Judgements Uploaded By Users In Category: Income-Tax Act
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The BENGALURU TRIBUNAL has held that S. 143(2): Assessment – Notice – Notice of demand to be valid in certain circumstances -Limited scrutiny - Authentication of notices and other documents - A notice issued under section 143(2) after 23-06-2017 is not rendered invalid merely because it is not in the format prescribed by the CBDT Instruction dated 23-06-2017 or does not… Read More ...
The Bombay High Court has held that S. 144C : Assessment-Eligible assessee-Non-resident-Reassessment-Draft assessment order mandatory-Failure to issue draft order before passing final assessment order renders assessment void ab initio-Best judgment assessment-Return filed and notices substantially complied with-Invocation of section 144 invalid-Jurisdiction-Non-resident assessee-Assessment completed by officer lacking jurisdiction-Objection not barred by section 124(3) in faceless assessment proceedings-Reassessment-Addition based on erroneous information in Form… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Redevelopment-Alternate permanent accommodation received by tenant-Mere execution and registration of redevelopment agreement, without completion of project and delivery of possession, does not amount to “receipt” of immovable property-Allotment of alternate premises in lieu of surrender of tenancy rights is for valuable consideration and cannot be taxed under section 56(2)(x).… Read More ...
The Gujarat High Court has held that S.147 : Reassessment-After the expiry of four years- Reference to DVO – Fair Market Value as on 1-4-1981 – Amendment to section 55A(a) prospective – Reassessment invalid- The Court left open the question regarding the validity of a notice issued in the name of a deceased person. [S. 45, 48, 55A, 148, Art. 226] The… Read More ...
The Bombay High Court has held that S. 80IB : Industrial undertakings-Special category States-Research & Development (R&D) expenditure-Allocation of R&D expenses to eligible manufacturing units-No allocation permissible in the absence of direct nexus between R&D activity and eligible units – Revenue's appeal dismissed. [S. 35(2AB), 80IC, 260A] The assessee claimed weighted deduction under section 35(2AB) in respect of R&D expenditure incurred by… Read More ...
The Mumbai Tribunal has held that S. 45 : Capital gains-Income from other sources-Transfer of Development Rights-Compensation received under a redevelopment agreement is assessable as Capital Gains and not as Income from Other Sources. Exemption under section 54EC is allowable. [S. 2(14), 2(47), 54EC, 56, 50C & 147] The assessee, a co-owner of a property, entered into a Development Agreement with… Read More ...
The ITAT Mumbai has held that Sources of cash deposited by the assessee in her bank account during demonitisation period were explained as from marriage gifts, past savings and cash retained at home to meet medical emergencies for specially-abled and ailing family members. Finding that it was not uncommon in Indian social customs for a bride to receive gifts in cash… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus Purchases-Addition based on estimation cannot be made without rejection of books of account. Assessee produced invoices, e-way bills, ledger accounts and bank statements, and Revenue failed to establish purchases as bogus; the entire addition was deleted. [S. 37(1), 145(3)] The assessee, engaged in the business of hoarding advertisements, was subjected… Read More ...
The Mumbai Tribunal has held that S. 69A: Unexplained Money-Protective addition-under section Gold bullion found during search-Not sustainable where ownership stood admitted by company and bullion was duly recorded in books of account of the company. [S. S.132(4), S.143(3)] During the course of the search, gold bullion was found and a protective addition of ₹8.28 crore was made in the hands… Read More ...
The CUTTACK TRIBUNAL has held that S. 254(1) : Appellate Tribunal-Powers-Practice and Procedure- Authorised representative-Virtual Hearing-Dress Code- Appeal dismissed for non-compliance with SOP.[S. 288, R. 49 , ITAT R, 1963, 17A] The ITAT dismissed the assessee's appeal solely on the ground that the assessee's authorised representative, who appeared through virtual mode, was not dressed in the uniform prescribed under the Standard… Read More ...