Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Mumbai Tribunal has held that S. 28(i) : Business income-Income from house property-Builder- Stock in trade-Leave and licence-Income from licencing of residential flats assessable as business income and not as income from house property. [S. 22, 23] Assessee, a builder, constructed building called Kanchenjunga and sold most of its flats. Some flats were unsold. In the interim disputes arose between… Read More ...
The ITAT Chennai has held that The consideration paid by the assessee to its shareholders for purchase of its own shares was liable to tax as deemed dividend u/s.2(22)(d) of the Act, and alternatively, u/s.2(22)(a) of the Act, and consequently, the assessee company was liable for payment of Dividend Distribution Tax (in short “DDT") u/s.115-O of the Act. The consideration paid… Read More ...
The Bombay High Court has held that In this case, the approval/sanction for order under Section 148A(d) of the Act has been granted by the Principal Commissioner of Income Tax-8. The entire controversy is, therefore, (a) whether the Principal Commissioner was the specified authority, who could have granted the approval / sanction ?, (b) if not, the effect thereof? The impugned notice… Read More ...
The Mumbai Tribunal has held that S. 144C : Reference to dispute resolution panel-Procedure for filing objections-Natural justice-Form No 35A signed by the Advocate-Authorised Representative is not entitle to verify and sig the Form No 35A-Dismissal of objection by DRP without giving an opportunity to rectify the defects is violation of principle of natural justice - The Tribunal directed the Assessee… Read More ...
The Supreme Court has held that (i) The Order of the Supreme Court in Commissioner of Income Tax vs. M/s Cawnpore Club Ltd., Kanpur (2004) 140 Taxman 378 (SC) cannot be treated as a precedent within the meaning of Article 141 of the Constitution of India as the said order does not declare any law and the appeals filed by the… Read More ...