Judgements Uploaded By Users In Category: Income-Tax Act
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The MUMBAI ITAT has held that In such a scenario, it would be unsafe to rely only on the statement of Shri Vivek Mohanani, which has been recorded behind the back to the assessee to saddle the addition without some corroborative material which has been found during search showing that the assessee and his wife had paid cash of Rs.7,72,000/- over… Read More ...
The Income Tax Tribunal, Pune has held that This latest decision is about invalidity of action of AO in rejecting the books. The ITAT held that; The rejection of books as envisaged u/s 145(3) invariably talks about defects in accounts of the assessee. Thus defects in the accounts of third party with whom the assessee had any transaction would to empower the assessing… Read More ...
The Delhi ITAT has held that terms of Section 40A(3) r.w.s. 40A(3A) are not absolute. Consideration of business expediency and other relevant factors are not excluded from the ambit of these provisions. Genuine and bona fide transactions are not taken out of the sweep of such provisions. In the light of nature of business, the assessee has sufficiently demonstrated that strict… Read More ...
The CHANDIGARH TRIBUNAL has held that S. 11 : Property held for charitable purposes-Object of improvement in the town of Sangrur-Activities cannot be held to be commercial in nature - Entitle to exemption. [S. 2(15), 12, 13(8)] The objects/activities of the trust is improvement in the town of Sangrur. The Assessing Officer held that the activities of the trust with regard… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment-Notice-Objection to recorded reason was not disposed off by a separate speaking order-Order is bad in law. [S. 143(3), 147] Tribunal held that the reassessment framed without disposing off the objections for reasons recorded is bad in law and liable to be quashed . Relied on KSS Petron Pvt. Ltd. v. ACIT… Read More ...
The Delhi High Court has held that Prem Chopra Vs Assistant Commissioner of Income-tax, Circle 46(1) New Delhi[Delhi High Court] Date-25th May 2023 Sub: Whether on same set of facts, diametrically opposite view can be taken by issuing notice u/s 148 in one year whereas dropping the proceedings in another year? Cogent and consistent answering to every “why” is the DNA of… Read More ...
The ADDL. CHIEF METROPOLITAN MAGISTRATE has held that S. 276CC : Offences and prosecutions-Failure to furnish return of income - Return filed late-Directors of the firm held guilty-Sent to rigorous imprisonment for six months. [S. 139, 278E, CPC, 248(2), 313] The accused was having taxable income for A.Y. 2014¬-2015. The director of the company by written submission stated that the profit of company… Read More ...
The Mumbai Tribunal has held that S. 92C : Transfer pricing-Arm’s length price-Bundle of Sport Broadcasting Rights-Most Appropriate Method-CUP Method and Other Method-Report of an independent Valuer-Assessee can resile from the Most Appropriate method selected earlier -The Most Appropriate Method is other Method - On the facts the Assessing Officer was justified in making transfer pricing adjustment in the international transaction… Read More ...
The Mumbai Tribunal has held that S. 54F : Capital gains- Investment in a residential house-Co-owner of more than one house-Eligible for deduction-Precedent-When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed. [S. 45, 54] The assessee is an individual, claimed deduction under section 54F of the income-tax Act. The Assessing Officer… Read More ...
The ITAT AMRITSAR has held that VIOLATION OF PRINCIPLES OF NATURAL JUSTICE. Admittedly, the lower authorities have passed orders ex parte qua the assessee in violation of principles of natural justice, as no reasonable opportunity of being heard has been granted to the assessee in absence of service of notices as mentioned in the impugned order Read More ...