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ITO v. Aam Family Private Trust (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Relative-Individual-Private discretionary trust-Gift of equity shares to trust-Trust crested for the benefit of self and relatives-Any sum received without consideration, aggregate value of which exceeds fifty thousand rupees-Pass through entity-Provision of section 56(2)(x) is not applicable. [S. 56(2)(x)] The assessee is a private discretionary trust. Settlor Mrs Archana Miglani… Read More ...
CIT Kolkata IV Vs Machino Techno Sales Limited (Calcutta high court)
Calcutta High Court : CIT Kolkata IV Vs Machino Techno Sales Limited (Calcutta high court) Date 20th February 2023 Sub- Whether area sharing by the land owner is eligible to be treated as capital gains in a development agreement and not business income? The division bench of Calcutta high court in this case was considering appeal of department where… Read More ...
Keenara Industries Pvt. Ltd. v. ITO (Gujarat High Court)
Gujarat High Court : S. 148A : Reassessment-Limitation-Notices issued pursuant to the case of UOI v. Ashish Agarwal (2022) 444 ITR 1 / 213 DTR 217/ 326 CTR 473/ 286 Taxman / AIR 2022 SC 2781 (SC)-Notice issued on or after 01.04.2021, the period concerned is between 01.04.2021 to 30.06.2021-Relaxation Act will not apply-The law as per Finance Act,… Read More ...
Divya Raghavan Vijayan vs. ACIT (ITAT Mumbai)
ITAT Mumbai: Notice under sec. 143(2) has to be issued by the Officer who completes the assessment before the due date i.e., 30.09.2015 and notice issued by the officer on 03.09.2015 for AY 2014-15 by the said officer was deemed invalid as the PCIT had transferred jurisdiction to him only on 05.12.2015 Read More ...
Rajeev Bansal v. UOI (Allahabad High Court)
Allahabad High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before the issue of notice-Limitation - Notices issued pursuant to the case of UOI v. Ashish Agarwal (2022) 444 ITR 1/ 213 DTR 217/ 326 CTR 473/ 286 Taxman / AIR 2022 SC 2781 (SC) – Notice issued on or after 01.04.2021, the period concerned is between 01.04.2021… Read More ...
PCIT Asansol Vs Durgapur Projects Limited (Calcutta High Court)
Calcutta High Court : PCIT Asansol Vs Durgapur Projects Limited (Calcutta High Court) Date-24th February 2023 Sub- Whether provisions of Section 50C can be applied when the immovable property is compulsorily acquired by the Government? Whether the definition of transfer u/s 2(47) can be considered for applying Section 50C or only when the transfer involves payment of stamp duty… Read More ...
ACIT v. Ajit Anantrao Pawar (ITAT Mumbai)
Mumbai Tribunal : S. 253 : Appellate Tribunal-Maintainability-Consolidated order of CIT(A) for more than one year-One appeal cannot be filed against two reassessment orders for the same assessment year-Income-tax Appellate Tribunal Rules, 1963-R. 9-Appeal of revenue was dismissed. [S. 132, 153C, ITAT R. 9] There were two different search and seizure actions conducted by the Department and the… Read More ...
The Suminter Organic and Fair Trade Cotton Ginning Mill Pvt. Ltd. v. Dy. CIT (Bombay High Court)
Bombay High Court : S. 147 : Reassessment-After the expiry of four years-Valuation of equity shares-Share premium-Income from other sources-No failure to disclose material facts-Notice of reassessment and order disposing objection was quashed. [S. 56(2)(viib), 148, Art. 226] The reason for reopening of the assessment was the petitioner had issued premium of Rs. 17 per share, which was not… Read More ...
Konark Life Spaces v. ACIT (Bombay High Court)
Bombay High Court : S. 147 : Reassessment-After the expiry of four years-Loans and advances to sister concern-Allegation of colourable device-No failure to disclose material facts-Notice of reassessment and order disposing objection was quashed. [S. 69, 148, Art. 226] The original assessment was completed under section 143(3) of the Act. The reassessment notice was issued on 30-3-2021, on the… Read More ...
Kamal Nath Vs PCIT Kolkata-9 & Ors (Calcutta High Court)
Calcutta High Court: Kamal Nath Vs PCIT Kolkata-9 & Ors(Calcutta High Court) Date-10th February 2023 Sub-Whether an order for transfer of a case from one city to another is an administrative order or a quasi judicial order and also whether reasons are required to be recorded for passing such an order? In this high voltage case related to… Read More ...