Judgements Uploaded By Users In Category: Income-Tax Act
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The Calcutta High Court has held that PCIT-4, Kolkata Vs Linde India limited Date- 5th September 2022 Forum-Calcutta High Court Sub-Whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made even when the expenditure is not debited to profit and loss account? The Calcutta high court in this case was considering whether when an assessee makes advance payment… Read More ...
The Calcutta High Court has held that Hon. Calcutta High Court quashes order u/s. 148 A(d) of the Income Tax Act, 1961 relating to the assessment year 2014-2015 on the ground that it was without jurisdiction and being barred by limitation since the initiation of re-opening of the assessment has been made admittedly after six years from the end of the expiry… Read More ...
The ITAT Indore has held that ITAT Indore Upholds the Action of Revenue in holding LTCG earned from sale of shares of Turbotech Engineering Ltd. (TEL) as Bogus, The Hon. Tribunal followed the decision of Hon. Calcutta High Court rendered in case of PCIT vs. Swati Bajaj ITA No. 06/2022 Dated 14.06.2022 Read More ...
The itat Indore has held that section 115BBE which was amended w.e.f. 15-12-16 will not apply to search made prior to this date. drv 115BBE does not apply to excess stock if the business is the only source of Income Read More ...
The Rajasthan High Court has held that Rajasthan HC has granted stay in Reassessment matters for AY 2013-14 and 2014-15. Earlier the Hon. Calcutta High Court as well as Punjab High Court had also stayed the reassessment proceedings. Read More ...
The Supreme Court has held that S. 36(1)(vii) : Bad Debts-Business loss-Amount paid to builder towards acquisition of commercial premises-Write off of the amount as irrecoverable neither allowable as bad debt nor as business loss-Assessee to prove both conditions of section 36(1)(vii) and 36(2) of the Act are satisfied. [S. 28(i), 36(2), 37(1)] The assessee is in the business of real… Read More ...
The Calcutta High Court has held that Hon. Calcutta High Court stays reassessment proceedings for AY 2014-15, initiated on the basis of CBDT Instruction No. 01/2022 dated 11th may 2022. Earlier Hon. Punjab and Haryana HC had issued notice on writ petition challenging reassessment proceedings under new regime for AY 2013-14 as time barred and wholly without jurisdiction. Read More ...
The CBDT has held that Consequent to order passed by Allahabad High Court passing severe strictures and proposing to levy exemplary cost of Rs 50 lakhs in a writ challenging reopening of assessment on wrong facts, CBDT today ( 22nd August,2022 ) has issued instructions to all its officers that for initiating proceedings under Section 148/147 of the Act, any… Read More ...
The ITAT Pune has held that Assessing Officer’s issued notice under section 143(2) dated 01.09.2010 to Shri Lohia Gourishankar G having PAN No.AAKPL3064D . and not to the assessee (HUF) having PAN No.AAAHL3831L but to Shri Lohia which makes it clear cut instance of non-issuance of a valid section 143(2) notice held to be mandatory condition in the foregoing landmark decision.… Read More ...
The ICAI has held that Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 AY 2022-23 (Effective for the AY 2022-23 and subject to amendments made by law, judiciary or administration, for the subsequent assessment years) Read More ...