Judgements Uploaded By Users In Category: Income-Tax Act
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The BANGALORE ITAT has held that additional income declared during the course of survey can be treated as business profits and remuneration paid to partners on the same is to be allowed u/s 40(b) - Held Yes Read More ...
The Mumbai Tribunal has held that S. 144C : Reference to dispute resolution panel-Transfer pricing-No variation in Arm’s Length Price-Barred by limitation-No draft order as assessee is not an “eligible assessee”- Draft order and final assessment order is quashed. [S. 92CA(3), 144C(15)(b)] The assessee has challenged the draft assessment order on thee ground that the assessee is not an ‘eligible assesseee… Read More ...
The Mumbai Tribunal has held that S. 254(2A) : Appellate Tribunal-Stay-ITAT has power to grant stay only if the asseessee pays 20 % of the tax in dispute or furnishes equal amount of security of like amount. [S. 220(6), 253, 254(1)] The Assessee filed a stay application before ITAT against demand raised Assessee submitted that most issues were covered and hence… Read More ...
The Delhi High Court has held that S. 148 (b) of Income Tax, 1961 - Reassessment proceedings - Transactions of purchase and sale of shares – Notice under Section 148A(d) issued on different ground as reasons in 148A(b) – If Foundational allegation is missing in the notice issued under Section 148A(b) - Same cannot be incorporated by Issuing Supplementary Notice. The Show… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Long term capital gains-Penny stock-Denial of exemption is not valid. [S. 10(38), 45, 131, 133A] The AO assessed the consideration received on sale of shares as penny stock and denied the exemption on the basis of information received from the Investigation wing pertaining to survey action conducted in the case of… Read More ...
The Supreme Court of India has held that Assistant Commissioner of Income-tax (Exemptions) Vs Ahmedabad Urban Development Authority (Supreme Court) Date-19th October 2022 Sub-What is the meaning of the Object of General Public Utility(GPU) in Section 2(15) of the Income-tax Act,1961 and when that object of GPU gets converted into trade, commerce or business so as to attract the limits laid down in… Read More ...
The Supreme COurt of India has held that M/s New Noble Education Society Vs The Chief Commissioner of Income-tax and another (Supreme Court) Date-19th October 2022 Sub-Whether an institution claiming exemption u/s 10(23C) has to exist solely for the purpose of education or it can have income from other sources as well and connected issues? The three judges bench of Supreme Court in… Read More ...
The Rajasthan High Court has held that Geeta Agarwal Vs Income-tax Officer (Rajasthan High Court) Date-11th October 2022 Sub-Notice u/s 148 issued on 26th July, 2022 for AY 2016-17 for income escaping Rs 8 lacs stayed in view of the same having been issued beyond three years from the end of the Assessment year for an amount of income escaping assessment below… Read More ...
The SupremeCourt of India has held that Deputy Commissioner of Gift-tax, Central Circle - II Vs M/s BPL Limited (Supreme Court) Date-13th October 2022 Sub- Whether promoters shares which are locked in, when gifted have to be treated as quoted or unquoted shares for the purpose of valuing the gift for taxability under the Gift-tax Act, 1958? An interesting question arose in… Read More ...
The Supreme Court of India has held that Checkmate Services Pvt ltd Vs CIT- I (Supreme Court) Date -12th October 2022 Sub- Deduction u/s 36(1)(va) in respect of delayed deposit of amount collected towards employees’ contribution to PF can not be claimed when deposited within the due date of filing of return even when read with Section 43B of the Income-tax Act,1961. This… Read More ...