Judgements Uploaded By Users In Category: Income-Tax Act
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The Delhi Tribunal has held that S.201(1)/201(1A): Whether the assessee could be treated as an ‘assessee in default’ within the meaning of section 201(1) of the Act and consequentially liable for interest u/s 201(1A) of the Act, in respect of non- deduction of tax at source on provision for expenses made at the end of the year, falling within the ambit… Read More ...
The High Court of Calcutta has held that The High Court of Calcutta set aside the order passed u/s. 148A(d) of the Income-tax Act, 1961 on the ground that the source of information based on which the reopening proceedings were initiated have not been disclosed to the assessee. This has disabled the assessee from putting forth his submissions in a proper and effective… Read More ...
The Delhi ITAT has held that Issue Involved: Whether the assessee can be considered as an 'assessee in default' u/s 201(1)/201(1A), for non deduction of TDS on year-end expenditure provisions? Key Findings & Ratio as propounded by Hon'ble Delhi ITAT: "These appeals in ITAs No.2475 & 2476/Del/2022 for AYs 2013-14 & 2014-15 arise out of the order of the Commissioner of… Read More ...
The Mumbai Tribunal has held that S. 4 : Charge of income-tax-Alternative accommodation-Redevelopment agreement-Corpus monetary consideration -Rent for alternative accommodation-Hardship allowance-Capital receipt not taxable. [S. 56] The Assessee is non-resident. The issue before the Income tax Appellate Tribunal was whether the addition on account of corpus fund for alternate accommodation received by the Assessee from the Developer / Builder is capital… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Capitalisation fee-Admission in medical college-Scribbling made on the back side of two pages which does not reveal that assessee had made any payment- Failure to give an opportunity of cross examination of Dean- Addition was deleted. [S. 132] The AO issued show cause notice to the Assessee stating that he received… Read More ...
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 ...