Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Bombay High Court has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue - Search assessment – In respect of unabated assessment years, where no addition is made except on the basis of incriminating material found during search, the Principal Commissioner cannot invoke section 263 to revise the assessment.[ S.153A , 260A ] The Revenue challenged the… Read More ...
The Pune Tribunal has held that S. 80-IB(10) : Housing projects- Deduction cannot be denied merely because audit report in Form No. 10CCB was not filed along with the return or within the due date prescribed under section 139(1), if the audit report was furnished before processing of the return under section 143(1)- Filing of Form No. 10CCB is a procedural… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits- Penny stock - NCL Research & Financial Services Ltd- Long-term capital gain on sale of listed shares cannot be treated as bogus merely on the basis of a general Investigation Wing report or abnormal rise in share price when the assessee has established the genuineness of the transactions through documentary… Read More ...
The Pune Tribunal has held that S. 167B: Charge of tax - Shares of members unknown - Maximum Marginal Rate is not applicable to a society registered under the Societies Registration Act, 1860- Such a society is liable to tax at the normal rates and not at the Maximum Marginal Rate, even if the shares of its members are indeterminate. [S.… Read More ...