Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Chennai bench has held that The Assessee club has different class of members viz., stand members who have voting rights and participate in the management of the club and club members who basically don’t have right to vote and can only utilize the resources of the club on non-racing days. The club collects entrance fee from all class/category of members.… Read More ...
The Supreme Court of India has held that National Petroleum Construction Company Vs DCIT Circle 2(2) International Taxation(Supreme Court) Date-29th July, 2022 Sub-What is the scope of provisions regarding non deduction of tax at source u/s 197 of the Income-tax Act,1961-whether Permanent Establishment(PE) can be determined in pursuance to an application u/s 197 and whether different view can be taken from earlier years… Read More ...
The Mumbai Tribunal has held that S. 48 : Capital gains-Cost of improvements-Amount spent on property habitable allowable as deduction-Amount spent on refrigerator, air conditioner LED, TVS furniture, dining table etc. are personal effects-Not eligible for deduction-Interest on housing loan-Matter remanded to the Assessing Officer. [S. 24, 45, 133(6)] The assessee sold the flat and offered the capital gains but also… Read More ...
The Calcutta High Court has held that PCIT(TDS) Kolkata Vs Nirmal Kumar Kejriwal(Calcutta High Court) Date- 22nd July 2022 Sub-Whether trading in Sawn timber is liable for collection of tax at source u/s 206C of the Income-tax Act,1961. Difference between Logs and Sawn timber Explained. The Division bench of Calcutta High Court in this case was considering department’s appeal which challenged the… Read More ...
The Mumbai Tribunal has held that S. 115BAA : Tax on income of certain domestic companies-Levy of tax @ 30% instead at concessional rate @ 22 %-Return of income-Last date for filing Form No. 10IC for AY 2020-21-Extended to March 31, 2021-By virtue of the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020-Entitled to concessional rate @… Read More ...
The Pune ITAT has held that Hon'ble Pune ITAT in it's recent decision of Mahendra Auto Services has held that notice issued u/s 158BC in absence of search warrant issued in name of assessee is bad in law. Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Unexplained expenditure-Capital gains-Penny stocks-Accommodation entries-Purchase of shares at premium in off market Transaction-Sale after three years-Report of Investigation Wing-Information never provided nor cross-examination of Individuals allowed-Additions is not valid. [S. 10(38), 45, 69] The assessee purchased 20,000 equity shares of Premier Capital Services Ltd in an off-market transaction through preferential allotment.… Read More ...
The Delhi High Court has held that Sunil Jain Vs National Faceless Assessment Centre(Delhi High Court) Date 22nd July, 2022 Sub-When an item of addition is being contested before CIT(Appeals) against original assessment, can notice u/s 148 be issued in respect of another item of undisclosed income of the same nature on the plea that the jurisdiction to deal with the same… Read More ...
The Calcutta High Court, Division Bench has held that The appellant has approached the writ court by filing WPA 9856 of 2022 challenging the assessment order passed under the provisions of the Income Tax Act 1961 dated 07th April, 2022 for the Assessment year 2018-19 primarily on the ground that it has been passed in violation of the principles of natural justice. Hon'ble Division… Read More ...
The Himachal Pradesh High Court has held that PCIT Shimla Vs JMJ Essential Oil Company (Himachal Pradesh High court) Date-20th July, 2022 Sub-Whether acceptance of cash sales by Sales-tax authorities imposes fetters on the Income-tax officer to treat the cash sales as unaccounted income and impose penalty u/s 271(1)(c) for furnishing inaccurate particulars of Income? The assessee in this case enjoyed tax benefits… Read More ...