Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that The Bombay High Court has quashed an Assessment order and Directions issued by the Dispute Resolution Panel (DRP). The court's ruling underscores that the DRP's authority to issue directions is limited to cases with pending assessments. Section 144C of the Act presupposes an ongoing assessment process, and if the assessing officer prematurely issues an assessment… Read More ...
The ITAT mumbai has held that Even if it is held that the purchases from sales parties are bogus, then also, the proper course would be to determine the profit arising from the purchases by looking at corresponding sales and what amount of gross profit is earned on alleged bogus purchases. If the alleged bogus purchases show gross profit higher than… Read More ...
The Supreme Court has held that (i) Even if the pre-conditions prescribed under Section 245C are to be read into Section 245H, it cannot be said that in every case, the material "disclosed" by the assessee before the Commission must be something apart from what was discovered by the Assessing Officer. What is of relevance is that the assessee offered to… Read More ...
The Bombay High Court has held that S. 153C : Assessment-Income of any other person-Search-Business of financing-Loan not repaid-Treated as bad-debts-Search on the premises of debtors-Subsequently, notice issued to- Assessing Officer is not justified in assuming jurisdiction where assessment has not been abated where no incriminating material was found- Best judgement assessment-Notice under section 143(2) is mandatory-Reassessment-Change of opinion-Issues dealt with during… Read More ...
The Bombay High Court has held that Under Section 54(1) of the Act as it existed prior to the amendment by the Finance (No.2) Act, 2014, the only condition to be fulfilled to claim deduction under Section 54 of the Act was that a new residential house be purchased within the prescribed time dehors any condition as to the location of such… Read More ...
The ITAT Delhi has held that The assessee cannot be asked to prove with witnesses and documentary evidences the non-occurring of an event "The AO is not justified in concluding that the assessee failed to prove that no cash transaction has taken place and that no independent witness or documentary evidence was produced to prove that the cash transaction did not… Read More ...
The TELANGANA HIGH COURT has held that Order passed u/s 148A(d) and Notice issued u/s 148 in name of amalgamated entity is null and void . Reliance placed on Supreme Court decision of Maruti Suzuki reported in (2019) 416 ITR 613 SC. Read More ...
The ITAT - DELHI has held that Issues which have been examined in detail cannot be made a part of revision by the Ld. Pr.CIT. Order u/s 263 quashed. Read More ...
The ITAT - DEHRADUN has held that When time limit to file revised return is available, and even time limit to issue 143(2) is available, then re-assessment cannot be resorted to as it cannot be said that there is any escapement of income. The Ld. AO ought to issue notice u/s 143(2) and not u/s 148. Hence re-assessment is liable to be… Read More ...
The Supreme Court has held that Whether a co-operative society, is entitled to claim deduction of the whole of its profits and gains of business attributable to the business of banking or providing credit facilities to its members who are all co-operative societies under Section 80P of the Income Tax Act, 1961. HELD: What is central to the controversy is whether… Read More ...