Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 54F : Capital gains- Investment in a residential house-Co-owner of more than one house-Eligible for deduction-Precedent-When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed. [S. 45, 54] The assessee is an individual, claimed deduction under section 54F of the income-tax Act. The Assessing Officer… Read More ...
The ITAT AMRITSAR has held that VIOLATION OF PRINCIPLES OF NATURAL JUSTICE. Admittedly, the lower authorities have passed orders ex parte qua the assessee in violation of principles of natural justice, as no reasonable opportunity of being heard has been granted to the assessee in absence of service of notices as mentioned in the impugned order Read More ...
The ITAT JAIPUR has held that There is a specific finding and reference of the deduction claimed by the assessee in the assessment order. Thus, the AO has taken a plausible view which is based on decision relied upon by the Authorised Representative of the assessee and there is no lack of enquiry on the part of the AO and he… Read More ...
The Hon'ble Mumbai ITAT has held that Penalty u/s 270A of the Act for underreporting of income as a consequence of misreporting levied at 200% of the tax payable deleted by Hon'ble Mumbai Income Tax Appellate Tribunal. While deciding the case, the Hon'ble Tribunal has taken note of the arguments that the penalty u/s 270A of the Act is discretionary and not… Read More ...
The ITAT Indore has held that Long term capital gain from 21st Century Finance Ltd. is Genuine On perusal of same, we find that the CIT(A) has made several meritorious, objective and extensive findings; only then and thereafter he has accepted assessee’s claim and granted relief. Now, we sum up our findings/ conclusions: (i) The assessee has submitted all details and… Read More ...
The High Court of Delhi has held that The Assessing Officer is duty bound to pass a speaking order under section 148A(d) of the Income-tax Act, 1961 which has to deal with all factual and legal submissions furnished by the assessee in response to notice issued under section 148A(b). If the order passed under section 148A(d) does not explicitly deal with all the… Read More ...
The Income Tax Appellate Tribunal, Delhi Bench has held that Based on the information received from the Investigation Wing, Kolkata, the Assessing Officer initiated reassessment proceedings upon the assessee. The Tribunal observed that even though the information received from the Investigation Wing would constitute fresh material in the hands of the Assessing Officer for initiation of reassessment proceedings, the same would only become 'reason to… Read More ...
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 ...