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Imperia Structures Limited Vs Anil Patni & Another
Supreme Court: The Apex court on 2nd November,2020 dismissed the appeal of Imperia structures limited Vs Anil Patni & Another against order passed by the National Consumer Dispute Resolution Council when the jurisdiction of NCDRC to entertain the complain in view of the registration under the Real Estate Regulation Act (RERA) was subject matter of challenge. The… Read More ...
ACIT v. Safari Mercantile Pvt. Ltd., (Now Vahanvati Conlt. Pvt. Ltd.)
ITAT Mumbai Bench: Tribunal held that where there was no transfer of shares but only a pledge of shares for purposes of obtaining a loan and revenue not disputed the fact of return of loan and also receipt of pledged shares creditor, no capital gain could be charged. Only income was actually received or accrued upon sale of… Read More ...
M/s Shah Realtors v. ACIT
ITAT Mumbai Bench: The onus was upon the Assessing Officer to prove that the assessee received “on money” on sale of the property. The onus to claim that apparent is not real is on one who so claims. When the Assessing Officer requires the assessee to show-cause as to why there is difference between two purchasers and that… Read More ...
Thought Blurb Vs Union of India & Ors
Bombay High court : Declaration under Sabka Sath Sabka Vishwas Legacy scheme rejected- Bombay High court sets aside the rejection order allowing the Writ. The Bombay High court in the case of Thought Blurb Vs Union of India & Ors in WP No 871 of 2020 on 27th October, 2020 was dealing with a writ where the petitioner challenged… Read More ...
The Supreme Industries Limited Vs The CBIC & Another
Bombay High court : Whether cart can be put after the horse- how without dealing with the facts, the operative part of the order can be recorded? Bombay High court comes down heavily on Customs officer and sets aside the order in a landmark decision pronounced on 27/10/2020 The Bombay High court in the case of The Supreme Industries… Read More ...
CIT v. Jalaram Jagruti Development Pvt. Ltd (Bom) (HC)
Hon'ble Bombay High Court: In course of search, note book and lose paper were found and seized. The assessee did not offer the unaccounted cash receipts as found recorded in the seized documents. The Assessee followed project completion method of accounting and offered it to tax in the year of completion of project. It was held, the receipts in… Read More ...
ITO v. Nidhi Premises Pvt. Ltd.
ITAT-Mumbai: For the purpose of exceptions to low tax effect Circular No. 17/2019 dated 08.08.2019 issued by CBDT 1. Information received from DIT(Investigation) being an interal wing of Income Tax department cannot be treated as an external source and hence not covered by exception to Circular. 2. Circular No. 23/2019 r.w. OM dated 16.09.2019 applies only… Read More ...
Network Construction Company vs. ACIT, Circle – 2, Thane
Income tax Appellate Tribunal -Mumbai Bench: Where the assessee purchased development rights, entered into a Joint Venture agreement, and agreed to contribute the said development right as ‘capital contribution’ at an agreed consideration to the AOP. The Assessing Officer while framing assessment treated transfer of the development rights under Section 50C of the Act. The Tribunal held that the introduction of… Read More ...
L &T Housing Finance Ltd Vs Trishul Developers & Another
Supreme Court: Issue of notice under SARFESI Act by L & T Housing Finance Limited wrongly on the letter head of L & T Finance Ltd- Challenge by the borrower as illegal- Supreme Court holds the challenge to be baseless. The Apex Court on 27th October, 2020 in the case of L & T Housing Finance Ltd… Read More ...
Jayantilal Vaishnav HUF Vs JCIT 25(1) Mumbai
ITAT Mumbai J Bench: Waiver of penalty for violation of section 269TT on being shown that there was a reasonable cause u/s 273B which was beyond the control of the assessee. Read More ...