Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 255 : Appellate Tribunal-Procedure-Functions-Duties-Pronouncement of orders-Tribunal cannot repeatedly release matters without delivering judgment-ITAT directed to strictly adhere to the time-limit prescribed under Rule 34 and pronounce orders within 60 days, or in exceptional cases within 90 days. [S. 254(1), 255(4), ITAT Rules, 1963, Rule 34(5)(c), Art. 226] The petitioner challenged the repeated release of… Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes-Registration granted during pendency of appellate proceedings-Benefit of exemption under sections 11 and 12 available for earlier assessment year-Matter remanded to Assessing Officer. [S. 12, 12AA, 250] The assessee-trust claimed exemption under sections 11 and 12. The Assessing Officer denied the claim on the ground that registration under… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-Failure to dispose of objections to reopening by a separate speaking order before completion of assessment- Additional grounds-Reassessment void and liable to be quashed. [S. 69C, 143(3), 148] The assessee challenged the validity of the reassessment on the ground that although objections were filed against the reasons recorded for reopening, the Assessing… Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes-Charitable Trust-Delay in filing Form No. 9A-Appellate authorities have power to examine claim independently notwithstanding rejection of condonation application under section 119(2)(b)-Delay of about three months condoned-The Assessing Officer was directed to allow the exemption. [S.12 ,119(2)(b), Rule 17, Form No. 9A] The assessee, a charitable trust, filed… Read More ...
The Bombay High Court has held that S. 4 : Charge of income-tax-Capital or revenue receipt-Pre-commencement receipts-Income earned during trial runs and sale of scrap before installation of project-Receipts inextricably connected with setting up of project-Capital receipts-Not taxable. [S. 28(i), 80IA, 145 , 260A] The assessee, engaged in the business of generation and distribution of electricity, earned income from trial runs of… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Initial assessment year-Assessee entitled to choose first year for claiming deduction-Earlier years' unabsorbed depreciation already absorbed cannot be notionally brought forward-CBDT Circular No. 1/2016 [ S.80IA(2), 80IA(5), 119, 260A] The assessee exercised the option under section 80-IA to treat A.Y. 2002-03 as the initial assessment year for… Read More ...
The Mumbai Tribunal has held that S. 68: Cash credits - Long-term capital gains on sale of shares –Penny stocks- Sunrise Asian Ltd. (formerly Santoshima Tradelinks Ltd.) Exemption cannot be denied merely on suspicion – Purchase and sale through banking channels, demat account and recognised stock exchange – In absence of evidence connecting assessee with alleged accommodation entries, addition under section… Read More ...
The Pune Tribunal has held that S. 148A: Reassessment - Conducting inquiry, providing opportunity before issue of notice - Notice issued after three years solely on the basis of information available on ITBA/INSIGHT Portal – Property jointly purchased – Assessee's share below ₹50 lakh – Failure to verify registered sale deed before issuing notice – Reassessment held to be without jurisdiction-… Read More ...
The Pune Tribunal has held that S. 11: Property held for charitable purposes - Delay in filing Form No. 10BB – Audit report filed before processing of return under section 143(1) – Delay is procedural – Exemption cannot be denied. [ S. 12, 12AA ,139(1), 143(1), R. 17B, Form No. 10BB] The assessee, a charitable trust registered under section 12AA, filed… Read More ...
The Delhi High Court has held that S. 158BC: Block assessment – Notice under section 143(2) is mandatory – Non-issuance of notice renders block assessment void- Addition can be made only on the basis of incriminating material found during search – Material gathered during post-search investigation cannot form the basis of block assessment. [S.. 143(2), 260A ] The assessee's block assessment under… Read More ...