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 CALCUTTA HIGH COURT has held that S. 254(1) : Appellate Tribunal-Powers-Tribunal remanding matter with cost-Cost of ₹50,000 imposed on small trader held to be harsh and unjustified - Order of Tribunal set aside. [S. 250(6), 254(2B), 260A] The assessee, a small trader of glass articles, filed appeal against the order of the ITAT, Kolkata `SMC’ Bench, for AY 2017–18. The ITAT… Read More ...
The Jaipur Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases-Hawala- Accommodation entries - Purchases duly supported by bills, cheque payments, confirmations, and accepted sales cannot be treated as bogus. Disallowance of entire purchases unjustified-Disallowance deleted- Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [S.… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases – Estimation of profit element – When purchases were supported by bills, bank payments and sales not disputed, addition restricted to 12.5% of alleged bogus purchases; Bombay High Court ruling in PCIT v . Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)( HC)… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Derived-Interest income on fixed deposits kept for contractual obligations and Interest on wrongful deduction of TDS refund-Eligible for deduction as profits derived from infrastructure facility. [S. 56 , 80IA(ii), 254(2), 260A, Art. 226] The assessee, Gateway Terminals India Pvt. Ltd., a joint venture between APM Terminals Mauritius… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Income tax refund-Interest on excess payment of tax-Income derived from eligible business-Eligible for deduction- No substantial question of law. [S. 260A] The assessee, a developer of IT Parks and SEZ, claimed deduction u/s 80-IA not only on lease rental income (undisputedly eligible) but also on interest received… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus purchases-Addition made on estimated basis of 25% of purchases deleted-Purchases supported by bills, stock register, delivery challans and bank payments-Supplier appeared before AO and confirmed sales-ITAT held that once purchases are corroborated by evidence and vendor’s statement, no addition could be sustained-Bombay High Court ruling in PCIT v. Kanak Impex… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained Expenditure – Bogus Purchases – Addition unsustainable when purchases supported by documents, payments through banking channel, sales accepted, and no cross-examination allowed – VAT authorities accepted purchases-Addition was deleted -Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished.[S.133(6),… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases - Only profit element to be taxed- Addition restricted to 12.5% of alleged bogus purchases- Bombay High Court ruling in PCIT v. Kanak Impex(India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [ S. 133(6), 147 , 148 ] The assessee, engaged in construction,… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure - Bogus purchases - Addition restricted to 4% – Tribunal held that since purchases were supported by invoices, bank statements, stock register, and no defect was found in books or sales, only profit element could be added. High Court decision in PCIT v. Kanak Impex (India) Ltd. [2025] 474 ITR… Read More ...
The HONBLE INCOME TAX APPELLATE TRIBUNAL ,AGRA BENCH SMC .AGRA has held that ONCE THE ASSESSEE HAD FURNISHED BEFORE THE AO SUPPORTING DOCUMENTS REGARDING SALARY OF RS,348918 PAYABLE AS ON 31-03-2016 TO BE GENUINE BUSINESS LIABILITY ARISING IN THE REGULAR COURSE OF BUSINESS, WHICH WAS PAID IN THE SUBSEQUENT ASSESSMENT YEAR THEN PROVISIONS OF SECTION 56 OF THE ACT PER SE COULD NOT MADE APPLICABLE TO THE IMPUGNED… Read More ...