Judgements Uploaded By Users In Category: Income-Tax Act
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The Hon'ble Mumbai ITAT has held that Hon’ble Mumbai ITAT quashed order passed u/s 263 of the Income Tax Act, 1961 (Act) by holding that the AO has made detailed inquiry before passing the order which has been raised by the PCIT in proceeding initiated u/s 263 of the Act. Hon’ble ITAT also allowed following claims on merits: (i) Loss on relinquishment… Read More ...
The ITAT Mumbai has held that Bogus purchases - Ratio of judgement of Mohd. Haji Adam (Bom. HC) followed and Kanak Impex India Ltd. (Bom. HC) distinguished. Read More ...
The Mumbai Tribunal has held that S. 45 : Capital Gains – Sale of Film Rights-Transfer of bundle of rights in 31 cinematographic films held to be transfer of capital assets- Consideration received taxable as capital gains and not as business income. [S. 2(11)(B), 2(14) 28(i), 28(va), 55(2)(a)] The assessee, a partnership firm engaged in film production since 1953, had produced… Read More ...
The CALCUTTA HIGH COURT has held that S. 254(1) : Appellate Tribunal-Powers-Tribunal remanding matter with cost-Cost of ₹50,000 imposed on small trader held to be harsh and unjustified - Order of Tribunal set aside. [S. 250(6), 254(2B), 260A] The assessee, a small trader of glass articles, filed appeal against the order of the ITAT, Kolkata `SMC’ Bench, for AY 2017–18. The ITAT… Read More ...
The Jaipur Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases-Hawala- Accommodation entries - Purchases duly supported by bills, cheque payments, confirmations, and accepted sales cannot be treated as bogus. Disallowance of entire purchases unjustified-Disallowance deleted- Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [S.… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases – Estimation of profit element – When purchases were supported by bills, bank payments and sales not disputed, addition restricted to 12.5% of alleged bogus purchases; Bombay High Court ruling in PCIT v . Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)( HC)… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Derived-Interest income on fixed deposits kept for contractual obligations and Interest on wrongful deduction of TDS refund-Eligible for deduction as profits derived from infrastructure facility. [S. 56 , 80IA(ii), 254(2), 260A, Art. 226] The assessee, Gateway Terminals India Pvt. Ltd., a joint venture between APM Terminals Mauritius… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Income tax refund-Interest on excess payment of tax-Income derived from eligible business-Eligible for deduction- No substantial question of law. [S. 260A] The assessee, a developer of IT Parks and SEZ, claimed deduction u/s 80-IA not only on lease rental income (undisputedly eligible) but also on interest received… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus purchases-Addition made on estimated basis of 25% of purchases deleted-Purchases supported by bills, stock register, delivery challans and bank payments-Supplier appeared before AO and confirmed sales-ITAT held that once purchases are corroborated by evidence and vendor’s statement, no addition could be sustained-Bombay High Court ruling in PCIT v. Kanak Impex… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained Expenditure – Bogus Purchases – Addition unsustainable when purchases supported by documents, payments through banking channel, sales accepted, and no cross-examination allowed – VAT authorities accepted purchases-Addition was deleted -Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished.[S.133(6),… Read More ...