Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court has held that Permanent Establishment: One of the sine qua non for a fixed place PE is that the place through which the business is carried on must be 'at the disposal' of the enterprise. The degree of control and supervision exercised, and the presence of ownership, management, or operational authority have to be seen. On facts, the… Read More ...
The Madras High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Central Circle-Notice issued by jurisdictional Assessing Officer (JAO ) rather than the Faceless Assessment Officer (FAO)- Notice and consequential order under section 148A(d) is quashed and set aside - Liberty is granted to the Revenue to seek revival if the Supreme Court later reverses the… Read More ...
The Mumbai Tribunal has held that S. 2(22)(e) : Deemed Dividend - Advance received from closely held company by its shareholder - Holding more than 10% -Commercial transaction - Not assessable as deemed dividend. Assessee was holding 35% shares in the company, which had two subsidiary companies. A foreign entity wanted to purchase stake in the company but was not interested… Read More ...
The Bombay High Court has held that S. 271(1)(c) : Penalty-Concealment-Notice must specify the charge- Notice must be precise and there should be no room for ambiguity- Veena Estate (P.) Ltd. v. CIT [2024] 158 taxmann.com 341 / 461 ITR 483 (Bom.)(HC), distinguished- Order of Tribunal is affirmed. [S. 260A] The ITAT held that the penalty show cause notice was ambiguous, as… Read More ...
The Hon'ble Mumbai ITAT has held that Hon’ble Mumbai ITAT held that addition of alleged penny stock shall not be made in case of a regular investor on the basis of information from investigation wing. Facts: Assessee’s case has been reopened on the basis of information received from investigation wing that allegedly the assessee has done trading in penny stocks namely M/s.… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus purchases-Information from Investigation Wing-Addition restricted to 4% justified-Additional ground of Revenue to disallowance at 100% of alleged bogus purchases is rejected-No justification for 100% disallowance in absence of suppression of sales-Books of account not rejected-PCIT v. Kanak Impex (India) Ltd [2025] 172 taxmann.com 283 / 474 ITR 175 (Bom)(HC) is… Read More ...
The Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Faceless assessment-Notice is issued by the Jurisdictional Assessing Officer-On writ the Court set aside the notice issued under Section 148 and all other proceedings/orders emanating therefrom- Honourable Court has granted liberty to the Revenue to revive the order simply by moving a Praecipe before this… Read More ...
The Bombay High Court has held that The Assessing Officer has to give details in the recorded reasons as to which fact or material was not disclosed by the Petitioner that led to its income escaping assessment. A mere bald assertion in the reasons that there was a failure on the part of the Petitioner to disclose fully and truly all material… Read More ...
The Bombay High Court has held that S. 271(1)(c) : Penalty-Concealment-Disallowance of deduction- Method of accounting-Plausible interpretation of law-No malafide intention-Disclosed all relevant facts and no false statement-Penalty is deleted. [S. 43B, 145, 260A] The assessee claimed a deduction for the unpaid ad-hoc bonus. The Assessing Officer disallowed the deduction under Section 43B and imposed a penalty under Section 271(1)(c) for furnishing… Read More ...
The Bombay High Court has held that S. 4 : Charge of income-tax-Capital or revenue-Sales Tax Incentive- Purpose test-Incentive for setting up industrial unit in backward area- Sales tax incentive under 1979 and 1983 Schemes is capital receipt, not chargeable to tax. [S. 28(i), 43B, 1979 Scheme, 1983 Scheme] For the assessment year 1987–88, Bajaj Auto Ltd. set up a new industrial… Read More ...