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-Mutual fund Spill over expenses, offer expenses, SEBI Registration fee-On the same set of facts reassessment order is bad in law-Assessing Officer has no power to review the assessment order-Order of reassessment was quashed. [S. 148] The assessment of the assessee was completed under section 143(3) of… Read More ...
The Mumbai Tribunal has held that S. 40(b)(v) : Amounts not deductible - Partner - Remuneration - Supplementary deed operates retrospectively if the deed is in accordance with the law - Disallowance of remuneration was deleted. [S. 40(b)(ii)] The AO disallowed the remuneration paid to partners on the ground that the remuneration was not paid in accordance with the original deed… Read More ...
The Bombay High Court has held that CBDT can not curtail power of CCIT granted U/s 279(2) of the Act by issuing guidelines for time limit. Compounding application can be filed at any time even when the matter is pending at appeal stage either before Magistrate or at session court. Read More ...
The High Court of Bombay has held that Hon'ble High Court held that if the notice issued under section 148 of the Income-tax Act, 1961 merely quotes the information flagged on the insight portal without neither depicting therein the results of the independent investigation conducted if any of the said information by the Assessing Officer nor connecting the assessee to the transactions specified… Read More ...
The Calcutta High Court has held that In cases where there is a discrepancy between the income figures in the TDS certificate and Form 26AS, the income figure shown in Form 26AS should be taken as the basis for computing the assessee's income. This is because Form 26AS is generated by the Income-tax department and is not under the control of the… Read More ...
The Calcutta High court has held that Indu Goenka Vs Assessment Unit, Income-tax department & Ors(Calcutta High Court) Date-16th March 2023 Sub-Whether assessment completed without following standard operating procedure is a valid assessment? The Division bench of Calcutta high court in this case was considering an intra court appeal where Justice Nizamuddin refused to interfere against challenge to the assessment order which… Read More ...
The Gujarat High Court has held that Section 153C read with section 144 orders and penalty orders quashed and set aside for de novo adjudication on the ground of no opportunity of hearing being given to the assessee, the same were sent on old email address of the assessee Read More ...
The Bombay High Court has held that The reopening of the assessment based on a different method of computation or application of the section is nothing but a change of opinion, which is impermissible in law. The assessments were completed, and the Officer verified the only transaction during the year under consideration. Thus, there was true and full disclosure of the facts. Read More ...
The High Court of Bombay has held that Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal. Only after the Assessing Officer has duly verified the information reflected on the Insight Portal, he is vested with the power to initiate reassessment proceedings. Read More ...
The Rajkot Tribunal has held that Denying the exemption under Section 80P of the Act merely on the ground of belated filing of return by the assessee is not justifiable. Read More ...