Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue-Capital gains - Business income from share transactions – Principle of consistency to be followed – Once similar income was accepted as capital gains in earlier and subsequent years, same cannot be assessed as business income in the year under consideration merely on the basis… Read More ...
The ITAT INDORE has held that Reassessment – Penny Stock – Unexplained Investment – Addition in Wrong Assessment Year – Not Sustainable Sections 69 and 147 of the Income-tax Act, 1961 Issue Whether an addition on account of alleged unexplained investment in penny stock shares can be made in an assessment year different from the year in which the investment was… Read More ...
The ITAT Mumbai has held that Notice under section 148 of the Act issued after three years from the end of the assessment year is bad in law if the sanction has been obtained from PCIT instead of the PCCIT. Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-With in four years-Change of opinion-Survey- Penny stock-Alleged bogus business loss- AO had specifically examined the assessee’s loss in shares of Shree Nath Commercial and Finance Ltd-Reopening was subsequently based on the very same survey material, Kolkata Investigation Wing report on penny stocks, and the same disclosed transactions, the reopening was invalid… Read More ...
The Mumbai Tribunal has held that S. 54F : Capital gains-Investment in a residential house-Tenancy rights-Redevelopment-Income from other sources-Flat received on surrender of tenancy rights-Not taxable u/s. 56(2)(x)- Exemption u/s 54F allowable. [S. 2(14), 2(47), 45, 56(2)(x)] The assessee claimed exemption u/s 54F in respect of a flat received from the developer on surrender of tenancy rights in a redevelopment project.… Read More ...
The Bombay High Court has held that S. 50 : Capital gains - Depreciable assets - Block of assets -Rate of tax -Rate of tax of would be in terms of section 112 at rate of 20 per cent- Writ petition against order of ITAT Special Bench, SKF India Ltd v. Dy. CIT (2025) 210 ITD 1 / 121 ITR 307 (SB)(Mum)(Trib.)-Alternative… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Immovable property-Stamp duty valuation-Reference to DVO-Safe harbour tolerance band-Once DVO value substitutes stamp duty value, tolerance limit of 10% applies also with reference to DVO valuation-Amendment held curative/beneficial-Addition deleted when difference between consideration and DVO value was only 6.09%. [S. 50C, 55A, 56(2)(x), 143(3)] The assessee purchased a flat… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Gift from spouse-Mere filing of gift deed, PAN and ITR acknowledgment of donor not sufficient-In absence of bank statements, clear trail of funds, source of donor and correlation of remittance, assessee failed to fully discharge primary onus-Matter restored to Assessing Officer for de novo verification-Appeal allowed for statistical purposes. [S. 56(2)(x),… Read More ...
The ITAT Mumbai has held that If the penalty notice does not strike off the irrelevant portion viz. concealment or furnishing inaccurate particulars, the notice is bad in law and the penalty is liable to be deleted. The ITAT has considered the judgement of the Bombay High Court in the case of Veena Estate (P) Ltd. vs. CIT [2024] 158 taxmann.com… Read More ...
The ITAT Mumbai has held that If the AO proceeds with the assessment by issuing notices u/s 142(1) & 143(2) of the IT Act before providing the ‘recorded reasons’ and before disposing of assessee’s objections to the ‘recorded reasons’, the same is a violation of the guidelines laid down by the Supreme Court in the case of GKN Driveshafts (India) Ltd.… Read More ...