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P.R. Packaging Service v. ACIT (ITAT Mumbai)
Mumbai Tribunal : S. 43B : Deductions on actual payment-Adjustment u/s. 143(1)(iv)(a)-Disallowance under section 36(1)(va) of the Act- Assessing Officer could not make disallowance based on observations made in Tax audit report that payments were made after due date specified under respective Acts- Adjustment u/s 143(1)(iv)(a) of the Act is bad in law - Judgement of Supreme Court… Read More ...
State of Jharkhand and others Vs Linde India limited and another (Supreme Court)
Supreme Court of India : State of Jharkhand and others Vs Linde India limited and another (Supreme Court) Date- 2nd December, 2022 Sub-Whether oxygen which is used in the production of steel can be said to be a raw material and thus eligible for concessional rate of tax @ 1% instead of normal rate of 3% under the Bihar Finance… Read More ...
Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT -4 Pune (ITAT Pune)
INCOME TAX APPELLATE TRIBUNAL PUNE BENCH: Interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Income Tax Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) of IT Act. PCIT was not justified in passing revision order U/s 263 of the Act on this issue. Read More ...
Mondelez India Foods Private Limited vs Addl. CIT (ITAT Mumbai)
ITAT Mumbai: Computation of limitation period section 92CA(3A) and 153(1) of the Act. In calculating 60 days – the day on which limitation to pass assessment order expires has to be excluded Under section 92CA(3A) and 153(1) of the Act the TPO is required to pass order u/s. 92CA(3) of the Act at any time before sixty… Read More ...
SMT. REKHA SHEKHAWAT vs. PRINCIPAL COMMISSIONER OF INCOME TAX (ITAT Jaipur)
ITAT: Revision—Erroneous and prejudicial order—Lack of proper enquiry vis-a-vis assessment of additional income as business income—During the course of survey under s. 133A assessee's husband admitted unrecorded income in the case of his wife i.e., assessee which was stated to be advances made for property in the course of her real estate business—Unrecorded trade advances and… Read More ...
ITO v. Rajni D. Saini (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Transfer-The assessee had acquired right in the ownership of the flat at the time of issuance of allotment letter-Date of allotment letter is to be considered as date of purchase-Addition made on the basis of stamp valuation on the date of registration was deleted. [S. 2(47), 56(2)(vii)(b)] During the… Read More ...
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 ...