Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The PUNJAB AND HARYANA HIGH COURT has held that S. 147A : Reassessment-Face less Assessment-Assessing Officer for the purposes of sections 148, 148A-Constitutional validity-Retrospective amendment-Section 147A introduced with retrospective effect from 1-4-2021 to provide that Assessing Officer for purposes of sections 148 and 148A would mean an Assessing Officer other than National Faceless Assessment Centre/assessment unit-Amendment seeking to neutralise judgments of constitutional Courts holding… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue-Accommodation entries-Revision under section 263 could not be exercised on the basis of a void reassessment order-Reassessment-Sanction-Jurisdictional condition-Assessment Year 2017-18-Notice under section 148 issued on 29-07-2022, beyond three years from end of relevant assessment year-Approval obtained from Principal Commissioner under section 151(i), whereas section 151(ii) required approval… Read More ...
The NAGPUR TRIBUNAL has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue-Non-performing assets-Loss on sale of NPAs-Co-operative bank-Assessment completed under section 143(3) after examination of relevant details-AO having adopted a possible view-Loss on sale of NPAs held allowable as business loss by the Tribunal in the assessee’s own case-PCIT could not invoke revision merely for directing fresh enquiry… Read More ...
The Mumbai Tribunal has held that S. 195 : Deduction of tax at source-Non-resident-Purchase of trademark-Assessee acquired absolute ownership of trademark “Jamawar” from a non-resident for lump-sum consideration-Payment made for outright purchase of a capital asset and not for use of trademark - Consideration for transfer of ownership of trademark taxable, if at all, under the head “Capital gains” and not… Read More ...
The Mumbai Tribunal has held that S. 54F : Capital gains-Investment in a residential house-Amalgamation of two adjacent flats-Assessee purchased one flat in his own name and another jointly in the names of his wife and son-Subsequently, two flats amalgamated into one composite residential unit under a registered supplementary agreement-Composite flat having a single entry and kitchen-Assessee having made substantial investment… Read More ...
The Mumbai Tribunal has held that S. 143(1) : Assessment-Intimation-Scrutiny assessment- Adjustment made under section 143(1) prior to completion of scrutiny assessment under section 143(3)-Assessee did not file appeal against intimation under section 143(1) but challenged identical addition in appeal against assessment order under section 143(3)-Intimation under section 143(1) merges with subsequent scrutiny assessment order-CIT(A) justified in entertaining assessee's ground and… Read More ...
The Mumbai Tribunal has held that S. 37(1) : Business expenditure-Capitalisation in books-Operational expenditure capitalised under CWIP in books but claimed as revenue expenditure for tax purposes-Assessee's telecom business already commenced and was operational-Expenditure incurred towards interconnect charges, employee cost, professional fees, call-centre expenses, power and fuel, repairs and maintenance, network costs, selling and distribution expenses, customer service, etc.-No specific capital… Read More ...