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Bhagwana Ram Bishnoi v. DCIT (Mum.)(Trib.)
Mumbai Tribunal : S. 69C : Unexplained expenditure-Bogus purchases-Where the sales, quantitative stock records and consumption of goods are accepted, and the purchases are supported by invoices, delivery challans, bank payments and stock records, merely because the supplier is found to be non-genuine, the entire purchases cannot be disallowed- Only the profit element embedded in such purchases is… Read More ...
Rajesh Somandas Sachdev v. ITO & Ors. (Bom.)(HC)
Bombay High Court: S. 276CC : Offences and prosecutions-Failure to furnish return of income-Prosecution for failure to furnish the return of income is not maintainable where, on regular assessment, the tax payable after giving credit for TDS and advance tax does not exceed the statutory limit-Where the assessee is entitled to a refund, and there is no loss… Read More ...
Pr. CIT (Central)-4 v. DBM Geotechnics and Construction Pvt. Ltd. (Bom.)(HC),
Bombay High Court: S. 260A : Appeal-High Court-Assessment-Once a Resolution Plan is approved under section 31 of the Insolvency and Bankruptcy Code, all statutory dues, including income-tax claims, which do not form part of the approved Resolution Plan stand extinguished. Consequently, any appeal by the Revenue seeking to revive such tax demand becomes academic, and no substantial question… Read More ...
M D Sons & Ors v. ITO (SB )(Bang) (Trib)
BENGALURU TRIBUNAL : S. 143(2): Assessment – Notice – Notice of demand to be valid in certain circumstances -Limited scrutiny - Authentication of notices and other documents - A notice issued under section 143(2) after 23-06-2017 is not rendered invalid merely because it is not in the format prescribed by the CBDT Instruction dated 23-06-2017 or does not… Read More ...
Sanket Vinayak Nagvekar v. ITO
Bombay High Court: S. 144C : Assessment-Eligible assessee-Non-resident-Reassessment-Draft assessment order mandatory-Failure to issue draft order before passing final assessment order renders assessment void ab initio-Best judgment assessment-Return filed and notices substantially complied with-Invocation of section 144 invalid-Jurisdiction-Non-resident assessee-Assessment completed by officer lacking jurisdiction-Objection not barred by section 124(3) in faceless assessment proceedings-Reassessment-Addition based on erroneous information in Form… Read More ...
Manoj Devshichhadva v. ITO
Mumbai Tribunal : S. 56 : Income from other sources-Redevelopment-Alternate permanent accommodation received by tenant-Mere execution and registration of redevelopment agreement, without completion of project and delivery of possession, does not amount to “receipt” of immovable property-Allotment of alternate premises in lieu of surrender of tenancy rights is for valuable consideration and cannot be taxed under section 56(2)(x).… Read More ...
Late Padmaben Zinabhai Trivedi v. ITO
Gujarat High Court : S.147 : Reassessment-After the expiry of four years- Reference to DVO – Fair Market Value as on 1-4-1981 – Amendment to section 55A(a) prospective – Reassessment invalid- The Court left open the question regarding the validity of a notice issued in the name of a deceased person. [S. 45, 48, 55A, 148, Art. 226] The… Read More ...
Pr. CIT v. Macleods Pharmaceuticals Ltd.
Bombay High Court: S. 80IB : Industrial undertakings-Special category States-Research & Development (R&D) expenditure-Allocation of R&D expenses to eligible manufacturing units-No allocation permissible in the absence of direct nexus between R&D activity and eligible units – Revenue's appeal dismissed. [S. 35(2AB), 80IC, 260A] The assessee claimed weighted deduction under section 35(2AB) in respect of R&D expenditure incurred by… Read More ...
Sherlyn Dias (Mrs.) (Legal Heir of Late Mrs. Dorothy Lawrence Pereira) v. ITO
Mumbai Tribunal : S. 45 : Capital gains-Income from other sources-Transfer of Development Rights-Compensation received under a redevelopment agreement is assessable as Capital Gains and not as Income from Other Sources. Exemption under section 54EC is allowable. [S. 2(14), 2(47), 54EC, 56, 50C & 147] The assessee, a co-owner of a property, entered into a Development Agreement with… Read More ...
Satinder Govind Oberoi v. ITO
ITAT Mumbai: Sources of cash deposited by the assessee in her bank account during demonitisation period were explained as from marriage gifts, past savings and cash retained at home to meet medical emergencies for specially-abled and ailing family members. Finding that it was not uncommon in Indian social customs for a bride to receive gifts in cash… Read More ...