Judgements Uploaded By Users In Category: Income-Tax Act
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The CALCUTTA HIGH COURT has held that S. 69C : Unexplained expenditure -Unexplained expenditure -Bogus purchases -Sales accepted and books of account not rejected under section 145(3) –Furnished books of account, purchase invoices, payment details through banking channels and other supporting evidence -Addition based merely on non-response of suppliers to notices under section 133(6) and cancellation of GST registrations -Once corresponding sales… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment-Validity of notice-Service of notice-Notice under section 148 affixed at an unrelated locked premises without establishing any connection of assessee with the premises-Departmental record itself indicated that assessee did not reside at the said address-Subsequent notices also returned with endorsement “LEFT”-Assessee objected to non-service before completion of assessment-Deemed service under section 292BB… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Purchase of immovable property below stamp duty value-Difference between actual consideration and stamp duty value-Assessee specifically disputed stamp duty valuation and requested reference to DVO-Property jointly purchased by assessee and his wife in specified shares-CIT(A) failed to refer valuation to DVO and confirmed entire difference in assessee’s hands merely… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources -Immovable property -Redevelopment agreement -Permanent alternate accommodation allotted in lieu of surrender of tenancy rights -Redevelopment project incomplete and possession of alternate premises not handed over -Mere execution and registration of redevelopment agreement did not amount to receipt of immovable property -Assessee acquired only a contractual right to… Read More ...
The Mumbai Tribunal has held that S.143(3): Assessment - Business income: Client Code Modification -Alleged shifting of losses through CCM -Mere modification of client code by broker could not establish that resultant loss was fictitious or arranged for tax purposes -Assessee not being a stock-broker could not independently undertake CCM -No material to establish that assessee instructed broker to modify client… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment -Notice issued in the name of non-existent amalgamating company -Amalgamation sanctioned by the Bombay High Court prior to issuance of notice under section 148 -Transferor company had ceased to exist in law -Jurisdictional notice issued against a non-existent entity was invalid -Subsequent participation by the successor company in reassessment proceedings could… Read More ...
The Delhi High Court has held that S. 68 : Cash credits-Strictures- Share capital and Compulsorily Convertible Debentures-Investment of Rs.55 crores by foreign investor companies incorporated in Mauritius and Cyprus-Assessee furnished investment-cum-collaboration agreement, details of foreign inward remittances, audited financial statements of investor companies and other supporting documents-TPO and FT&TR reports did not contain any adverse finding-CIT(A) and Tribunal recorded concurrent findings… Read More ...
The Mumbai Tribunal has held that S. 195 : Deduction of tax at source-Payment to non-resident-Acquisition of trademark-Assessee acquired absolute ownership of trademark “Jamawar” from a non-resident for lump-sum consideration-Assessee furnished trademark assignment agreement, proof of ownership, nature of right transferred, valuation details, commercial terms and Tax Residency Certificate of recipient-Payment was for acquisition of a capital asset and not for… Read More ...
The ITAT Mumbai has held that A revised return filed by an assessee, to correct the original return which treated loss on F&O transactions as speculative loss, could not be rejected on the ground of 'change of opinion'. The doctrine of 'change of opinion' relied upon by the AO was relevant in the context of reassessment proceedings under section 147/148 of… Read More ...
The Mumbai Tribunal has held that S. 45 : Capital gains-Co-operative housing society-Redevelopment of property-Development Agreement entered into by society on behalf of its members-Society continued to be owner of land-No consideration received by society-Developer entered into Permanent Alternate Accommodation Agreements with individual members- Society merely acted as representative of members-Capital gains arising from redevelopment transaction, if any, taxable in hands… Read More ...