Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 56 : Income from other sources -Immovable property -Redevelopment agreement -Permanent alternate accommodation allotted in lieu of surrender of tenancy rights -Redevelopment project incomplete and possession of alternate premises not handed over -Mere execution and registration of redevelopment agreement did not amount to receipt of immovable property -Assessee acquired only a contractual right to… Read More ...
The Mumbai Tribunal has held that S.143(3): Assessment - Business income: Client Code Modification -Alleged shifting of losses through CCM -Mere modification of client code by broker could not establish that resultant loss was fictitious or arranged for tax purposes -Assessee not being a stock-broker could not independently undertake CCM -No material to establish that assessee instructed broker to modify client… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment -Notice issued in the name of non-existent amalgamating company -Amalgamation sanctioned by the Bombay High Court prior to issuance of notice under section 148 -Transferor company had ceased to exist in law -Jurisdictional notice issued against a non-existent entity was invalid -Subsequent participation by the successor company in reassessment proceedings could… Read More ...
The Delhi High Court has held that S. 68 : Cash credits-Strictures- Share capital and Compulsorily Convertible Debentures-Investment of Rs.55 crores by foreign investor companies incorporated in Mauritius and Cyprus-Assessee furnished investment-cum-collaboration agreement, details of foreign inward remittances, audited financial statements of investor companies and other supporting documents-TPO and FT&TR reports did not contain any adverse finding-CIT(A) and Tribunal recorded concurrent findings… Read More ...
The Mumbai Tribunal has held that S. 195 : Deduction of tax at source-Payment to non-resident-Acquisition of trademark-Assessee acquired absolute ownership of trademark “Jamawar” from a non-resident for lump-sum consideration-Assessee furnished trademark assignment agreement, proof of ownership, nature of right transferred, valuation details, commercial terms and Tax Residency Certificate of recipient-Payment was for acquisition of a capital asset and not for… Read More ...
The ITAT Mumbai has held that A revised return filed by an assessee, to correct the original return which treated loss on F&O transactions as speculative loss, could not be rejected on the ground of 'change of opinion'. The doctrine of 'change of opinion' relied upon by the AO was relevant in the context of reassessment proceedings under section 147/148 of… Read More ...
The Mumbai Tribunal has held that S. 45 : Capital gains-Co-operative housing society-Redevelopment of property-Development Agreement entered into by society on behalf of its members-Society continued to be owner of land-No consideration received by society-Developer entered into Permanent Alternate Accommodation Agreements with individual members- Society merely acted as representative of members-Capital gains arising from redevelopment transaction, if any, taxable in hands… Read More ...
The Bombay High Court has held that S. 264 : Commissioner-Revision of orders-Assessment-Addition under section 69-Cost imposed Rs. 1 lakh-Redevelopment of property-Permanent Alternate Accommodation Agreements entered into with existing tenants -Assessee contending that PAAA’s were entered into to allot area to existing tenants in lieu of their existing area, free of cost -Assessment completed under section 143(3) read with section 144B by… Read More ...
The Bombay High Court has held that Maharashtra Co-operative Societies Act, 1960 S. 154B(29) : Co-operative societies-Recovery of dues-Penalty for encroachment of common space-Parking of bicycle in staircase- Society had not adopted new Model Bye-laws containing Bye-law 169(a) authorising levy of penalty-Recovery certificate issued for ₹15.45 lakh for alleged parking of bicycle for 11 years-Levy of penalty retrospectively without any contemporaneous objection… Read More ...
The Bombay High Court has held that S. 68 : Cash credits-Share capital and share premium-Identity, genuineness and creditworthiness of subscriber established- Assessee issued 22,50,000 equity shares of face value ₹10 at ₹50 per share, including premium of ₹40-Merely because shares were issued at a high premium, addition under section 68 could not be made- Second proviso to section 68 inserted w.e.f.… Read More ...