Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The ITAT Indore has held that Facts: (i)The assessee had claimed a total deduction of Rs. 10,00,00,000/- u/s 36(1)(viia) under two captions, namely : a)Provision for Non-Performing Assets - Rs. 5 crores; and b)Provision for standard assets – Rs. 5 crores. (ii) The Ld. AO after analysing section 36(1)(viia) of the income tax framed a view that: “Provision for NPA” is… Read More ...
The MADRAS HIGH COURT has held that S. 144B : Faceless Assessment-Natural justice-Hearing though video conference-Voluminous documents-Department has agreed to provide physical hearing at Chennai-Faceless converted to interface-Assessment order was set aside-Petitioner was directed to appear before Assessing Officer at Chennai. [S. 11, 260A, Art. 226] The petitioner has filed the return claiming the depreciation, which was disallowed by the Assessing Officer… Read More ...
The Mumbai Tribunal has held that S. 4 : Charge of income-tax-Re development of building-Monthly rental compensation received from the builder for rent of alternative accommodation-Not utilised for paying alternative accommodation-Capital receipt-Not taxable as income from other sources-Delay of 1566 days in filing the appeal is condoned. [S. 56, 254(1)] The Tribunal condoned the delay of 1566 days in filing of… Read More ...
The Supreme Court has held that S. 254(1) : Appellate Tribunal-Duties- Numbering of paragraphs in all orders-The Supreme Court urges the High Court and Tribunals to follow a uniform format for all its orders. The Hon’ble Supreme Court referring to the case of Shakuntala Shukla v. State of Uttar Pradesh LL 2021 SC 422 and State Bank of India v. Ajay… Read More ...
The Calcutta High Court has held that PCIT-2, Kolkata Vs Balmer Lawrie and Company Limited(Calcutta High Court) Date-13th April, 2023 Sub-whether prior period expenditure can be claimed as an expenditure in the year in which the liability crystallises and whether diminution in the value of investment is eligible for deduction while computing book profit u/s 115JB of the Act? The Division bench… Read More ...