Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court has held that The object of section 80- IA(9) is not to curtail the deductions computable under various provisions under Chapter VI-A. Section 80-IA(9) affects allowability of deduction and not computation of deduction (i) Section 80-IA(9) does not affect the computability of deduction under various provisions under heading C of Chapter VI-A, but it affects the allowability of… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Cash deposit-Demoetizaation-Produced names, address, PAN etc-Parties have responded to the notices u/s 133(6)-Sales are accepted by VAT department-No defects in the books of account-Order of CIT(A) deleting the addition is affirmed. [S. 133(6), 143(3)] The assesseee has deposited cash sales in the bank account. The Assessing officer assessed the said deposit… Read More ...
The ITAT Mumbai has held that Interest under section 234B of the Act, even though mandatory, cannot be levied if the addition to income is made on account of a retrospective amendment. In this case, the addition was made during assessment on account of excess credit period granted to an associated enterprise. The provisions which regard excess credit period granted to… Read More ...
The Hon'ble Mumbai ITAT has held that Statement / details / information filed by third party or searched party before Income Tax Settlement Commission cannot be reason to make the addition in the case of an assessee sans any corroborative evidence. Read More ...
The Mumbai Tribunal has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Territorial jurisdiction-Rectification application filed by the Revenue to quash the order of Mumbai Tribunal on the ground that the Mumbai Tribunal had no jurisdiction to entertain the appeal and the appeal should have been filed before the ITAT at Pune is dismissed. [S. 12A, 127]… Read More ...
The Mumbai Tribunal has held that S. 148 : Reassessment-Unexplained money-Undisclosed foreign bank account-Notice u/s 143(2) was not issued within specified time limit-Reassessment was completed beyond period of limitation, exchange of information came into operation from the first day of April, 2011 whereas the relevant financial year corresponding to the assessment year 2007-08 is from 01.04.2006 to 31.03.2007-Reassessment order is quashed… Read More ...
The Supreme Court has held that S. 263 Revision: There is a distinction between the failure or absence of investigation and a wrong decision/ conclusion. If the AO has reached a wrong decision/conclusion, the CIT cannot remand the case to the AO but must correct it with a decision on merits. A remand is justified only if the AO has made… Read More ...
The Supreme Court has held that Directions regarding reporting and probe of cash transactions in excess of ₹2 Lakh Section 269ST of the Income Tax Act, was introduced to curb black money by digitalising the transactions above Rs.2,00,000/- and contemplating equal amount of penalty under Section 271DA of the Act. When a suit is filed claiming Rs.75,00,000/- paid by cash, not… Read More ...
The ITAT Mumbai has held that 1. The approval taken u/s 153D of the Act before passing order u/s 153A of the Act cannot be taken in a mechanical manner. The approval must reflect materials/findings/reasoning to show that the higher authority has applied his mind before granting approval. AO is duty bound to submit draft assessment order well in advance for… Read More ...
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 ...