Judgements Uploaded By Users In Category: Income-Tax Act
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The Income Tax Appellate Tribunal Pune Bench has held that Interest on Taxes not to be disallowed under section 43B of the income tax act. In the absence of statutory provisions under the income tax Act that is in absence of specific entry under clause (a) of section 43B of the income tax Act, the interest liability incurred by the assessee on account of delay… Read More ...
The Rajasthan High Court has held that 276CC. Failure to furnish returns of income. For bringing home the charge against the accused for his conviction under Section 276CC of the Act of 1961, it is essential on the part of the Income Tax Department to prove that there was willful attempt to evade any tax, penalty or interest chargeable. In the absence… Read More ...
The Bombay High Court has held that Requiring an assessee to pay more tax by denying deduction under Section 80-IC of the Act would be a case of ‘genuine hardship’ for the purpose of section 119(2)(b) of the Act. The power to condone the delay has been conferred to enable the authorities to do substantial justice and the authorities are expected to… Read More ...
The P&H High Court has held that (i) The submission of the Department that communication of the notice electronically would also include communication of notice by placing it on e-portal and that as the assessee had submitted his form himself on the said e-portal, a presumption can be drawn that he was having knowledge of the notice/reminders which were placed on the… Read More ...
The Delhi High Court has held that S. 153C : Assessment - Income of any other person - Search – Block period - The period of the “relevant assessment year” is to be calculated, to the date of receipt of the books of accounts, documents or assets seized by the jurisdictional AO of the non-searched person- Block periods would have to be… Read More ...
The Bombay High Court has held that Even 143(1) assessment cannot be reopened for conducting fishing enquiry or merely on suspicion. Where trust is a religious institution which receives offerings from devotees to their deity of faith in cash or otherwise, mere fact that there are cash deposits cannot mean that there is any reason to believe that income has escaped assessment,… Read More ...
The Income Tax Tribunal, Pune has held that Assessee retired after serving State Government partly and partly State PSU, the Gratuity and Leave Encashment exemption to be computed in two separate portion. One for Government Service and one for non-government Service. Retirement benefit accrued for a former period shall be exempt without limit and later period shall be exempt to the extent of… Read More ...
The ITAT Delhi has held that (i) Under the first Proviso below Section 254(2A) of the Act, it is only in cases where the merits of the application have been made out, that the Tribunal would be justified in exercising its power of grant of stay on the recovery proceedings. (ii) Prima facie, the income tax authorities have not made any… Read More ...
The Bombay High Court has held that S. 68 : Cash credits-Long term capital gains-Penny stock-Not subjected to any enquiry by SEBI-Sold through DMAT account-STT paid-Purchased at a rate as low as Rs.2.5/- to Rs. 3/- per share and they were sold at a rate extremely as high as Rs.125/- to Rs. 185/- per share-Order of Tribunal deleting the addition is affirmed.… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Long term capital gains-Penny stock-Information from Investigation wing from Kolkata-Estimation of commission-Not subjected to any enquiry by SEBI -Statement of the assesse-Sold through DMAT account-Addition as cash credits and estimation of commission is deleted. [S. 10(38), 45, 69C, 131] The aassessee has sold the shares of , Radford Global Ltd. (Earlier… Read More ...