Judgements Uploaded By Users In Category: Income-Tax Act
These judgements are uploaded by our esteemed readers. If you have a judgement on an important topic that you would like to share with others, please use this form to upload it
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 ...
The BENGALURU TRIBUNAL has held that S. 143(2): Assessment – Notice – Notice of demand to be valid in certain circumstances -Limited scrutiny - Authentication of notices and other documents - A notice issued under section 143(2) after 23-06-2017 is not rendered invalid merely because it is not in the format prescribed by the CBDT Instruction dated 23-06-2017 or does not… Read More ...
The Bombay High Court has held that S. 144C : Assessment-Eligible assessee-Non-resident-Reassessment-Draft assessment order mandatory-Failure to issue draft order before passing final assessment order renders assessment void ab initio-Best judgment assessment-Return filed and notices substantially complied with-Invocation of section 144 invalid-Jurisdiction-Non-resident assessee-Assessment completed by officer lacking jurisdiction-Objection not barred by section 124(3) in faceless assessment proceedings-Reassessment-Addition based on erroneous information in Form… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Redevelopment-Alternate permanent accommodation received by tenant-Mere execution and registration of redevelopment agreement, without completion of project and delivery of possession, does not amount to “receipt” of immovable property-Allotment of alternate premises in lieu of surrender of tenancy rights is for valuable consideration and cannot be taxed under section 56(2)(x).… Read More ...
The Gujarat High Court has held that S.147 : Reassessment-After the expiry of four years- Reference to DVO – Fair Market Value as on 1-4-1981 – Amendment to section 55A(a) prospective – Reassessment invalid- The Court left open the question regarding the validity of a notice issued in the name of a deceased person. [S. 45, 48, 55A, 148, Art. 226] The… Read More ...