Judgements Uploaded By Users In Category: Income-Tax Act
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The ANDHRA PRADESH HIGH COURT has held that S. 147A : Reassessment-Face less Assessment-Assessing Officer for the purposes of sections 148, 148A-Constitutional validity Constitutional validity-Retrospective amendment-Jurisdiction of Jurisdictional Assessing Officer (JAO)-Faceless assessment -Section 147A inserted by the Finance Act, 2026, with retrospective effect from 1-4-2021, clarifying that the Assessing Officer for the purposes of sections 148 and 148A shall mean an Assessing Officer… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Strictures - Construction of roads and other infrastructure works- Concurrent findings of fact - Department failed to establish perversity or application of an erroneous legal test- High Court cannot reappreciate evidence or substitute its view for concurrent findings of fact in the absence of a substantial question… Read More ...
The CALCUTTA HIGH COURT has held that S. 69C : Unexplained expenditure -Unexplained expenditure -Bogus purchases -Sales accepted and books of account not rejected under section 145(3) –Furnished books of account, purchase invoices, payment details through banking channels and other supporting evidence -Addition based merely on non-response of suppliers to notices under section 133(6) and cancellation of GST registrations -Once corresponding sales… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment-Validity of notice-Service of notice-Notice under section 148 affixed at an unrelated locked premises without establishing any connection of assessee with the premises-Departmental record itself indicated that assessee did not reside at the said address-Subsequent notices also returned with endorsement “LEFT”-Assessee objected to non-service before completion of assessment-Deemed service under section 292BB… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Purchase of immovable property below stamp duty value-Difference between actual consideration and stamp duty value-Assessee specifically disputed stamp duty valuation and requested reference to DVO-Property jointly purchased by assessee and his wife in specified shares-CIT(A) failed to refer valuation to DVO and confirmed entire difference in assessee’s hands merely… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources -Immovable property -Redevelopment agreement -Permanent alternate accommodation allotted in lieu of surrender of tenancy rights -Redevelopment project incomplete and possession of alternate premises not handed over -Mere execution and registration of redevelopment agreement did not amount to receipt of immovable property -Assessee acquired only a contractual right to… Read More ...
The Mumbai Tribunal has held that S.143(3): Assessment - Business income: Client Code Modification -Alleged shifting of losses through CCM -Mere modification of client code by broker could not establish that resultant loss was fictitious or arranged for tax purposes -Assessee not being a stock-broker could not independently undertake CCM -No material to establish that assessee instructed broker to modify client… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment -Notice issued in the name of non-existent amalgamating company -Amalgamation sanctioned by the Bombay High Court prior to issuance of notice under section 148 -Transferor company had ceased to exist in law -Jurisdictional notice issued against a non-existent entity was invalid -Subsequent participation by the successor company in reassessment proceedings could… Read More ...
The Delhi High Court has held that S. 68 : Cash credits-Strictures- Share capital and Compulsorily Convertible Debentures-Investment of Rs.55 crores by foreign investor companies incorporated in Mauritius and Cyprus-Assessee furnished investment-cum-collaboration agreement, details of foreign inward remittances, audited financial statements of investor companies and other supporting documents-TPO and FT&TR reports did not contain any adverse finding-CIT(A) and Tribunal recorded concurrent findings… Read More ...
The Mumbai Tribunal has held that S. 195 : Deduction of tax at source-Payment to non-resident-Acquisition of trademark-Assessee acquired absolute ownership of trademark “Jamawar” from a non-resident for lump-sum consideration-Assessee furnished trademark assignment agreement, proof of ownership, nature of right transferred, valuation details, commercial terms and Tax Residency Certificate of recipient-Payment was for acquisition of a capital asset and not for… Read More ...