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Bpip Infra Pvt. Ltd. and Ors. vs. ACIT and Ors (Rajasthan High Court)
Rajasthan High Court : S. 148 : Reassessment-Notice-Constitutional validity-The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021-Reassessment notices issued under section… Read More ...
Cargo Service Centre India Pvt. Ltd. vs. DCIT (ITAT Mumbai)
Mumbai Tribunal : S. 263 : Commissioner-Revision of orders prejudicial to revenue- eligibility of loss being carried forward-Issue which is beyond the scope of rectification-Commissioner cannot revise under section 263 of the Act. [S. 154] Where, the Assessing Officer allowed the rectification application of the assessee claiming losses to be carried forward. The PCIT held that the AO… Read More ...
ITO vs. Rajeev Suresh Ghai (ITAT Mumbai)
Mumbai Tribunal : S. 69 : Unexplained investments-Non-resident-On money-Foreign Resident cannot be taxed under section 69 of the Act-DTAA India -UAE. [S. 132(4), Art. 22] Where the assessee is a non-resident Indian, the assessee had paid cash amounts, as 'on money' to certain Builders in India. This amount was treated as an "unexplained investment" under section 69 of… Read More ...
Board of Control for Cricket in India v. PCIT (Mum.)(Trib.)
Mumbai Tribunal : S. 12A : Registration-Trust or institution-Held declining registration on the ground of Indian Premier League (IPL) activities are in the nature of commercial activities is held to be not justified. [S. 2(15), S. 12AA] Where the Department declined registration of a Charitable Organization on the ground of Indian Premier League (IPL) activities are in the… Read More ...
Rashesh Manhar Bhansali v. ACIT (Mum.)(Trib.)
Mumbai Tribunal : Black Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015 S. 2(11) : Undisclosed asset located outside India - Applicability of the Statute – Accounts not in existence at the Black Money Act, 2015 came into force – The new legislation operates for those accounts and assets too.[I.T. Act S. 139(1)]… Read More ...
Kartik Sonavane Vs DCIT Circle-8 (Gauhati High Court)
Gauhati High Court : Kartik Sonavane Vs DCIT Circle-8 Forum-Gauhati High Court Date-15th November, 2021 Sub-Whether an employee is entitled to get credit for the TDS deducted on salary even when the employer has defaulted in the payment of the tds so deducted? The Gauhati High Court in this case was considering the case of an employee of the… Read More ...
Radheyshyam Agarwal vs. DCIT (ITAT Mumbai)
mumbai itat: Update Assessee filed a return declaring agricultural income as exempt. He filed MOU entered with Cultivator who paid him lease rent and said rent was shown by him as exempt. AO rejected claim as Inspector report showed that no irrigation was done on land and treated the amount as cash credit and taxed the same… Read More ...
Alfa Laval Lund AB vs CIT (ITAT Pune)
Pune ITAT : Revision by CIT u/s 263 of the Act based on the recommendation of the Assessing Officer lacks statutory sanction, hence bad in law Read More ...
ITO-21(2)(2) vs MTNL Mumbai Employees Co-op Credit Society (ITAT Mumbai)
ITAT Mumbai: Co-operative banks are basically Co-operative society, the income from the same fall under section 80(2)(d) and deduction can be claimed. Read More ...
PCIT v. JK Surface Coatings Pvt. Ltd. (Bombay High Court)
Bombay High Court : S. 143(3) : Assessment-Bogus purchases-Estimation of profit at 10% of total alleged bogus purchases is held to be justified-No substantial question of law. [S. 37(1), 40A(3), 260A] The Assessing Officer disallowed the entire purchases as bogus purchases. On appeal the Commissioner of Income-tax (Appeals) estimated the estimated the profit at 15%. On appeal the Tribunal… Read More ...