Judgements Uploaded By Users In Category: Income-Tax Act
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The High Court of Bombay at Goa has held that Facts The A.O. issued the impugned notice dated 29.03.2019 under section 148 of the Income-tax Act, 1961, seeking to reopen the assessment for A.Y. 2012-13. Thus, the impugned notice was issued after the expiry of 4 years from the end of the relevant A.Y. Upon receipt of the impugned notice, the Petitioner sought reasons and… Read More ...
The Calcutta High Court, Division Bench has held that Hon'ble Division Bench of High Court at Calcutta upheld the order of Ld. Member of ITAT as the order passed by the learned Tribunal and held that the learned Tribunal had done an elaborate fact finding exercise and has pointed out as to how the assessing officer erroneously relied upon only the figures mentioned in… Read More ...
The ITAT INDORE has held that Return filing is a serious business and reporting error cannot be claimed lightly. 1. The assessee had made huge cash deposits in different bank accounts. 2. During assessment-proceeding, the assessee claimed that the cash-deposits were made out of the opening cash-balance available with him. 3. Ld. AO perused the return of income of the immediately… Read More ...
The Calcutta High court has held that Green Valley Industries Limited Vs Assessment Unit, Income-tax department & Ors Date-21st December 2022 Forum-Calcutta High Court Sub- Whether on account of non reconciliation of purchases reflected by the party in GSTR 1 without supplying necessary details, the assessment order passed u/s 143(3)/144B is sustainable in law? The Division bench of Calcutta high Court in… Read More ...
The Bombay High Court has held that S. 270AA : Pendency of Rectification application - whether has an impact for assessing whether assessee has made payment of tax & interest so as to be eligible for immunity u/s. 270AA. In an interim order passed by the Bombay High Court, the Court stayed an order imposing penalty on an assessee when the application… Read More ...
The Mumbai Tribunal has held that S. 43B : Deductions on actual payment-Adjustment u/s. 143(1)(iv)(a)-Disallowance under section 36(1)(va) of the Act- Assessing Officer could not make disallowance based on observations made in Tax audit report that payments were made after due date specified under respective Acts- Adjustment u/s 143(1)(iv)(a) of the Act is bad in law - Judgement of Supreme Court… Read More ...
The INCOME TAX APPELLATE TRIBUNAL PUNE BENCH has held that Interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Income Tax Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) of IT Act. PCIT was not justified in passing revision order U/s 263 of the Act on this issue. Read More ...
The ITAT Mumbai has held that Computation of limitation period section 92CA(3A) and 153(1) of the Act. In calculating 60 days – the day on which limitation to pass assessment order expires has to be excluded Under section 92CA(3A) and 153(1) of the Act the TPO is required to pass order u/s. 92CA(3) of the Act at any time before sixty… Read More ...
The ITAT has held that Revision—Erroneous and prejudicial order—Lack of proper enquiry vis-a-vis assessment of additional income as business income—During the course of survey under s. 133A assessee's husband admitted unrecorded income in the case of his wife i.e., assessee which was stated to be advances made for property in the course of her real estate business—Unrecorded trade advances and… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Transfer-The assessee had acquired right in the ownership of the flat at the time of issuance of allotment letter-Date of allotment letter is to be considered as date of purchase-Addition made on the basis of stamp valuation on the date of registration was deleted. [S. 2(47), 56(2)(vii)(b)] During the… Read More ...