Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
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 ...