Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court of India has held that Saraf Exports Vs CIT,Jaipur (Supreme Court) Date-10th April, 2023 Sub-Whether Duty drawback and DEPB received as an incentive for exports can be said to be derived from the business of industrial undertaking and thus eligible for the benefits of Section 80-IB of Income-tax Act,1961? The Supreme Court was called upon to consider this issue again… Read More ...
The Supreme Court of India has held that Mansarovar Commercial Pvt ltd Vs CIT New Delhi(Supreme Court) Date-10th April, 2023 Sub-What is the meaning of management and control for the purpose of determining residency of a company? Whether simply registered office of a company can be the criterion ? The Supreme Court in this case was considering interesting question as to taxability of… Read More ...
The Supreme Court of India has held that US Technology International Pvt ltd Vs Commissioner of Income-tax (Supreme Court) Date-10th April 2023 Sub-Whether penalty can be levied u/s 271C for mere delayed payment of TDS when interest is dis-charged u/s 201(1A)? The Supreme Court in this case was considering whether the appellant was liable for penalty u/s 271C even though there was mere… Read More ...
The Bombay High Court has held that S. 148 (old provisions) - initiation on the basis of third party search - reasons for reopening recorded as "null" - material relied upon not provided to the Petitioner - held, no reason to believe - no tangible material available - thus, failure to establish live-link with such tangible material - procedure prescribed under GKN… Read More ...
The Supreme Court has held that CIT-7 Vs. Paville Projects Pvt ltd (Supreme Court) Date-6th April 2023 Sub-Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholder can be cost of improvement for computation of capital gains ? The Apex court in this case was dealing with the deduction which… Read More ...
The -ITAT AHMEDABAD has held that A perusal of the scheme of Income Tax Act, it would reveal that once the donation has been made, the donee is not under obligation to keep a track of the donation, and nothing left in his hand which can ask for return of these amounts. There is no such provision provided in the Act.… Read More ...
The Calcutta High Court, Circuit Bench at Jalpaiguri has held that The department is bound to by the clarification issued by the Apex Court in the case of LG Electronics (2018) 18 SCC 447 with regards to stay of demand for amount lesser than 20%. Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Mutual fund Spill over expenses, offer expenses, SEBI Registration fee-On the same set of facts reassessment order is bad in law-Assessing Officer has no power to review the assessment order-Order of reassessment was quashed. [S. 148] The assessment of the assessee was completed under section 143(3) of… Read More ...
The Mumbai Tribunal has held that S. 40(b)(v) : Amounts not deductible - Partner - Remuneration - Supplementary deed operates retrospectively if the deed is in accordance with the law - Disallowance of remuneration was deleted. [S. 40(b)(ii)] The AO disallowed the remuneration paid to partners on the ground that the remuneration was not paid in accordance with the original deed… Read More ...
The Bombay High Court has held that CBDT can not curtail power of CCIT granted U/s 279(2) of the Act by issuing guidelines for time limit. Compounding application can be filed at any time even when the matter is pending at appeal stage either before Magistrate or at session court. Read More ...