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ACIT v. Dhiraj Parbat Gothi (ITAT Mumbai)
Mumbai Tribunal : S. 69C : Unexplained expenditure - Bogus purchases - Addition restricted to 4% – Tribunal held that since purchases were supported by invoices, bank statements, stock register, and no defect was found in books or sales, only profit element could be added. High Court decision in PCIT v. Kanak Impex (India) Ltd. [2025] 474 ITR… Read More ...
ANKUR RICE INDUSTRIES PVT LTD, ETAWAH VS INCOME TAX OFFICER WARD 2(2)(5) ETAWAH (ITAT Agra)
HONBLE INCOME TAX APPELLATE TRIBUNAL ,AGRA BENCH SMC .AGRA : ONCE THE ASSESSEE HAD FURNISHED BEFORE THE AO SUPPORTING DOCUMENTS REGARDING SALARY OF RS,348918 PAYABLE AS ON 31-03-2016 TO BE GENUINE BUSINESS LIABILITY ARISING IN THE REGULAR COURSE OF BUSINESS, WHICH WAS PAID IN THE SUBSEQUENT ASSESSMENT YEAR THEN PROVISIONS OF SECTION 56 OF THE ACT PER SE COULD NOT MADE APPLICABLE TO THE IMPUGNED… Read More ...
Classic Legends Pvt. Ltd. v. Assessment Unit (Bombay High Court)
Bombay High Court: S. 144C : Dispute Resolution Panel-Draft Assessment Order-Eligible assessee-Not an eligible assessee if TPO makes no variation- Assessment order without jurisdiction-Quashed assessment order. [S. 92CA(3), 144C(15)(b), Art. 226] The assessee challenged the Draft Assessment Order under section 144C and the consequential final assessment and penalty notices. The Assessing Officer had referred the case to the… Read More ...
PCIT v. Colo Colour Pvt. Ltd. (Bombay High Court)
Bombay High Court: S. 271(1)(c) : Penalty-Bogus purchases-Addition on estimation-Rejection of books oaf account-Penalty not leviable. [S. 145(3), 147, 148, 260A] The assessee, engaged in operating a photo studio, had filed return for AY 2011–12. In reassessment, the AO, relying on Sales Tax Department information, treated purchases from alleged hawala parties as non-genuine, rejected books u/s 145(3), and… Read More ...
ITAT Bar Association & Anr. v. Secretary of I&B & Ors. (Bombay High Court)
Bombay High Court: S. 255 : Income tax Appellate Tribunal–Additional premises for the functioning of Court Rooms–Interim order of the High Court dated 28th June, 2000 allotting the premises to ITAT for the functioning of additional five court rooms is affirmed [S. 254, Art. 226] The ITAT Bar Association Mumbai has filed a PIL before the Bombay High… Read More ...
CIT (TDS)-1 v. Dr. Balabhai Nanavati Hospital (Bombay High Court)
Bombay High Court: S. 192 : Deduction at source-Salary-Consultant doctors-No employer-employee relationship-TDS deductible u/s 194J-Income from business or profession-No substantial question of law-Contract- Annual Maintenance Contracts (AMCs)-Whether technical services- Matter remanded to the Tribunal to verify the contract. [S. 133A, 194C, 194J, 201(1), 201(1A), 260A] On appeal by the revenue the Court held that where consultant/honorary doctors engaged… Read More ...
Sharad Sevantilal Shah v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources – Property received for inadequate consideration – Difference between agreement value and stamp duty value – Oral agreement supported by contemporaneous evidence –Agreement fixing the consideration and does not mandatorily require a written agreement - Change in stamp duty valuation method – Addition not sustainable- No binding precedent… Read More ...
CIT(E) v. Tata Education and Development Trust (Bombay High Court)
Bombay High Court: S. 11 : Property held for charitable purposes – Carry forward of deficit – Excess expenditure incurred by trust in earlier years – Set off against income of subsequent years – Permissible – Appeal of Revenue dismissed. [S. 11(1)(a), 11(1)(d), 260A.] The Revenue challenged the Tribunal’s order allowing the assessee–trust to carry forward the deficit… Read More ...
Man Truck & Bus India Pvt Ltd v. The Assessment Unit, ITD (Bombay High Court)
Bombay High Court: S. 270A : Penalty for under -reporting and misreporting of income - Transfer Pricing adjustment – Advanced Pricing Agreement – No order passed u/s. 92CD(3) on modified return – Virtual hearing mandatory under Faceless Penalty Scheme – Penalty order quashed and matter remanded to AO to grant virtual hearing and pass fresh speaking order within… Read More ...
Kedaara Capital Fund II LLP v. NFAC (Bombay High Court)
Bombay High Court: S. 143(3) Assessment – Disallowance of expenditure – Business income - Entries in the books of account is not conclusive- Alternative remedy – No deduction of expenses claimed either by assessee or unit holders – Addition made by AO wholly without jurisdiction – Writ petition maintainable – Assessment order quashed. [S. 10(23FBA), 28(i), 37(1), 115UB,… Read More ...