Judgements Uploaded By Users In Category: Income-Tax Act
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The Income Tax Tribunal, Pune has held that Assessee retired after serving State Government partly and partly State PSU, the Gratuity and Leave Encashment exemption to be computed in two separate portion. One for Government Service and one for non-government Service. Retirement benefit accrued for a former period shall be exempt without limit and later period shall be exempt to the extent of… Read More ...
The ITAT Delhi has held that (i) Under the first Proviso below Section 254(2A) of the Act, it is only in cases where the merits of the application have been made out, that the Tribunal would be justified in exercising its power of grant of stay on the recovery proceedings. (ii) Prima facie, the income tax authorities have not made any… Read More ...
The Bombay High Court has held that S. 68 : Cash credits-Long term capital gains-Penny stock-Not subjected to any enquiry by SEBI-Sold through DMAT account-STT paid-Purchased at a rate as low as Rs.2.5/- to Rs. 3/- per share and they were sold at a rate extremely as high as Rs.125/- to Rs. 185/- per share-Order of Tribunal deleting the addition is affirmed.… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Long term capital gains-Penny stock-Information from Investigation wing from Kolkata-Estimation of commission-Not subjected to any enquiry by SEBI -Statement of the assesse-Sold through DMAT account-Addition as cash credits and estimation of commission is deleted. [S. 10(38), 45, 69C, 131] The aassessee has sold the shares of , Radford Global Ltd. (Earlier… Read More ...
The Bombay High Court has held that If the agricultural land sold was a rural agricultural land as per Section 2(14)(iii) of the Act and the agricultural land situated in rural area was not covered in the definition of capital asset, no capital gain is applicable. The provisions of Section 2(14)(iii) of the act does not require that agricultural operations should be… Read More ...
The Supreme Court has held that The issue is whether Cellular mobile telephone service providers have a liability to deduct tax at source under Section 194-H of the Income Tax Act, 1961 on the amount which, as per the Revenue, is a commission payable to an agent by the assessees under the franchise/distributorship agreement between the assessees and the franchisees/distributors. As… Read More ...
The ITAT, Mumbai Bench has held that The ITAT held that in case an appellant pays fees for preferring the appeal before the ITAT which is in excess of the amounts prescribed, the Appellant was entitled to get a refund of the same. In this case, since the appeal to the ITAT was in respect of a penalty order, the fees of… Read More ...
The Delhi High Court has held that The assessee received subscription fee of Rs. 18,65,00,000 from Indian subscribers for the use of its legal database called "Lexis Nexis" which enables Indian subscribers to access judgments, articles, legislations and other research material relevant to the legal field. The income earned from subscription fee is in the nature of ‗business income‘ and in the… Read More ...
The Supreme Court has held that S. 147 Reopening Guidelines The Supreme Court has dismissed the SLP filed by the Department against the guidelines laid down by the Delhi High Court in matters of reopening of assessments "We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed."… Read More ...
The ITAT Delhi has held that First proviso to section 56(2)(vii)(b) categorically provides that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement maybe taken for the purpose of this provision. Admittedly, the agreement fixing… Read More ...