Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai has held that Assessee was a SEBI-registered foreign portfolio investor (FPI) who invested in shares of International Conveyors Limited (ICL) in 2010 and sold the shares in 2018-19. The purchase and sale transactions are duly supported by contract notes, Demat statements and custodian records placed before the authorities. The assessee retained the said investment for nearly eight years,… Read More ...
The Income Tax appellate Tribunal F Bench Delhi has held that 10. In the present case before us, the reasons recorded by the AO nowhere connect with the escapement of income or quantify the same or give any reasonable or rational nexus, reasons cannot be sustained. Accordingly, we are of the view that the issued notice u/s. 148 of the Act is invalid and bad in… Read More ...
The ITAT Mumbai has held that If only a small portion of the consideration for the purchase of a property was paid during the year, the addition u/s 69 of the entire purchase consideration cannot be made in the assessment of that one year (Para 11). If the Assessee furnishes corroborative and supporting documentary evidences before the CIT (A) which substantiates… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Addition to fixed assets recorded in books of account-No enquiry regarding source of investment made by Assessing Officer-Deeming provisions cannot be invoked merely because complete invoices were not furnished-Addition deleted-Cash credits-Unsecured loans from shareholders/directors-Assessee furnished confirmations and bank statements-Additional evidences in form of income-tax returns and bank statements of lenders admitted… Read More ...
The ITAT Mumbai has held that Registration under section 12AB or 80G cannot be denied merely because the trust gives a donation/ scholarship to an Indian student in India for higher education outside India. Read More ...
The PUNE ITAT has held that Notice issued u/s 148 beyond the surviving time available as held by Supreme Court in Rajeev Bansal, is time barred. Applying the principle as laid down by the Hon’ble Supreme Court in Rajeev Bansal case to the instant case the Ld. AO should have issued notice u/s 148 of the Act by 27.06.2022 for AY… Read More ...
The ITAT Mumbai has held that Non-issuance of the sec. 148 notice within the surviving time limit as per the judgement of the Supreme Court in the case of UOI vs. Rajeev Bansal (2024), 469 ITR 46 (SC), renders such notice time barred and consequently the assessment is required to be quashed and set aside. Read More ...
The Mumbai Tribunal has held that S. 12AB : Procedure for fresh registration-Commissioner has no power to impose contingent or precautionary conditions while granting registration-Conditional registration granted subject to outcome of proposed SLP before Supreme Court is beyond jurisdiction and liable to be vacated-Once jurisdictional High Court decision holds the field, authorities are bound to follow the same. [S. 12AB(4), 12AB(5),… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Change of opinion-Reassessment based on material already examined in original assessment is invalid-Notice issued in the name of a non-existing amalgamating company is void ab initio and not curable u/s 292B. [S. 143(3), 148, 292B] The assessee, engaged in the business of real estate development, had claimed… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Loan received-Identity, creditworthiness and genuineness proved – Assessee also proved source of source – Loan subsequently repaid with interest after deduction of TDS – Addition deleted. [S. 143(3)] The assessee had received unsecured loan of Rs. 50 lakhs from an individual lender. During the assessment proceedings, the assessee furnished documentary evidence… Read More ...