in a residential house-Non-Resident-Transfer of tenancy rights-Invested in residential flat in proposed building-AO was indeed in error in adopting a hyper-pedantic approach and holding that there was a fresh claim for exemption under section 54F of the Act-Entitle for exemption. [S. 45, 54] The assessee invested the entire sale consideration… Read More ...
Sahita Construction Company vs. PCIT (Madhya Pradesh High Court)
Madhya Pradesh High Court: the time limit of notice as provided under Section 149 of the Act is concerned, the same is in respect of Section 148 of the Act and not for Section 148A of the Act. Read More ...
The Indian Institute of Architects v. ITO (ITAT MUMBAI)
Mumbai Tribunal : S. 11 : Property held for charitable purposes-Education-Study and promote the latest development in the field of Architecture-Mere surplus arising as a result of charitable activities the Institution does not cease to be a charitable institution-Entitle to exemption. [S. 2(15), 12A, Architect Act, 1872] The assessee is a trust registered with the Charity Commissioner and… Read More ...