Judgements Uploaded By Users In Category: Income-Tax Act
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Amit Sajjankumar Gupta vs DCIT (ITAT Mumbai)

The Hon'ble Mumbai ITAT has held that Shares bought off the market and increase in the value of shares shall not be the reason to make the addition of alleged penny stock if purchase off the market is proved to be justified and (i) sold through stock exchange (ii) no enquiry was made against the assessee and (iii) all the relevant documents… Read More ...

Ashok Kumar Rungta v. ITO (Bom.)(HC)

The Bombay High Court has held that S. 69C : Unexplained expenditure -Bogus purchases -Tribunal confirmed 10% of alleged bogus purchases – On appeal High Court deleted the 10% of alleged bogus purchases confirmed by the Tribunal. [S. 260A] The Assessing Officer disallowed the 100% of alleged bogus purchases. On appeal the CIT(A) accepted the sales tax and VAT Audit report restricted… Read More ...

Kamal Chand Sisodiya vs. ITO (ITAT Indore)

The ITAT Indore has held that Unexplained Cash Deposits – Application of Peak Credit Theory – Acceptance of Past Withdrawals as Source for Subsequent Deposits – Past Savings of a government employee cannot be disbelieved: Read More ...

Ashok Ghelabhai Patel vs Income Tax Officer NFAC, Delhi (ITAT Mumbai)

The INCOME TAX APPELLATE TRIBUNAL MUMBAI “A” BENCH has held that "Tribunal Remands Case as Assessee Didn't Receive Draft Assessment Order Under Section 144B" Order pronounced in the open court on 09/10/2024 In ITA No. 2959/Mum/2024 and S.A. No. 69/Mum/2024, the assessee claimed that the Assessing Officer (AO) failed to issue a draft assessment order as required under Section 144B of the Income Tax Act and… Read More ...

CIT(E) v. Shree Sai Baba Sansthan Trust – Shirdi (Bom)(HC)

The Bombay High Court has held that S. 115BBC : Anonymous donations – Determination of tax in certain cases-Charitable Trust – Anonymous donations received in the Hundi cannot be taxed under Section 115BBC(1) of the Act – Order of Tribunal is affirmed – No substantial question of law. [S. 10(23C)(v), 11, 12, 12A , 80G (5), 115BBC(2)(b), 260A] The Assessing Officer held… Read More ...

M/s Vijay Jewellers Vs ACIT (ITAT Mumbai)

The ITAT, Mumbai has held that The assessment was completed with an addition @ 5% or 8% on the alleged bogus purchases and accordingly tax was levied. The assessee withdrew the appeal filed before the ld. CIT(A). Accordingly, the penalty u/s 271(1)(C) of the Act was levied on the basis of estimated addition of alleged bogus purchases. Therefore, admittedly the ld.… Read More ...

SKF India Ltd. v. Dy. CIT (ITAT Mumbai) (Special Bench)

The Mumbai Tribunal has held that S. 50 : Capital gains-depreciable assets-Block of assets-Sale of depreciable asset-Long-term capital asset-Short term capital gains- Tax is leviable at 20% as long term under seecti0n 112 of the Act and not at 30% which is applicable to short term capital gains. [S. 2(11), 2(29AA), 2(29B), 2(42A), 2(42B), 2(45), 43(6), 48, 49, 50(1), 50(2), 50A,… Read More ...

North Bihar Power Distribution Company Limited vs PR. CIT-1, PATNA (ITAT Patna)

The IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH has held that i. We have heard the rival contentions and perused the material available on record. From the perusal of the material placed on record in respect of the issues which formed the basis for passing the order u/s. 263 of the Act, we note that it is not a case of lack of enquiry. We observe… Read More ...

Bahar Infocons Pvt. Ltd. v. PCIT (Bom.)(HC) (UR)

The Bombay High Court has held that S. 264 : Commissioner-Revision of other orders-Income wrongly offered to tax and paid taxes-Assessment completed under section 143(1)-Time for filing revised return under section 139(5) has expired-Double addition- Order of Commissioner dismissing the revision application is set aside-Commissioner is directed to allow the claim of the assessee by passing an appropriate order. [S. 43B, 139(5),… Read More ...

SUNIL CHABLANI vs. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) (ITAT JAIPUR)

The ITAT, JAIPUR 'B' BENCH has held that Case decided in favour of : In favour of : Assessee Reassessment—Validity—Notice under s. 148 issued by non-jurisdictional AO—AO has not controverted that the residential status of the assessee is NRI as on the date of issue of notice under s. 148—Further, the order-sheet entry dt. 16th March, 2023 shows that Faceless Assessment Unit requested… Read More ...