Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Weedo Ventures (P.) Ltd. (2024)167 taxmann.com 614(Cal)(HC) Editorial : PCIT v. Weedo Ventures (P.) Ltd. (2024) 301 Taxman 624 (SC). SLP of revenue is dismissed as failure to explain the delay of 477 days and also Tax effect is less than 1, 50,0000.

S. 143(2) : Assessment-Notice –Assessing Officer, ITO Ward-5(3), Kolkata issued a notice under section 143(2)-Assessing Officer, ITO Ward-9(2), Kolkata completed assessment without issuing notice under section 143(2) –Additional ground-Order is bad in law –Order of Tribunal is affirmed. [S. 143(3),260A]

Ambience Pvt. Ltd. v. ACIT (2024) 341 CTR 313 / 167 taxmann.com 596 /301 Taxman 491 (Delhi)(HC)

S. 143(2): Assessment-Notice-Issuance of notice under S. 143(2)-Assistant / Deputy Commissioner of Income Tax (IT) is authorized as prescribed income-tax authority to issue the notice-Notice is valid. [Art. 226, R. 12E]

A. Selvaraj v. PCIT, Central (2024) 301 Taxman 451 (Mad.)(HC)

S. 132 : Search and seizure-Return of original documents seized-Until completion of assessment proceedings, petitioner is not entitled for original documents and he is entitled to get only a copy of those documents. [Art.226]

Arise Industries and Agency Pvt. Ltd. v. PCIT (Central) (2024) 341 CTR 321 /167 taxmann.com 152 (Mad)(HC)

S. 127: Power to transfer cases-Transfer of case from Coimbatore to Kolkata where the search was conducted-The incriminating documents seized had a direct link to Petitioner’s business hence the transfer of the case was justified.[S.132, Art. 226]

Nav Chetna Charitable Trust v CIT, [2024] 169 taxmann.com 543 (Bom) (HC)

S. 119: Central Board of Direct Taxes-Circulars Condonation of delay-Charitable or religious trust-Delay in filing Form 9A due to change in procedure.[S.11(6), 119(2), Form Noo.9A, Art.226]

Neumec Builders Pvt. Ltd. v. CBDT (2024) 301 Taxman 625 (Bom)(HC)

S. 119: Central Board of Direct Taxes-Circulars-Condonation of delay-Delay of two days in filing the Return of income for Assessment Year 2021-22-Delay is condoned.[S.115BAA, 139, Form No 10-IC, Art.226]

Jyotsna M. Mehta v. PCIT (2024) 301 Taxman 6 (Bom.)(HC)

S. 119: Central Board of Direct Taxes-Circulars-Condonation of delay in filing returns within due date-Delay on account of ill health of spouse of Chartered Accountant-Reasonable cause-Delay is condoned. [S.119(2)(b),139, Art. 226]

Kanyakaparameshwari Co-operative Society Ltd. v. CCIT (2024) 301 Taxman 193 (Karn)(HC)

S. 119 : Central Board of Direct Taxes-Circular-Condonation of delay of 18 days in filing of return-Beyond control of assessee-CBDT’s Circular No. 13/2023 dt. 26–07–2023-Delay in filing return of income is condoned. [S.80AC(ii) 80P(2) (a)(i), 119(2)(b), 139(1), 143(1),143(3), Art. 226]

PCIT v. Sahyadri Co-operative Credit Society Ltd. (2024) 301 Taxman 36 (Ker.)(HC)

S. 80P: Co-operative societies-Deduction-Surplus profit earned from the business of providing credit facilities to the members kept in the bank-Interest income earned therefrom is eligible for deduction under section 80P of the Act.[S.80P(2)(a),80P(2)(d)]

PCIT v. SRS Pharmaceuticals Pvt Ltd (Bom.) (HC).(UR)

S. 69 : Unexplained investments-Bogus purchases-Red flagged by the Sales Tax Department –Quantity tally-No defects in the books of account-No disallowance warranted without bringing on record any other evidence to prove that the purchases made by assessee were not genuine-Order of Tribunal deleting the addition is affirmed. [S.68]