Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Following the ratio in UOI v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC) the time limit for issue of notice was extended only up to 30-6-2021- Assessment year 2013-14 the notice was issued on 29-7-2022, for the Assessment year 2014 -15 the notice was issued… Read More ...
The Bombay High Court has held that The order of assessment merges into the rectification order passed u/s 154 of the Act. Penalty proceedings initiated on the basis of the assessment order as originally passed would be rendered inconsequential in view of the rectification order. No penalty proceedings or any other proceedings can be initiated under the assessment order which stand merged… Read More ...
The Gujarat High Court has held that S. 250 : Appeal-Commissioner (Appeals)-Stay of recovery-Pendency of appeal before CIT((A) for more than four years-As on 26-9-2024, 5, 80, 188 appeals are pending-Revenue is not able to resolve the appeals by classifying the Appeals as per the issues concerning , the recurring issues, covered issues, etc-The Court held that no recovery should be made… Read More ...
The Mumbai Tribunal has held that S. 4 : Charge of income-tax-Income-Capital or revenue-Member of Society-Hardship compensation amount received from builder is capital receipt-Not taxable as income from other sources. [S. 2(24), 56] The assessee is a tuition teacher by profession. The assessee received hardship compensation from the developer. The assessee has shown the said receipt as capital receipts. The Assessing… Read More ...
The Hon'ble Mumbai ITAT has held that Shares bought off the market and increase in the value of shares shall not be the reason to make the addition of alleged penny stock if purchase off the market is proved to be justified and (i) sold through stock exchange (ii) no enquiry was made against the assessee and (iii) all the relevant documents… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure -Bogus purchases -Tribunal confirmed 10% of alleged bogus purchases – On appeal High Court deleted the 10% of alleged bogus purchases confirmed by the Tribunal. [S. 260A] The Assessing Officer disallowed the 100% of alleged bogus purchases. On appeal the CIT(A) accepted the sales tax and VAT Audit report restricted… Read More ...
The ITAT Indore has held that Unexplained Cash Deposits – Application of Peak Credit Theory – Acceptance of Past Withdrawals as Source for Subsequent Deposits – Past Savings of a government employee cannot be disbelieved: Read More ...
The INCOME TAX APPELLATE TRIBUNAL MUMBAI “A” BENCH has held that "Tribunal Remands Case as Assessee Didn't Receive Draft Assessment Order Under Section 144B" Order pronounced in the open court on 09/10/2024 In ITA No. 2959/Mum/2024 and S.A. No. 69/Mum/2024, the assessee claimed that the Assessing Officer (AO) failed to issue a draft assessment order as required under Section 144B of the Income Tax Act and… Read More ...
The Bombay High Court has held that S. 115BBC : Anonymous donations – Determination of tax in certain cases-Charitable Trust – Anonymous donations received in the Hundi cannot be taxed under Section 115BBC(1) of the Act – Order of Tribunal is affirmed – No substantial question of law. [S. 10(23C)(v), 11, 12, 12A , 80G (5), 115BBC(2)(b), 260A] The Assessing Officer held… Read More ...
The ITAT, Mumbai has held that The assessment was completed with an addition @ 5% or 8% on the alleged bogus purchases and accordingly tax was levied. The assessee withdrew the appeal filed before the ld. CIT(A). Accordingly, the penalty u/s 271(1)(C) of the Act was levied on the basis of estimated addition of alleged bogus purchases. Therefore, admittedly the ld.… Read More ...