Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Bombay High Court has held that S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Compounding application-Failure to dispose the compounding application by the Principal Commissioner-Directed the Principal Commissioner to dispose the pending compounding application with in the period of three months from today and not later than 27th February 2023. [S. 204, 278B, 279(2), Art.… Read More ...
The ITAT, JAIPUR has held that Charitable trust—Registration under s. 12AA—Filing of original or self-certified copies of documents, balance sheets, etc.—CIT (Exemption) rejected the assessee's application seeking registration on the ground that instrument establishing the trust and other evidences were not filed in original—Not justified—Application seeking registration was filed on 6th Feb., 2020—Hence, the amended r. 17A was applicable for registration… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment- Notice – Recorded reasons stating that the return was not filed – On the facts the assessee had filed the return and informed to the Assessing Officer in response to notice – Reassessment was quashed on the ground that the recorded reason was based on the incorrect facts hence the reassessment… Read More ...
The Calcutta high court has held that PCIT-12 Kolkata Vs Soorajmull Nagarmull(Calcutta High Court) Date-23rd November, 2022 Sub-What are the parameters to consider the cessation of liability to be taxed u/s 41(1) of the Income-tax Act,1961 and relation with the limitation Act 1963. The Division bench of Calcutta High Court in this case even though was not satisfied about the grounds for… Read More ...
The Supreme Court of india has held that The Commissioner of Income-tax Vs Mansukh Dyeing and Printing Mills (Supreme Court) Date-24th November, 2022 Sub-Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961. The department has made a major win today in the above case when… Read More ...
The Mumbai Tribunal has held that Sec. 2(29AA)/ Sec. 2(42A)/ Sec. 48 - Period of holding - immovable property - Date of acquisition - Provisional allotment versus final allotment. During the financial year under consideration, on 19.05.2012, the Assessee sold office premises in Bharat Diamond Bourse - a trade body of diamond merchants. The Final Allotment Letter in respect thereof was… Read More ...
The BANGALORE ITAT has held that Rural agricultural land situated beyond the specified limits was converted for non agricultural purposes but was used for agriculture till the date of sale- Facts: Assessee claimed that land is situated beyond the Municipal limits 10 kms. and therefore, it is not a capital asset as per section 2(14) of the Act. Revenue contended that… Read More ...