Judgements Uploaded By Users In Category: Income-Tax Act
These judgements are uploaded by our esteemed readers. If you have a judgement on an important topic that you would like to share with others, please use this form to upload it
The Chennai Tribunal has held that S. 6(1) : Residence in India-Individual -Stayed more than 60 days in each year-More than 365 days in India for a period or periods amounting to all to 365 days or more-More than 183 days for AY. 2013 -14 & 2014-15-Control and management office is located in Chennai , India-Foreigners Regional Registration Office (FRRO) data… Read More ...
The Mumbai Tribunal has held that S. 4 : Charge of income-tax-Compensation-Surrender of premises - Allocated flat as compensation to remove illegal occupant-The value of flat received by the assessee as compensation for removing nuisance shall constitute capital receipt -Not taxable. [S. 2(24),54F, 56(2)(vii)( b )] The assessee was an illegal occupant of land, who was allotted a flat worth ₹2.59… Read More ...
The Chennai Tribunal has held that S. 56 : Income from other sources-Long term capital loss-Share transfer agreement-Shares sold at an undervalued price-Related party transaction-AO claimed that the transaction was structured to avoid tax-Shares valued at upwards of Rs 19,000/-, per share were sold for Rs.100 per share-Valuation was not in accordance with Rule 11UA-Matter remanded back to AO for recalculating… Read More ...
The Mumbai Tribunal has held that S. 36(1)(iii) : Interest on borrowed capital-Interest on ICDs used for giving interest-free security deposit for getting the premises on leave and license-Business purpose-Interest is allowed as deduction. [S. 37(1)] The assessee had taken an office premises on leave and license by providing an interest-free security deposit, funded partly through Inter Corporate Deposits (ICDs) on… Read More ...
The Mumbai Tribunal has held that S. 45 : Capital gains Interim order-Year of taxability of capital gains on compensation-Interest on compensation-Income from other sources - Delay of 404 days-Delay is condoned-The compensation and interest received by in pursuance of an interim order of the Bombay High Court cannot be taxed in the year of receipt-Addition is deleted -Compensation and interest… Read More ...
The ITAT (Mumbai) has held that Sec. 80-IA: Even if income under the head Business/ profession is a loss, deduction under section 80-IA(4) is allowable from other heads of income if the Gross Total Income is a positive figure. Sec. 14A: Only investments yielding exempt income during the relevant previous year shall be taken into consideration for the purpose of computing… Read More ...
The Supreme Court has held that The object of section 80- IA(9) is not to curtail the deductions computable under various provisions under Chapter VI-A. Section 80-IA(9) affects allowability of deduction and not computation of deduction (i) Section 80-IA(9) does not affect the computability of deduction under various provisions under heading C of Chapter VI-A, but it affects the allowability of… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Cash deposit-Demoetizaation-Produced names, address, PAN etc-Parties have responded to the notices u/s 133(6)-Sales are accepted by VAT department-No defects in the books of account-Order of CIT(A) deleting the addition is affirmed. [S. 133(6), 143(3)] The assesseee has deposited cash sales in the bank account. The Assessing officer assessed the said deposit… Read More ...
The ITAT Mumbai has held that Interest under section 234B of the Act, even though mandatory, cannot be levied if the addition to income is made on account of a retrospective amendment. In this case, the addition was made during assessment on account of excess credit period granted to an associated enterprise. The provisions which regard excess credit period granted to… Read More ...
The Hon'ble Mumbai ITAT has held that Statement / details / information filed by third party or searched party before Income Tax Settlement Commission cannot be reason to make the addition in the case of an assessee sans any corroborative evidence. Read More ...