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M/s. Storewell Construction & Engineers Vs Pr. CIT -2 Aurangabad

Pune ITAT: Pune ITAT held that Commissioner of Income Tax is not empowered invoke the revisionary jurisdiction u/s.263 of the Income Tax Act to look into the other issues relating to the assessee which were not within the purview of the limited scrutiny. The CBDT Circular vide its letter F-No.225/26/2006-ITA-II (Pt.), 8th September, 2010 has described the… Read More ...

DCIT Circle 5 pune vs. Runwal Multihousing Pvt Ltd

Pune ITAT: The assessee was initially following the Percentage completion method by showing income on the basis of percentage of work done. In contrast, the project completion method, which is an equally recognized method, mandates the determination of income at the time of completion of project. Both the methods are recognized methods. Whereas, in the first method,… Read More ...

Man power Group Services India Private Limited Vs CIT(TDS)-1 (Delhi High Court)

Delhi High court : Manpower Group services India Private Limited Vs CIT (TDS)-1, Delhi Forum- Delhi High court Date-21st December,2020 Sub: Whether Writ lies against an order passed u/s 197 claiming lower deduction of tax at source or revision petition has to be filed u/s 264? Also whether challenge in a writ in such a situation can only be… Read More ...

Pradeep Kumar Sonthalia Vs Dheeraj Prasad Sahu (Supreme Court)

Supreme Court of India: Pradeep Kumar Sonthalia Vs Dheeraj Prasad Sahu Forum-Supreme Court of India Date-18/12/2020 Sub-Meaning of the word -Date? Whether it includes the whole day or a particular time? When can the clock be said to be started running? The CJI bench of the Apex court in the above case was interalia called upon to decide the… Read More ...

D.B. ITA 155/2014 CIT (Central) Jaipur Vs. Shri Vishnu Prakash Sharma

Rajasthan High Court, At Jaipur Bench, Jaipur: Section 132(4) of the Income Tax Act, 1961 --Search & Seizure --Excess Stock alleged -- Surrender U/s. 132(4) stated to be under duress -- Further surrender during assessment proceedings under threat of launching prosecution u/s 276CC -- later retracted such statements recorded during search & assessment proceedings, and explained the stock with Stock Register and… Read More ...

D. B. ITA 142/2006 Shri Loku Ram Malik Vs CIT

Rajasthan High Court, At Jaipur Bench, Jaipur: Notice under section 148 of the Income tax Act, 1961 is bad if time to issue notice under section 143(2) if the Act has not expired. Read More ...

Osho Developers v. ACIT (Mum.)(Trib.)

Mumbai Tribunal : S. 22 : Income from house property-Un sold flat held as stock in trade-Annual value Rental income assessable as business income. [S. 28(i)](Shri Shamim Yahya, Accountant Member and Shri Ravish Sood, Judicial Member) AO assessed the unsold flats which was held as stock in trade as income from house property on notional basis. CIT(A) affirmed… Read More ...

PCIT 5 Vs Redington (India) Limited

Madras High court: Principal Commissioner of Income-tax -5 Vs Redington (India) Limited Madras High Court Date-10/12/2020 Sub:Transfer of shares of a foreign subsidiary to another step down foreign subsidiary without consideration- Whether provisions of Section 47(iii) dealing with exemption from capital gains in case of gift will apply or Section 47(iv) dealing with transfer of shares by a… Read More ...

N.R.S.Ganesan vs. Union of India (Madras High Court)

Madras High Court: The present writ petition is preferred by N.R.S.Ganesan, Accountant Member of the ITAT, against the interim order declining the grant of interim stay of operation of the order of transfer. The Court held that a perusal of the impugned order would disclose that the Tribunal has exercised its discretion in a fair and proper manner.… Read More ...

Exim Incorporation Vs Union of India & Others

Bombay High Court: Exim Corporation Vs Union of India & Ors Bombay High Court Date-09th December,2020 Sub:Detention of goods without issuing show cause notice u/s 124 of Customs Act and without effective seizure u/s 110 of the said Act - difference between “detention” and “seizure” explained- goods ordered to be released. The Bombay High court in the above… Read More ...