Judgements Uploaded By Users In Category: Income-Tax Act
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The Gujarat High Corurt has held that The assessee filed a return declaring income of ₹1.27 crore for AY 2015–16. The Assessing Officer (AO) passed an order under Section 143(3), making three key additions: ₹3.97 crore: Difference in profit from Futures & Options (F&O) transactions. CIT(A) deleted ₹3.97 Cr, upheld ₹60,088. ₹5.60 crore: Increase in capital, considered unexplained. CIT(A) deleted the entire… Read More ...
The Gujarat High Corurt has held that The petitioner filed its income tax return on 24/09/2018, claiming a refund of ₹38,08,115 and inadvertently disclosed the disallowances of expenditures in the wrong colums. The Centralized Processing Center (CPC) issued an intimation on 03/09/2019, pointing out a mismatch for not reportig certain disallowances as per the Audit Report. Such Intimation was received by the… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Transactions between partners and firm-Will-Family settlement-Brothers and sisters-Changes in the profit sharing ratio-Colourable device-Transfer-Capital contribution-The provisions of Section 56(2)(viia) of the Act is not applicable-Order of CIT(A) deleting the addition is affirmed. [S. 2(31)(iv), 2(47), 14, 56(2)(viia), R. 11UA] The shares of UFIPL have been introduced as capital contribution… Read More ...
The Mumbai Tribunal has held that S. 12AB : Procedure for fresh registration-The object of the company is to promote Indian heritage art such as Indian Classical music, organize regular concerts and performances by renowned and emerging Indian etc-Renewal of registration cannot be denied on the ground that the objects of the trust may contain clauses, which may enable a charitable… Read More ...
The Mumbai Tribunal has held that S. 90 : Double taxation relief-Capital gains-Mutual fund Units- Singapore resident-Sale/redemption of mutual fund units would be covered Article 13 of DTAA-Not taxable in India-DTAA-India-Singapore. [Art. 13(4), 13(5)] Assessee is a non-resident Indian and is a resident of Singapore . The assessee has shown exemption in respect of capital gains earned on sale of Mutual… Read More ...
The ITAT Mumbai has held that Assesses being co-op credit society engaged in providing credit facility exclusive to its members is eligible for deduction u/s 80P(2)(a)(i), on its total income including the interest from commercial banks. Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the assessee should be… Read More ...
The Supreme Court has held that (i) In view of the declaration of law made in Ghanashyam Mishra and Sons Pvt. Ltd v. Edelweiss Asset Reconstruction Company Ltd (2021) 9 SCC 657, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained Investments-Alleged on money-Purchase of flat-Survey statement-Opportunity of cross examination is not provided- Merely on the basis of statement of the accountant of the builder no addition can be made. [S. 132(4), 133A] The assesseee purchased the flat from shah Hosecon Pvt. Ltd. In the course of survey in the premises of… Read More ...
The Bombay High Court has held that S. 268A : Appeal-Instructions-Circulars-Monetary limits-Revision-Penalty- Concealment penalty-Monetary limit is also applicable to proceedings under section 263 of the Act-The CIT u/s. 263 of the Income-tax Act directed the AO to initiate a penalty for concealment, which was not originally initiated in the assessment order-Tribunal set aside the order of the Commissioner-On appeal as the tax… Read More ...