Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai tribunal has held that Regular books of accounts maintained by the assessee in tally software, now being referred by the Revenue, to justify the impugned addition did not constitute incriminating material unearthed during the search. Read More ...
The ITAT Amritsar has held that Section 115JB could not be invoked for the first time while giving appeal effect to the order of CIT(A). There being no reference to section 115JB in the assessment order while framing assessment a rectification order could have been passed within the time permissible under law but section 115JB could not have been applied while… Read More ...
The Calcutta High Court has held that PCIT-4, Kolkata Vs Krishi Rasayan Exports Pvt ltd (Calcutta High court) Date- 14th September 2022 Sub:-Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ?” The division bench of… Read More ...
The Calcutta High Court has held that Whether other additions can be made in an order under Section 147/ 143(3) of the Income Tax act, 1961, which were not part of the reasons recorded for reopening the assessment even after insertion of Explanation 3 to Section 147 of the Act by Finance Act, 2009 when Assessing Officer, upon issuance of notice u/s… Read More ...
The Calcutta High Court has held that PCIT, Kolkata- 1 Vs Arshia Global Tradecom Pvt ltd(Kolkata High Court) Date -13th September, 2022 Sub: Whether on the facts and in the circumstances of the case the ITAT erred in law in quashing the proceedings under Section 147 of the Income Tax Act, 1961 by not appreciating the facts of the issue? The division… Read More ...
The Mumbai Tribunal has held that S.54F : Capital gains- Investment in a residential house-Non-Resident-Transfer of tenancy rights-Invested in residential flat in proposed building-AO was indeed in error in adopting a hyper-pedantic approach and holding that there was a fresh claim for exemption under section 54F of the Act-Entitle for exemption. [S. 45, 54] The assessee invested the entire sale consideration… Read More ...
The Madhya Pradesh High Court has held that the time limit of notice as provided under Section 149 of the Act is concerned, the same is in respect of Section 148 of the Act and not for Section 148A of the Act. Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes-Education-Study and promote the latest development in the field of Architecture-Mere surplus arising as a result of charitable activities the Institution does not cease to be a charitable institution-Entitle to exemption. [S. 2(15), 12A, Architect Act, 1872] The assessee is a trust registered with the Charity Commissioner and… Read More ...
The Mumbai Tribunal has held that S. 69A : Unexplained money-Demonetization-AIR information-Amount deposited to bank from earlier withdrawals-Addition was deleted-Cash Deposits in Partnership Firm’s bank Account-Amount transferred to partner’s account as withdrawal from capital-Addition cannot be made in the hands of partner. [S. 2(31)(iv), 133(6)] The assessee has deposited cash in his bank account between 09/11/2016 to 30/12/2016 (i.e. during the… Read More ...
The Mumbai Tribunal has held that S. 48 : Capital gains-Computation-Sale of shares-Fair market value as on 1-4-1981-Capital asset-Valuation based on valuation report-Department is not justified in rejecting the valuation adopted on the basis of approved valuer-On the peculiar facts of this case the Tribunal uphold the plea of the assessee, and direct the Assessing Officer to adopt the valuation of… Read More ...