Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Supreme Court has held that Whether the dividend income earned by the assessee is taxable, although exempted under Omani Tax Laws to entitle the assessee to the benefits of the Double Taxation Avoidance Agreement (‘DTAA’) between India and Oman. HELD: The provisions of DTAA fully exempt the assessee from payment of tax on dividend in Oman which, in turn, would… Read More ...
The Telengana High Court has held that When the AO decided to go in for re-assessment of the return submitted by the assessee and notice for the same under Section 148A of the Act was issued, it was incumbent upon the AO to have adhered to the amended provision of the Act and do the re-assessment in a faceless manner, rather than… Read More ...
The ITAT - MUMBAI has held that The approval u/s 153D should be speaking and ought to necessarily reflect application of mind. In the absence of the same, the purpose of the approval from a superior authority as enshrined by the legislature gets vitiated. Read More ...