Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court (Goa Bench) has held that Where assessee had only 50 per cent share in property since she and Section 5A of the IT Act speaks about division of income amongst the spouses and not division of assets. Once the substantive rights of the assessee were governed by section 5A of the Portuguese Civil Code, the mere non-mention of the same… Read More ...
The Bombay High Court has held that Section 12A / 12AA / 12AB - whether assessee is entitled to "deemed registration" if application not disposed off in 6 months. [Sections 11, 12, 12A, 12AA, 12AB of Income Tax Act, 1961] Held: - Assessee's application for registration under s 12A(1)(ac)(i) made in Form 10AC was allowed by the Revenue and the said registration… Read More ...
The ITAT INDORE has held that Income Tax - Appeals - Low Tax Effect - Maintainability - Circular No. 5/2024 Superseding Earlier Circulars - Exception for Audit Objections Removed - Appeals Dismissed Arguments of the Assessee The assessee argued that the appeals filed by the revenue are not maintainable due to the low tax effect. Arguments of The Revenue:- The Departmental… Read More ...
The ITAT Indore has held that The Hon'ble ITAT, Indore Bench in the case of Indore Paraspar Sahkari Grah Nirman Sanstha ITA No. 322/Ind/2023 order dated 18.06.2024 held that section 50C is not applicable on lease property and when the transfer of capital asset is took place as per approval and under the supervision of the statutory authorities and after due… Read More ...
The ITAT Delhi has held that Assessee applied for permanent registration of 12A & 80G and Dept. uploaded Notice only on IT Portal without serving on Email or through Dak, hence in absence of any response from the Assessee CIT(Exemption) passed a Ex- Party rejection Order. ITAT Held that Notice should have also been served to the Assessee on Email. Read More ...
The ITAT, Mumbai has held that The assessee was a SEBI-registered portfolio investor and a tax resident of Mauritius. It held shares of an Indian company M/s International Conveyors Limited (ICL) for more than 10 years before selling them. The AO treated the transaction as a non-genuine transaction and taxed the gains of Rs. 6,64,96,351/- u/s 68 of the Act. On… Read More ...
The Mumbai Tribunal has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Deduction of the amount deposited on account of employees’ contribution to PF and ESIC after due dates specified in PF /ESIC Acts, but before the due date filing of return as prescribed in Section 139(1) of the Act- Tribunal allowed the deduction relying on the… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits- Sale of shares-Penny stock-Denial of exemption is not justified-Addition as cash credits is deleted-Estimated commission- Addition is deleted. [S. 10(38), 45, 69C] The assessee purchased 2 lakh shares of M/s Paridhi Properties Ltd (PPL) at cost of Rs.10 per share which is amounting to Rs.20 lakhs., in March 2014. Later… Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes - Dividend received on the shares which were received as donation towards corpus fund-Treated as part of corpus fund - Cannot be treated as income from other sources-Entitle to exemption. [S. 11(1)(d), 11(5), 13(1)(d)] The issue in dispute is whether the dividend received on the shares, which… Read More ...
The ITAT, Delhi has held that Head Note: Where on the date of issuance of Notice u/s 148, AO was not in possession of the information received from other IT authority, which was the sole basis of reopening, AO could not have formed reason to believe that income of the assessee had escaped assessment. Thus, impugned reassessment notice being erroneous was… Read More ...