Judgements Uploaded By Users In Category: Income-Tax Act
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The INCOME TAX APPELLATE TRIBUNAL DEHRADUN has held that Section 153A and section 148/147 cannot be initiated for the search year.The Assessee can only be assessed u/s 143(3)for the search year. Read More ...
The Ahmadabad ITAT has held that Where audit report in Form No. 10B was already filed and available on record, when assessee's return was processed by CPC, denial of exemption under section 11 merely on account of alleged belated filing of Form No. 10B, was not justifiable. Further the learned CIT(Appeals) erred in declining to condone the delay of 1021 days… Read More ...
The ITAT Mumbai has held that For the purpose of treating an asset being office premises as a part of the 'block of assets', it is not necessary that the possession of the office premises should have been given to the assessee. Once payment is made and there is a registered agreement, the office premises acquired during the year could be… Read More ...
The Hon'ble Mumbai ITAT has held that once the assessee discharged its onus by furnishing confirmations, PAN, ITRs, bank statements, and proof of repayment within the same year, reliance by AO/CIT(A) solely on the statement of an entry operator was unsustainable—particularly when the statement was retracted and cross examination was denied. 📂 Facts • Assessee received unsecured loans of ₹50 lakh from… Read More ...
The Hon'ble Mumbai ITAT has held that 📌 Penalty under Section 271(1)(c) unsustainable when basis of levy altered — ITAT Mumbai deletes penalty on estimated addition. ________________________________________ 📰 Compliance Bulletin Case: Amish Anantrai Modi vs DCIT [I.T.A No.6281/Mum/2025] Forum: Hon’ble ITAT, Mumbai Issue: Validity of penalty u/s 271(1)(c) when the foundation of addition changes ⚖️ Facts • Addition made u/s 68 on… Read More ...
The Hon'ble Mumbai ITAT has held that Reopening quashed as AO did not disposed objection against reopening filed by the assessee. Background: • The assessee’s original assessment (AY 2013-14) was framed under section 143(3) r.w.s. 153C in 2016, with additions for alleged bogus LTCG. • That assessment was quashed by ITAT in 2021. • Subsequently, the AO issued a notice under section… Read More ...
The Hon'ble Mumbai ITAT has held that ⚖️ Hon’ble Mumbai ITAT held that when evidence of inflated purchases have been found during the search at assessee’s premises which has been extrapolated and addition has been made in all preceding years and restricted to certain % by appellate authorities then penalty u/s 271(1)(c) or 270A of the Act is not leviable on such… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Addition for alleged “on-money” paid for purchase of jewellery solely on the basis of statement of third party and documents found in search of another person, without any incriminating material found in assessee’s search and without corroboration, is unsustainable-Assessee cannot be asked to prove a negative-Addition cannot be made merely on… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue-Charitable trust-Limited scrutiny-Payments to specified persons u/s. 13(3)-AO having made detailed enquiries and accepted explanation, PCIT cannot set aside assessment merely for “further verification” without himself recording how order is erroneous-Inadequate enquiry is not enough-PCIT must establish error by own enquiry-Revision quashed. [S. 12A, 13(3),… Read More ...
The Bombay High Court has held that S. 151 : Reassessment-Sanction for issue of notice-After the expiry of four years-Sanction u/s. 151 was issued by CIT(E) instead of joint Commissioner-Wrong authority-Effect of TOLA-Relying on Rajeev Bansal order reassessment notice and consequential order was quashed. [S. 147, 148, 151(2), TOLA, 2020, Art. 226] On writ against the reassessment order , allowing the petition… Read More ...