Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 50 : Capital gains-depreciable assets-Block of assets-Sale of depreciable asset-Long-term capital asset-Short term capital gains- Tax is leviable at 20% as long term under seecti0n 112 of the Act and not at 30% which is applicable to short term capital gains. [S. 2(11), 2(29AA), 2(29B), 2(42A), 2(42B), 2(45), 43(6), 48, 49, 50(1), 50(2), 50A,… Read More ...
The IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH has held that i. We have heard the rival contentions and perused the material available on record. From the perusal of the material placed on record in respect of the issues which formed the basis for passing the order u/s. 263 of the Act, we note that it is not a case of lack of enquiry. We observe… Read More ...
The Bombay High Court has held that S. 264 : Commissioner-Revision of other orders-Income wrongly offered to tax and paid taxes-Assessment completed under section 143(1)-Time for filing revised return under section 139(5) has expired-Double addition- Order of Commissioner dismissing the revision application is set aside-Commissioner is directed to allow the claim of the assessee by passing an appropriate order. [S. 43B, 139(5),… Read More ...
The ITAT, JAIPUR 'B' BENCH has held that Case decided in favour of : In favour of : Assessee Reassessment—Validity—Notice under s. 148 issued by non-jurisdictional AO—AO has not controverted that the residential status of the assessee is NRI as on the date of issue of notice under s. 148—Further, the order-sheet entry dt. 16th March, 2023 shows that Faceless Assessment Unit requested… Read More ...
The Supreme Court has held that SC ruled in Revenue’s favour in TOLA batch of re-assessment cases; TOLA will extend time limit in reassessment cases, specifies tests to be applied for relevant assessment years in old & new regime; Directions in Ashish Agarwal judgment will extend to all 90,000 show cause notices; Allahabad HC judgment in Rajeev Bansal, Bombay HC judgment,… Read More ...
The ITAT, MUMBAI has held that We have gone through the documentary evidences placed before us in the paper book. We also take note of the judicial precedent of the Hon'ble Jurisdictional High Court of Bombay in the case of PCIT vs Mohammed Haji Adam and Co. [2019] 103 taxmann.com 459 (Bom) which has a relevance in the present set of… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Bogus purchases and sales-Accommodation entries-Information from DDI (Inv)-Cross examination-Denied giving accommodation entries-Reassessment order is quashed. [S. 69C] The assessment was reopened on the basis of information received from DDIT (Inv) on the basis of enquiry on Giriraj Enterprises, the proprietor Mr. Harish K. Chandak alleged has given… Read More ...
The Chennai Tribunal has held that S. 68: Cash credits-Cash deposited-Demonetisation-Explained the source-Explanation cannot be rejected on the ground of after thought -Addition is deleted. Assessee deposited high demonetisation notes. Gave explanation that source being cash in hand and repayment by sundry debtors in cash. AO refused explanation on ground that debtors were unverifiable. On appeal the CIT(A) affirmed the order… Read More ...