Judgements Uploaded By Users In Category: Income-Tax Act
These judgements are uploaded by our esteemed readers. If you have a judgement on an important topic that you would like to share with others, please use this form to upload it
The ITAT Mumbai has held that Assesses being co-op credit society engaged in providing credit facility exclusive to its members is eligible for deduction u/s 80P(2)(a)(i), on its total income including the interest from commercial banks. Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the assessee should be… Read More ...
The Supreme Court has held that (i) In view of the declaration of law made in Ghanashyam Mishra and Sons Pvt. Ltd v. Edelweiss Asset Reconstruction Company Ltd (2021) 9 SCC 657, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained Investments-Alleged on money-Purchase of flat-Survey statement-Opportunity of cross examination is not provided- Merely on the basis of statement of the accountant of the builder no addition can be made. [S. 132(4), 133A] The assesseee purchased the flat from shah Hosecon Pvt. Ltd. In the course of survey in the premises of… Read More ...
The Bombay High Court has held that S. 268A : Appeal-Instructions-Circulars-Monetary limits-Revision-Penalty- Concealment penalty-Monetary limit is also applicable to proceedings under section 263 of the Act-The CIT u/s. 263 of the Income-tax Act directed the AO to initiate a penalty for concealment, which was not originally initiated in the assessment order-Tribunal set aside the order of the Commissioner-On appeal as the tax… Read More ...
The Bombay High Court has held that S. 68 : Cash credits – Failure to furnish source , identity of parties and genuineness of transaction -Shell companies - A racket of illegal business of providing accommodation entries -Accommodation entry provider -Credit appearing in the bank account -Books of account -Data appearing in 2 CDs are extracted by the investigating wing from books… Read More ...
The Mumbai Tribunal has held that S. 80IB(10) : Housing projects-Slum Rehabilitation Authority (SRA) Projects-CBDT circular-Notification- Claim u/s.80IB (10) would be allowable even the approval was granted before 01/04/2004 and commencement certificate after 01-4-2004-Circulars and notifications cannot override the provisions of the Act.-Notification No. 1/2011 dated 5-1-2011 restricting the eligibility of section 80IB(10) to SRA project on or after 1-4-2004 and… Read More ...
The Hon'ble Mumbai ITAT has held that Hon’ble ITAT noted that the ‘issue as per reasons recorded for reopening’ provided to the assessee and ‘reasons recorded for reopening’ reproduced in the assessment order are different. Few paragraphs quoted in the reasons reproduced in the assessment order was not there in the ‘issues as per reasons recorded for reopening’ provided to the assessee.… Read More ...
The Hon'ble Mumbai ITAT has held that o Adjustment cannot be made in the intimation issued u/s 143(1) of the Income Tax Act, 1961 (Act) without giving an opportunity of being heard to the assessee. o Intimation issued u/s 143(1) of the Act gets merged with assessment order passed u/s 143(3) of the Act. If assessment order passed u/s 143(3) of the… Read More ...
The Hon'ble Mumbai ITAT has held that The word ‘annual’ denotes a period of twelve months. Consequently, in determining the annual average of the monthly averages of investments under Rule 8D(2)(ii), the aggregate must necessarily be divided by the figure of twelve to compute the annual average. The mere fact that the investments existed only for a portion of the year does… Read More ...