Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 263 : Commissioner - Revision of orders prejudicial to revenue - Search assessment – In respect of unabated assessment years, where no addition is made except on the basis of incriminating material found during search, the Principal Commissioner cannot invoke section 263 to revise the assessment.[ S.153A , 260A ] The Revenue challenged the… Read More ...
The Pune Tribunal has held that S. 80-IB(10) : Housing projects- Deduction cannot be denied merely because audit report in Form No. 10CCB was not filed along with the return or within the due date prescribed under section 139(1), if the audit report was furnished before processing of the return under section 143(1)- Filing of Form No. 10CCB is a procedural… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits- Penny stock - NCL Research & Financial Services Ltd- Long-term capital gain on sale of listed shares cannot be treated as bogus merely on the basis of a general Investigation Wing report or abnormal rise in share price when the assessee has established the genuineness of the transactions through documentary… Read More ...
The Pune Tribunal has held that S. 167B: Charge of tax - Shares of members unknown - Maximum Marginal Rate is not applicable to a society registered under the Societies Registration Act, 1860- Such a society is liable to tax at the normal rates and not at the Maximum Marginal Rate, even if the shares of its members are indeterminate. [S.… Read More ...
The Bombay High Court has held that S. 144B : Faceless Assessment-Best judgment assessment-Reassessment-Assessment order passed without granting the assessee a fair and effective opportunity of hearing is liable to be quashed-Where statutory notices are not effectively communicated to the assessee's registered e-mail addresses, the assessment is vitiated for breach of principles of natural justice. [S. 143(2), 144, 148, 156, 282,ITAT R.127,… Read More ...
The Mumbai Tribunal has held that S. 45 : Capital gains-Redevelopment-On redevelopment of a building, the redeveloped flat received in lieu of the original flat is a continuation of the existing capital asset and not a new independent capital asset-The period of holding is to be reckoned from the date on which rights in the original property/redevelopment crystallised and not from… Read More ...
The Bombay High Court has held that S. 10A : Free trade zone-Mere higher profit margin vis-à-vis comparable companies or sister concerns, without any material establishing an arrangement to inflate profits between the assessee and its associated enterprise, does not justify invocation of s. 10A(7) r.w.s. 80-IA(10) for restricting deduction-The provisions can be invoked only where there is evidence of an arrangement… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus purchases-Where the sales, quantitative stock records and consumption of goods are accepted, and the purchases are supported by invoices, delivery challans, bank payments and stock records, merely because the supplier is found to be non-genuine, the entire purchases cannot be disallowed- Only the profit element embedded in such purchases is… Read More ...
The Bombay High Court has held that S. 276CC : Offences and prosecutions-Failure to furnish return of income-Prosecution for failure to furnish the return of income is not maintainable where, on regular assessment, the tax payable after giving credit for TDS and advance tax does not exceed the statutory limit-Where the assessee is entitled to a refund, and there is no loss… Read More ...
The Bombay High Court has held that S. 260A : Appeal-High Court-Assessment-Once a Resolution Plan is approved under section 31 of the Insolvency and Bankruptcy Code, all statutory dues, including income-tax claims, which do not form part of the approved Resolution Plan stand extinguished. Consequently, any appeal by the Revenue seeking to revive such tax demand becomes academic, and no substantial question… Read More ...