Judgements Uploaded By Users In Category: Income-Tax Act
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The MUMBAI ITAT has held that BOGUS PURCHASE: After considering rival contentions, we find no reason to interfere with the stand of Ld. CIT(A) since the assessee was engaged in trading activities and could not achieve the sales turnover without purchase of material. The turnover of the assessee has not been doubted by the revenue and the assessee is in possession… Read More ...
The BOMBAY HIGH COURT has held that DTVSV-A is a beneficial statute FAQ 61 of the circular 21/2020 dated 4th December 2020 issued by the CBDT to the extent that it restricts appeals to the ones ‘dismissed in limine’ are not only adverse to the interest of the assessee but also contrary to the object and reasons of DTVSV-A. Read More ...
The Income-tax Appellate Tribunal, Mumbai has held that The Judgment of Supreme Court in CIT vs. Apex Laboratories (442 ITR 1) does not ipso facto mean that expenses are disallowable under section 37(1) of the Act, the same requires investigation into facts. Therefore, the Assessing Officer cannot rectify the assessment under section 154 of the Act. Read More ...
The ITAT Amritsar Bench, Amritsar has held that Concession of extending another opportunity to the assessee in proceedings ex-parte both before the AO and CIT(Appeals) by the Hon'ble ITAT Bench. 1.Whether concession of extending another opportunity to the assessee is warranted when the matter was heard ex-parte both in adjudication and appellate proceedings before the AO and Commissioner (Appeals) ? 2.Whether assessee is… Read More ...
The ITAT Amritsar Bench, Amritsar has held that Issues before the Hon'ble ITAT Amritsar Bench, Amritsar. 1.Whether revenue has power to make disallowance under section 40A(7) on a due perusal of tax audit report submitted by the auditor for the respective year under reference ? 2.Whether assessee must be given an opportunity of being heard before the revenue proceeds to sustain disallowance under… Read More ...
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 ...