Judgements Uploaded By Users In Category: Income-Tax Act
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ITO vs. M.P. Police Sakh Sahakari Sanstha Maryadit (ITAT Indore)

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 ...

Indore Paraspar Grah Nirman Sahakari Sanstha vs. ACIT (ITAT Indore)

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 ...

Raghunandan Mishra Charitable Trust vs. CIT (Exemption) (ITAT Delhi)

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 ...

Elara India Opportunities Fund Limited v. DCIT (International Taxation) (ITAT Mumbai)

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 ...

Dy. CIT v. ANI Integrated Services Ltd (ITAT Mumbai)

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 ...

Shaily Prince Goyal v. ITO (ITAT Mumbai)

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 ...

ITO v. Bhavitha Foundation (ITAT Mumbai)

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 ...

Santosh Khunteta v. ITO Ward 29(5), Delhi [ITA No 3139/DEL/2023] (ITAT Delhi)

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 ...

Krimesh Ramesh Divecha vs. Deputy Commissioner of Income–tax, 34(2) (ITAT Mumbai)

The ITAT Mumbai has held that The aforesaid appeal has been filed by the assessee against order dated 07/12/2023 passed by NFAC, Delhi for the quantum of assessment passed u/s.143(3) for the A.Y.2015-16. In the aforesaid case the assessee had declared income from transaction in derivatives (futures) transactions declaring total turnover of Rs.42,61,003/- and offered income u/s.44AD @ 8% during the… Read More ...

M/s Trustar Diamond vs. ACIT (ITAT Mumbai)

The ITAT Mumbai has held that There were two Appeals filed. One by filed by the Assessee and another filed by the Department. The Assessee has filed an appeal against the CIT(A) Order u/s 250 of the Act dated 24th February 2023 who has restricted the addition to 12.50% from the addition of 100% of alleged bogus purchases made in the… Read More ...