Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Pune has held that In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune has overturned the order of the Principal Commissioner of Income Tax (PCIT), which had canceled the registration of M.M. Patel Public Charitable Trust under Sections 12A and 12AB of the Income Tax Act, 1961. The decision provides a major relief to charitable institutions by… Read More ...
The Bombay High Court has held that S. 119 : Central Board of Direct Taxes-Circular-Property held for charitable purposes-Form No. 10B was filed manually before due date of filing of return-Mandatory e-filing of Form 10B-Delay of 2732 days in filing the form electronically-Delay is condoned-The delay should be condoned as long as such lapse is not mala fide and the assessee has… Read More ...
The Supreme Court has held that At the time of seeking registration under Section 12-AA, the authority must be subjectively satisfied that the objects and proposed activities of the Trust are genuinely charitable in nature. It is not required that the trust should be carrying on activities at the stage of registration (i) The very purpose for any assessee to seek… Read More ...
The Bombay High Court has held that S.2(14)(iii): Capital asset-Agricultural land-Land is not used for agricultural purposes-Self-serving ledger entries-Property was sold before starting agricultural activity - Failed to file affidavit under Rule 10 of the Income Tax (Appellate Tribunal) Rules, 1963, pointing out that none of the Commissioner’s findings were contrary to the evidence on record or that the Commissioner or other… Read More ...
The Bombay High Court has held that S. 50C : Capital gains-Full value of consideration-Stamp valuation- Transfer of tenancy right-Provision of Section 50 C is not applicable- Revenue has accepted the decision of Shri Atul G. Puranik v. ITO (2011) 132 ITD 499 (Mum)( Trib)- Appeal of Revenue is dismissed. [S. 45, 49] On appeal by the Revenue dismissing the appeal the… Read More ...
The Supreme Court has held that a. Whether an offence under Section 276CC of the Income Tax Act, 1961 could be said to have been committed on the actual date of filing of return of income or on the day immediately after the due date for filing of returns as per Section 139(1) of the Act? b. What is the meaning… Read More ...
The Income-tax Appellate Tribunal, Nagpur Bench has held that The assessee is a co-operative society engaged in the activity of providing credit facility to its members. Assessee is eligible for deduction u/s. 80P of IT Act. Assessee filed its return of Income u/s. 139(1) of the Act declaring total income of Rs. NIL after claiming deduction of Rs. 72,09,175/- u/s. 80P of the Act.… Read More ...
The ITAT Pune has held that Filing of Form No.67 within the due date for filing of the return of income is not mandatory, but it is mere a directory under the provisions of the Income Tax Rules, 1962. On date of processing the return of income, a Form No.67 was uploaded, which the CPC, Bangalore had failed to take into… Read More ...
The Mumbai Tribunal has held that S. 90 : Double taxation relief-Capital gains-Exempt income-Set-off of losses-Carry-forward allowed-No set-off of capital losses against exempt gains permitted- Carry-forward of losses for future years is allowed, subject to that the set-off must be applied only to income which is taxable in India-DTAA-India-Mauritius. [S. 70, 74(1), 90(2), Art. 4, 13(3B) ,13(4)] The assessee, TVF Fund… Read More ...
The Bombay High Court has held that S. 132B : Application of seized or requisitioned assets-Search and Seizure-Jewellery-Release of seized assets-Strictures-Accountability- Jewellery seized in the year 2005-Not released to the assessee even after 25 years - Loss of seized jewellery from the Bank locker-Legal heir entitled to return of jewellery-Income tax department and Bank held liable to compensate-Interim relief granted-The Court emphasized… Read More ...