Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court of India has held that State Bank of India Vs Assistant Commissioner of Income-tax (Supreme Court) Date- 4th November 2022 Sub-Whether an employer is liable to deduct tax at source on leave travel concession(LTC) paid to its employees and whether when the LTC is claimed by the employee for the shortest route between place of work and home town though… Read More ...
The Jharkhand High Court has held that Sri Ramjanki Tapovan Mandir Ranchi Vs CIT(Exemptions)[Jharkhand High Court] Date-3rd November,2022 Sub: Whether deity of a temple can transfer land belonging to the trust and whether Tribunal can travel beyond the reasons recorded in the order impugned before it and develop a complete de novo case for the Revenue. The Hon’ble Division Bench of Jharkhand… Read More ...
The Orissa High Court has held that Anil Raj Tuli Vs ITO, NFAC Delhi and others (Orissa High Court) Date-3rd November 2022 Sub- Reassessment notice u/s 148 for AY 2014-15 dated 30th March 2021 issued under the old law quashed in view of change of opinion. The Chief Justice Bench of Orissa High court in this case was interalia dealing with objection… Read More ...
The Supreme Court of India has held that Assistant Commissioner of Income-tax(Exemptions) Vs Ahmedabad Urban Development authority(Supreme Court) Date-3rd November,2022 The Supreme Court today was hearing a miscellaneous application which was filed by the department seeking clarification in relation to the judgement of the Supreme Court which was pronounced on 19th October, 2022 (original judgement)regarding interpretation of Section 2(15) of Income-tax Act,1961. As… Read More ...
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 ...