Judgements Uploaded By Users In Category: Income-Tax Act
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The Delhi Tribunal has held that S. 56 : Income from other sources-Immovable property received without consideration-Family settlement-Gift deed executed pursuant to family arrangement-Property received from member of HUF-Not taxable as deemed income-Revenue’s appeal dismissed. [S. 2(47), 56(2)(vii)(b)] The assessee, an individual, had originally filed return declaring income of Rs. 3,40,540/-. The assessment was reopened u/s 147 on the ground that… Read More ...
The NAGPUR TRIBUNAL has held that S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits -Cash payment exceeding prescribed limit -Purchase of land-Amount not claimed as expenditure-No disallowance permissible-Addition deleted-Stamp duty value difference is less than 10%-Amendment made in section 50C(1) of the Act by inserting third proviso by Finance Act, 2018, with effect from April 01, 2018… Read More ...
The Mumbai Tribunal has held that S. 288 : Appearance by authorised representative-Duties-Appellate Tribunal-Adjournment sought by Departmental Representative- Statement of loss of trust in the Bench-Conduct held wholly unacceptable-Revenue representative duty bound to assist Tribunal- Matter adjourned with direction for proper representation. [S. 254(1)] During hearing of a batch of connected appeals involving a common issue, time had earlier been granted… Read More ...
The Mumbai Tribunal has held that S. 151 : Reassessment-Sanction for issue of notice-Sanction of specified authority-Notice issued beyond three years from end of relevant assessment year-Approval obtained from Pr. CIT instead of Pr. CCIT/CCIT-Invalid assumption of jurisdiction-Reassessment quashed. [S. 144, 147, 148, 148A(d), 151(ii)] The assessee challenged the reopening for A.Y. 2017-18 on the ground that the notice u/s 148… Read More ...
The Mumbai Tribunal has held that S. 54 : Capital gains-Profit on sale of property used for residence-Development agreement-Indexed cost of acquisition-Assessee entitled to indexation on entire property and not restricted to 22.5% land share – Multiple floors in same redeveloped building constitute one residential house – Deduction u/s 54 allowable. [S. 2(47), 45, 48] The assessee, a resident individual, entered… Read More ...
The ITAT Delhi has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue- Long-term capital gains on equity-oriented funds-Annual letting value of properties-Non-initiation of penalty proceedings-Where AO had examined the details and taken a possible view, revision was not justified. [S. 45, 112A, 14A, 23, 24(b), 143(3), 271C] The assessee, a designated Senior Advocate, was assessed u/s 143(3) r.w.s.… Read More ...
The ITAT Pune has held that If a particular ground was 'conditionally not pressed' by the Assessee before the CIT (A), the Assessee can raise that ground before the ITAT in Revenue's appeal against the CIT (A)'s order. Dismissal of such a ground by the ITAT without adjudication constitutes a mistake apparent from the record and the order of the ITAT… Read More ...
The ITAT Delhi has held that Reassessment proceedings Section 147 - Where notice under section 148 was issued not only in contravention of provisions of section 151 as sanction of concerned Specified Authority as prescribed i.e PCCIT was not obtained, but same was also time-barred as per provisions of section 149 as same was issued after three years, therefore, impugned notice… Read More ...