Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Delhi ITAT has held that Hon'ble Delhi ITAT held that mechanical approval cannot be sustainable in law in the light of judicial dicta available. The approval memo is totally silent on the issues involved and has granted omnibus approval without any thoughtful process being discernible. A single approval u/s 153D has been accorded in respect of Three assessment years and… Read More ...
The Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Reassessment notice issued after 29.03.2022 by Jurisdictional AO instead of Faceless AO is without jurisdiction and void ab initio-DRP cannot ignore binding jurisdictional High Court ruling in Hexaware Technologies Ltd-Refusal to follow jurisdictional precedent is impermissible-the Court also cautioned the tax authorities that continued disregard… Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes-CSR Contributions- Tied-up Grants-CSR contributions received by a charitable trust as an implementing agency, with specific donor restrictions and monitoring, are in the nature of tied-up grants- Delay in filing Form 10 for accumulation is a technical lapse, and where bona fide hardship is shown, such delay deserves… Read More ...
The INCOME TAX APPELLATE TRIBUNAL DEHRADUN has held that Section 153A and section 148/147 cannot be initiated for the search year.The Assessee can only be assessed u/s 143(3)for the search year. Read More ...
The Ahmadabad ITAT has held that Where audit report in Form No. 10B was already filed and available on record, when assessee's return was processed by CPC, denial of exemption under section 11 merely on account of alleged belated filing of Form No. 10B, was not justifiable. Further the learned CIT(Appeals) erred in declining to condone the delay of 1021 days… Read More ...