Judgements Uploaded By Users In Category: Income-Tax Act
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The IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “SMC” BENCH : MUMBAI has held that Ld.CIT(A) was constrained to pass the order ex-parte, since the assessee could not appear before the Ld.CIT(A) for the reasons beyond his control and accordingly prayed that the assessee may be provided with one more opportunity to present his case properly.In the facts of the present case, we find merit in the submissions made by… Read More ...
The Delhi High Court has held that S. 250: Appeal-Commissioner (Appeals)-Procedure-Delay in disposal-Faceless Appeal-Central Action Plan-Held that the NFAC would endeavour to implement the said remedial measures in all earnest- Writ petition filed seeking time-bound disposal-Direction issued to dispose of appeal within eight weeks. [S.246A, Art.226] The petitioner filed an appeal on 14.10.2022, which remained pending before the Commissioner [CIT(A) for more… Read More ...
The Bombay High Court has held that S. 37(1) : Business expenditure-Community development expenditure-Street lights on the road, ambulance for meeting medical emergencies , developing public garden-The concept of business is not static and over a period of time , it would include within its fold the care and concern for the society at large which would result in a good will… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-After the expiry of four years-Change of opinion-Internal audit-Failure to dispose of objections-Reopening of assessment based on change of opinion and internal audit objections is without jurisdiction-Notice is quashed. [S. 147, 144B, Art. 226] The petitioner, Crystal Pride Developers, a partnership firm engaged in real estate development, filed its original return for… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure-Sales tax department-Non genuine supplier-Failure to produce bank statements-The order of the Tribunal estimating the income at 12.5% of alleged bogus purchases is reversed insofar as the purchases from two parties and order of the Assessing Officer making 100% of addition under Section 69C of the Act is affirmed. [S. 133(6),… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure-Bogus purchases-Information from Sales-Tax Department-Failure to prove genuineness of purchases- Addition is justified-Order of the Appellate Tribunal holding that only profit estimation at 12.5% can be made is set aside-Order of the Assessing Officer is affirmed. [S. 133(6), 143(3), 144, 147, 148, 260A] The respondent-assessee, Kanak Impex (India) Ltd., engaged in… Read More ...
The Bombay High Court has held that S. 279 : Offences and prosecutions-Sanction-Chief Commissioner- Commissioner-Compounding application filed beyond 36 months from the date of filing of complaint-Rejection of application-CBDT guidelines are not statute-Rejection of compounding application is quashed-Commissioner is directed to consider all facts and circumstances and decide whether such facts make out the case for exercising discretion in favour of compounding… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-Limitation-TOLA did not apply as the limitation period expired before 20.03.2020- Notice under section 148 issued in 31-7-2022, which is beyond the prescribed time limit- Reassessment held to be invalid. [S. 68, 133(6), 142(1), 148, 148A(b), 148A(d), 149, 151, 154, 115JB] The scrutiny assessment was completed under Section 143(3) 29 -12 -2017.… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-With in four years-Change of opinion-Alleged double deduction-No failure to disclose material facts-Reassessment is quashed and set aside. [S. 143(3), 148, 149, 151, 36(1)(vii), 37(1), Art. 226] The assessee filed its original return of income in October 2007 and revised it in March 2009, claiming a deduction of ₹69,88,37,464 for inventories, sundry… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-Revision-Notional rent-Income from house property-Change of opinion-Reopening based on issues already examined in revision proceedings-The original assessment order dt. 31.12.2015) is no longer existed, as it was set aside under Section 263- Making the reopening procedurally invalid-Reassessment is quashed. [S. 22, 143(3), 148, 149, 151, 263, Art. 226] The assessee, engaged in… Read More ...