Judgements Uploaded By Users In Category: Income-Tax Act
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The HONBLE ITAT,AGRA SMC BENCH ,AGRA has held that FOR A MERE TECHNICAL VENIAL BREACH COMMITTED BY THE ASSESSSEE IN FURNISHING THE REQUISITE DETAILS AT THE TIME OF OF ASSESSMENT PROCEEDINGS ,WHICH WERE ULTIMATELY FURNISED SUBSEQUENTLY BEFORE THE COMPLETION OF ASSESSMENT U/S 143(3), NO PENALTY U/S 272A(1)(d) CAN BE LEVIED . Read More ...
The Mumbai Tribunal has held that S. 153A : Assessment-Search-Abated assessment-No incriminating material was found-Alleged bogus purchases-Addition was deleted. [S. 69C, 132] Dismissing the appeal of the revenue the Tribunal held that without any incriminating material found during search proceedings the addition cannot be made in respect of abated assessment. Followed, PCIT v. Abhisar Buildwell Pvt. Ltd. (2023)454 ITR 212 /… Read More ...
The Chennai Tribunal has held that S. 64 : Clubbing of income-Minor child-Capital gains-Sale of inherited property-Minor daughter’s share deposited in nationalized bank under Court order-Not includible in assessee’s hands. [S. 45, 54F, Hindu Minority and Guardianship Act, 1956, S.8(2)] The assessee sold property inherited from his deceased wife, being entitled along with his minor daughter to equal shares. The City… Read More ...
The Chennai Tribunal has held that S. 54F : Capital gains- Investment in a residential house–Advance received cannot be assessed as capital gains–The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section 54F. [S. 45] The assessee, an individual, sold 30.35 cents of land out of 121 cents situated at… Read More ...
The ITAT, Mumbai Bench has held that The Assessee was a SEBI-registered foreign portfolio investor. During the assessment proceedings, the AO called upon the assessee to explain why the long term capital loss should not be set off against the long term capital gain. The assessment was concluded after considering the reply of the assessee, after which notice u/s 263 was issued.… Read More ...
The ITAT, Mumbai Bench has held that Delay in filing appeal by 427 days due to health issues of an employee who was entrusted with income-tax compliance matters, must be condoned, since assessee does not gain anything by causing the delay. The appeal must be decided on merits. On merits, it was held that an assessee cannot be required to prove a… Read More ...
The Supreme Court has held that Section 276C(1): Prosecution for Wilful attempt to evade tax cannot be initiated until the ITAT confirms levy of penalty (i) As per departmental circular dated 24.04.2008, Prosecution Manual, 2009, and CBDT’s circular dated 09.09.2019, prosecution under Section u/s 276C(1) shall be launched only after the confirmation of the order imposing penalty by the Income Tax… Read More ...
The Mumbai Tribunal has held that S. 9(1)(vi) : Income deemed to accrue or arise in India-Aircraft leasing-Multilateral Instrument (MLI)-Principal Purpose Test (PPT) cannot be applied in absence of specific Sec. 90(1) notification-Lease rentals not taxable as royalty-No Permanent establishment in India- Entitle to treaty benefit-DTAA-India Ireland. [S. 9(1)(i), 90(1), 143(3), 144C(13), 234A, 234B, 270A, Art. 5, 6, 7 , 8(1)… Read More ...
The Gujarat High Court has held that S. 147 : Reassessment-Validity of notices issued under old regime after 01.04.2021-Limitation and sanction under new regime- Considering the surviving time available-limitation under S.149 had expired or sanction under S.151 of appropriate authority was lacking, the reassessment notices were invalid. [S. 148, 148A, 149, 151, Art. 226] The assessee challenged notices issued u/s 148 (old… Read More ...