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Suminter India Organics (P.) Ltd. v. DCIT (ITAT Mumbai)
Mumbai Tribunal : S. 115BAA : Tax on income of certain domestic companies-Levy of tax @ 30% instead at concessional rate @ 22 %-Return of income-Last date for filing Form No. 10IC for AY 2020-21-Extended to March 31, 2021-By virtue of the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020-Entitled to concessional rate @… Read More ...
Mahendra Auto Services (Pune ITAT)
Pune ITAT: Hon'ble Pune ITAT in it's recent decision of Mahendra Auto Services has held that notice issued u/s 158BC in absence of search warrant issued in name of assessee is bad in law. Read More ...
Mukesh Bhoormal Jain v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 68 : Cash credits-Unexplained expenditure-Capital gains-Penny stocks-Accommodation entries-Purchase of shares at premium in off market Transaction-Sale after three years-Report of Investigation Wing-Information never provided nor cross-examination of Individuals allowed-Additions is not valid. [S. 10(38), 45, 69] The assessee purchased 20,000 equity shares of Premier Capital Services Ltd in an off-market transaction through preferential allotment.… Read More ...
Sunil Jain Vs Income-tax department through National Faceless Assessment Centre(Delhi High Court)
Delhi High Court: Sunil Jain Vs National Faceless Assessment Centre(Delhi High Court) Date 22nd July, 2022 Sub-When an item of addition is being contested before CIT(Appeals) against original assessment, can notice u/s 148 be issued in respect of another item of undisclosed income of the same nature on the plea that the jurisdiction to deal with the same… Read More ...
Maharaja Edifice Pvt. Ltd. Vs. Union of India & ors. (Calcutta High Court)
Calcutta High Court, Division Bench: The appellant has approached the writ court by filing WPA 9856 of 2022 challenging the assessment order passed under the provisions of the Income Tax Act 1961 dated 07th April, 2022 for the Assessment year 2018-19 primarily on the ground that it has been passed in violation of the principles of natural justice. Hon'ble Division… Read More ...
PCIT Shimla Vs JMJ Essential Oil Company (Himachal Pradesh High court)
Himachal Pradesh High Court: PCIT Shimla Vs JMJ Essential Oil Company (Himachal Pradesh High court) Date-20th July, 2022 Sub-Whether acceptance of cash sales by Sales-tax authorities imposes fetters on the Income-tax officer to treat the cash sales as unaccounted income and impose penalty u/s 271(1)(c) for furnishing inaccurate particulars of Income? The assessee in this case enjoyed tax benefits… Read More ...
PCIT v. Sreeleathers (Calcutta High Court)
Calcutta High Court : S. 68 : Cash credits-lenders are assessed to tax-Confirmation was filed-Interest was paid ,TDS was deducted-Notice issued u/s. 133(6) were acknowledged - Order of Tribunal deletion of addition was affirmed-Court observed that the Assessing officer should have desisted from using the general observation and expression “money Laundering” when it was never the case that there… Read More ...
Greatship (India) Ltd. v. ACIT (Bombay High Court)
Bombay High Court : S. 245 : Refund-Set off of refunds against tax remaining payable-Adjustment made without prior intimation is held to be bad in law. [Art. 226] The Assessing Officer adjusted the refund without giving any prior intimation. On writ allowing the petition the Court held that where a party raises objection in response to the intimation, the… Read More ...
PCIT v. Ram Builders (Bombay High Court)
Bombay High Court : S. 69C : Unexplained expenditure-Income from undisclosed sources -Bogus purchases-Civil works-Road construction-Information from Sales Tax Department-Order of Tribunal estimated profit of 12.5% on unexplained and non-genuine purchases is affirmed by High Court. [S. 37(1), 143(3), 260A] The assessee is involved in the execution of Civil works like road construction etc .under the Public Works Department… Read More ...
PCIT v. Kumar Builders Consortium (Bombay High Court)
Bombay High Court : S. 80IB(10) : Housing projects-Two flats excess of the prescribed limit of 1500 sq.ft.-Pro rata deduction in respect of eligible flats not exceeding prescribed limit is eligible-Interpretation of taxing Statutes-When the language of a statute is unambiguous and admits of only one meaning, no question of construction of a statute then arises. [S. 260A] The… Read More ...