Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court has held that S. 263 Revision: There is a distinction between the failure or absence of investigation and a wrong decision/ conclusion. If the AO has reached a wrong decision/conclusion, the CIT cannot remand the case to the AO but must correct it with a decision on merits. A remand is justified only if the AO has made… Read More ...
The Supreme Court has held that Directions regarding reporting and probe of cash transactions in excess of ₹2 Lakh Section 269ST of the Income Tax Act, was introduced to curb black money by digitalising the transactions above Rs.2,00,000/- and contemplating equal amount of penalty under Section 271DA of the Act. When a suit is filed claiming Rs.75,00,000/- paid by cash, not… Read More ...
The ITAT Mumbai has held that 1. The approval taken u/s 153D of the Act before passing order u/s 153A of the Act cannot be taken in a mechanical manner. The approval must reflect materials/findings/reasoning to show that the higher authority has applied his mind before granting approval. AO is duty bound to submit draft assessment order well in advance for… Read More ...
The Gujarat High Corurt has held that The assessee filed a return declaring income of ₹1.27 crore for AY 2015–16. The Assessing Officer (AO) passed an order under Section 143(3), making three key additions: ₹3.97 crore: Difference in profit from Futures & Options (F&O) transactions. CIT(A) deleted ₹3.97 Cr, upheld ₹60,088. ₹5.60 crore: Increase in capital, considered unexplained. CIT(A) deleted the entire… Read More ...
The Gujarat High Corurt has held that The petitioner filed its income tax return on 24/09/2018, claiming a refund of ₹38,08,115 and inadvertently disclosed the disallowances of expenditures in the wrong colums. The Centralized Processing Center (CPC) issued an intimation on 03/09/2019, pointing out a mismatch for not reportig certain disallowances as per the Audit Report. Such Intimation was received by the… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Transactions between partners and firm-Will-Family settlement-Brothers and sisters-Changes in the profit sharing ratio-Colourable device-Transfer-Capital contribution-The provisions of Section 56(2)(viia) of the Act is not applicable-Order of CIT(A) deleting the addition is affirmed. [S. 2(31)(iv), 2(47), 14, 56(2)(viia), R. 11UA] The shares of UFIPL have been introduced as capital contribution… Read More ...
The Mumbai Tribunal has held that S. 12AB : Procedure for fresh registration-The object of the company is to promote Indian heritage art such as Indian Classical music, organize regular concerts and performances by renowned and emerging Indian etc-Renewal of registration cannot be denied on the ground that the objects of the trust may contain clauses, which may enable a charitable… Read More ...
The Mumbai Tribunal has held that S. 90 : Double taxation relief-Capital gains-Mutual fund Units- Singapore resident-Sale/redemption of mutual fund units would be covered Article 13 of DTAA-Not taxable in India-DTAA-India-Singapore. [Art. 13(4), 13(5)] Assessee is a non-resident Indian and is a resident of Singapore . The assessee has shown exemption in respect of capital gains earned on sale of Mutual… Read More ...
The ITAT Mumbai has held that Assesses being co-op credit society engaged in providing credit facility exclusive to its members is eligible for deduction u/s 80P(2)(a)(i), on its total income including the interest from commercial banks. Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the assessee should be… Read More ...