Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 119 : Central Board of Direct Taxes- Circular-Condonation of delay -Filing of return of loss-Genuine hardship – Delay of 5 months in filing return due to bona fide professional advice by Chartered Accountant – Assessee should not suffer grave hardship for a professional’s mistake - Circular No. 9 of 2015 – Delay was condoned… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-Information from third-party search-Accommodation entries-Cash credits -Section 153C not triggered, reopening u/s 147 is valid-On merits, addition based mainly on untested third-party statement without cross-examination requires fresh adjudication by CIT(A). [S. 68, 132(4), 133(6), 148, 151, 153C, ITAT Rule, 1963 ,R. 27] In a search on the Sushil Lahoti group, statements indicated… Read More ...
The ITAT Indore has held that CBDT Instruction No. 3/2017 dated 21.02.2017—which directs that no verification is required for cash deposits up to ₹2.5 lakh by individual taxpayers—is binding on the department. The ITAT observed that such deposits can reasonably be explained as household savings or small business receipts and that additions contrary to the Instruction are unjustified. Read More ...
The Delhi Tribunal has held that S. 115BAA : Tax on income of certain domestic companies – Determination of tax in certain cases- Option exercised under section 115BAA – Rate of tax applicable – Long term capital gains – Company opting for taxation under section 115BAA is liable to pay tax at 22% on total income including long-term capital gains and… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue -Limited Scrutiny – Deemed rental income -Order passed after due enquiry cannot be treated as erroneous and prejudicial to the interests of revenue – PCIT cannot revise assessment to include issues beyond the scope of limited scrutiny (S.143(3), IND AS-115) The assessee, an individual… Read More ...
The Chennai Tribunal has held that S. 275 : Penalty-Bar of limitation- Recording of satisfaction-Cross objection- CBDT Circular binding on department -Period of limitation is to be reckoned from the date of recording of satisfaction by the AO in the assessment order and not from the date of notice issued by the Joint/Additional CIT. [S. 119, 269SS, 271D, 271E, 271AAA, 275(1)(c)]… Read More ...
The Delhi High Court has held that S. 278B : Offences by companies-Prosecution of directors without impleading company-Not maintainable-Arraignment of company is a condition precedent for prosecuting its directors-Company being the principal offender must first be made an accused-Proceedings against directors alone quashed. [S. 276, 281, Cr PC, 1973, S. 482 BNSS, Act, 2023, S. 528, Negotiable Instruments Act, 1881, S. 141]… Read More ...
The Mumbai Tribunal has held that S. 92C : Transfer Pricing–Arm’s length price-Avoidance of tax-International transaction-Characterisation of Indian Entity-Limited Risk Distributor-Entrepreneurial Service Provider- Transactional Net Margin Method (TNMM)-Other Method under Rule 10AB-Re-characterisation of Transactions-Royalty Computation-Transfer Pricing Adjustment of ₹444.93 Cr held to be unsustainable. [R. 10AB] The assessee, Netflix Entertainment Services India LLP, engaged in distribution of access to the global… Read More ...
The Mumbai Tribunal has held that S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services (FTS)-Functional Service Agreement- Standardized support services – No managerial, technical or consultancy element – Not taxable as FTS- DTAA- India–Belgium. [S.9(1)(vi)), Art. 12(3)(a), 12(3)(b)] The assessee, Solvay S.A. (Belgium), received Rs.109.72 crore from its Indian affiliates, Solvay Specialties India Pvt. Ltd.… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue - Special category States - Manufacture of essential oils and perfumery -Assessment without incriminating material – Search assessment – Deduction u/s 80IC – Revisionary power cannot be exercised in respect of completed/unabated assessments in absence of incriminating material – Revision order quashed. [S. 80IC,… Read More ...