Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme COurt of India has held that M/s New Noble Education Society Vs The Chief Commissioner of Income-tax and another (Supreme Court) Date-19th October 2022 Sub-Whether an institution claiming exemption u/s 10(23C) has to exist solely for the purpose of education or it can have income from other sources as well and connected issues? The three judges bench of Supreme Court in… Read More ...
The Rajasthan High Court has held that Geeta Agarwal Vs Income-tax Officer (Rajasthan High Court) Date-11th October 2022 Sub-Notice u/s 148 issued on 26th July, 2022 for AY 2016-17 for income escaping Rs 8 lacs stayed in view of the same having been issued beyond three years from the end of the Assessment year for an amount of income escaping assessment below… Read More ...
The SupremeCourt of India has held that Deputy Commissioner of Gift-tax, Central Circle - II Vs M/s BPL Limited (Supreme Court) Date-13th October 2022 Sub- Whether promoters shares which are locked in, when gifted have to be treated as quoted or unquoted shares for the purpose of valuing the gift for taxability under the Gift-tax Act, 1958? An interesting question arose in… Read More ...
The Supreme Court of India has held that Checkmate Services Pvt ltd Vs CIT- I (Supreme Court) Date -12th October 2022 Sub- Deduction u/s 36(1)(va) in respect of delayed deposit of amount collected towards employees’ contribution to PF can not be claimed when deposited within the due date of filing of return even when read with Section 43B of the Income-tax Act,1961. This… Read More ...
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 ...