Judgements Uploaded By Users In Category: Income-Tax Act
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The Calcutta High Court has held that Gyan Traders Limited Vs CIT, Kolkata-II Date-30th September, 2022 Sub-What is the criteria for determining whether the profit on sale of shares is business income or capital gains? The issue regarding the profit on sale of shares being business income or capital gains is an issue which has never been settled. The fight continues depending… Read More ...
The Orissa High Court has held that Stewart Science College,Cuttack Vs ITO Ward 1(1), Cuttack (Orissa High Court) Date 27th September,2022 Sub- Whether an assessee claiming exemption from filing of return of income u/s 10/11 can be issued notice u/s 148? The matter related to issue of notice u/s 148 for AY2015-16 in view of cash deposit in bank etc and admitted… Read More ...
The Calcutta High Court has held that Ashish Chatterjee Vs Union of India & Ors(Calcutta High Court) Date -26th September,2022 and 29th September, 2022 Sub- Whether use of Central Reserve Police Force(CRPF) can be made and also without the help of female officers to search female assessee and switching off the CCTV camera disregarding the law relating to action for search and… Read More ...
The INCOME TAX APPELLATE TRIBUNAL DELHI has held that The payment to HUDA is, in effect, payment to State Government and therefore such payment is exempt from obligations to deduct TDS in view of Section 196 of the Act. In the case of Perfect Constech Pvt. Ltd. vs. Additional Commissioner of Income Tax in ITA No.6907/Del /2019 order dated 29.12.2020 wherein Co-ordinate Bench found… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Stamp value-Market value of flat on agreement date is to be considered and not the value of registration of sale agreement-Addition is deleted. [S. 45, 56(2)(vii)(b)] The assessee was allotted flat on 17-10-2011 for consideration of Rs.70 lakhs. The flat was registered on 23-7-2013. The stamp value as on… Read More ...
The Rajasthan High Court Jodhpur has held that Notice issued u/s 148 of the Income Tax Act, 1961 with a view to reopen the concluded re-assessment for AY 2013-14 was held invalid as the same was issued in the name of deceased assessee late Smt. Shobha Mehta. Following the decisions in the case of Smt. Kesar Devi V CIT (2009) 227 CTR 621(Raj).… Read More ...
The ITAT Indore has held that *“Alleged accommodation entries taken From alleged shell companies i.e. Jayant Securities & Finance Ltd. and Jay Jyoti (India) Pvt. Ltd. are Genuine Loans ”- ITAT Indore* The issue involved was whether “Merely for not producing the cash creditors before the Ld. AO even when all the necessary documents as required to prove the identity, creditworthiness… Read More ...
The SUPREME COURT has held that Do not miss this case, if you ever thought of filing Writ under Article 226 of the Constitution 1.Assessing Officer passed the assessment order determining the tax liability along with interest and penalty under the MVAT Act and CST Act 2. Assessee preferred Writ before Hon. Bombay High Court which quashed the Assessment Order and… Read More ...
The Bombay High Court has held that S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Rent charged to trustee less than market rate-Violation of section 13 exemption cannot be denied- Only the income to the extent of violation is liable to tax at maximum marginal rate. [S. 11, 12, 12A, 13(1)(c)(ii)] The AO held that rent charged from one of the Trustee… Read More ...