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ITO v Smt. Savitri Kadur
Bangalore ITAT/Against the revenue/Dated 28th September 2020: Amount credited to Partner’s capital account prior to retirement for goodwill whether taxable as capital gains with cost of acquisition as per sec. 55(2)(a) as NIL. To Appreciate this MP decision - original decision of ITAT in ITA No.1700/Bang/2016 Dating to 3rd May 2019 needs to be referred to. This decision is a landmark decision… Read More ...
Smt. Soni Sonu Mirchandani v ACIT
Del ITAT/ Against the assessee/ Dated 28th September 2020: What is Owelty? Can Owelty be claimed as part of family settlement exempt from capital gains tax? What are sine qua non to trigger a family settlement? An antecedent title is a must to have a family settlement, why? These are dealt in this decision. 1) The family settlement must be a bonafide one so… Read More ...
B. SANTOSHAMMA & ANR. Versus D. SARALA & ANR.
THE SUPREME COURT OF INDIA: It is well settled that the onus of proof lies on the party who makes an allegation. It is well settled that time is not of essence to agreements for sale of immovable property, unless the agreement specifically and expressly incorporates the consequence of cancellation of the agreement, upon failure to comply with a term… Read More ...
M/s. Mangalnath Developers and another Vs. Union of India and others
HIGH COURT OF JUDICATURE AT BOMBAY: 22. However, the moot point to be noted is that the period of limitation of three months commences from the date on which the order sought to be appealed against is communicated and not from the date of decision of the Committee of Commissioners. This aspect was examined by this Court in the recent decision… Read More ...
M/s. Stratagem Portfolio (P.) Ltd., Vs. Dy. Commissioner of Income Tax
ITAT Delhi: We have heard rival submission of the parties on the issue in dispute and perused the relevant material on record. In the instant case, the dispute is whether there is any tangible material to infer that by way of the client code modification, the assessee has escaped the income and evaded the Income-tax. The Learned… Read More ...
Mukul Kumar Singh Versus The Commissioner, Income Tax (Patna High Court)
IN THE HIGH COURT OF JUDICATURE AT PATNA: The trust deficit between the Department and the Assessee, perhaps has led to the litigation being prolonged for more than a decade and a half. Every public body and Institution has a duty not only to build goodwill and defend its reputation but also to instill faith in the mind of public with regard to… Read More ...
Commissioner of Income Tax21 vs. Ms. Chhaya B. Parekh
Hon'ble Bombay High Court: Claim of exemption under section 54F of the Act is eligible even though the House property which the Assessee had purchased as coowner had been demolished before completing 3 years of purchase and no new house property was constructed. Does not violate section 54F(3) of the Act. Hon'ble Supreme Court decision in Vania Silk Mills… Read More ...
Smt. Meena Gupta vs. The Income Tax Officer
ITAT Delhi: Reopening quashed in information from investigation wing where objections not disposed and material not confronted along with reasons recorded (Bombay High court in Fomento resorts followed) Read More ...
VIKAS STRIPS LTD vs. DCIT, CIRCLE 26(2)
ITAT Delhi: In reassessment Notice u/s 143(2) must be issued only and only after filing return of income in response to notice u/s 148. Prior issue of notice before such return is redundant therefore reassessment cancelled and quashed Read More ...
Dipesh Ramesh Vardhan vs. DCIT (ITAT Mumbai)
ITAT Mumbai: S. 10(38)/68: Bogus Capital Gains from Penny Stocks: The AO has not discharged the onus of controverting the documentary evidences furnished by the assessee and by bringing on record any cogent material to sustain the addition. The allegation of price rigging / manipulation has been levied without establishing the vital link between the assessee and… Read More ...