Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Non-Resident-Swiss account funds of non-resident-Credits in HSBC (Geneva) accounts originated outside Indian Territories.-Income deemed to accrue or arise in India-No business connection-Limitation- Extended period of 16 years is not applicable to non-Residents- Reassessment notice and order is held to be bad in law and quashed-DTAA-India-UK-French. [S. 6(1),… Read More ...
The JAIPUR TRIBUNAL has held that S. 37(1) : Business expenditure-Sales and business promotion expenses-Gifting freebies to dealers and stockists-Performance in meeting sales targets-Allowable as deduction-Circular No 5 of 2012 dt. 1-8-2012 prohibits the benefit of freebies directly or indirectly to medical practitioners and their professional associations and not to dealers and stockists. Dismissing the appeal of the Revenue the Tribunal… Read More ...
The Bombay High Court has held that S. 41 : Endorsement of instruments on which duty has been paid- Development agreement-Alternative accommodation-Re development-Reference to re-development and homes is to be read to include garages, galas, commercial and industrial use and every form of society re-development-No stamp duty on permanent alternate accommodation agreement (PAAA), if the development agreement is stamped-Findings are not limited… Read More ...
The ITAT Jodhpur has held that ITAT notice that the assessee is an individual and as per facts of the case narrated and not disputed by the revenue authority, found that the assessee alongwith 3 other persons purchased an immovable property for a consideration of Rs.1.20 crores on 03-09-2014. The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs.… Read More ...
The High Court of Bombay has held that The reassessment proceedings were initiated through issuance of notice under section 148 of the Income-tax Act on the ground that the assessee was one of the beneficiaries of the accommodation entries by way of loan. To rebut such allegations, the assessee had furnished bank statements and other supporting documents. The High Court held that once… Read More ...
The Gujarat High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Shell company-Natural justice-Reply was filed in response to notice under the old regime-Order passed without considering the objection was set aside-Directed to pass the order considering the objections filed by the assessee. [S. 143(2), 148, 148A(b), 148A(d), Art. 226] The petitioner engaged in the business… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015) S.43: Penalty for failure to furnish in return of income, information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India-Foreign insurance policy was not declared in the return- Bonafide mistake- Levy of the penalty of… Read More ...
The Gujarat High Court has held that Reassessment under the old scheme - Reopening under section 148 - return processed under Section 143(1) - reasons stated that Capital Gain not disclosed by the assessee - Petitioner had filed objections and pointed out that capital gains were disclosed - objections rejected - Petitioner filed a writ stating reopening was invalid as the entire… Read More ...
The ITAT Pune has held that Amount waived off by Investors i.e. Holders of Floating Rate Notes (FRNs) issued by Assessee Company to raise funds through External Commercial Borrowings (ECB), resulting into redemption of FRNs at a discounted rate below face value, is not taxable as income u/s 28(i), 28(iv) or under section 41(1) of Income Tax Act, 1961. Read More ...