Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes – Expenditure incurred for renovation of school building and payment of taxes - Allowable as application of income though the assessee is not owner of the building. [S. 11(1)(a)] The appellant had incurred an expenditure on repairs/renovation of the school building and towards payment of property taxes.… Read More ...
The Delhi Tribunal has held that S. 153C : Assessment-Income of any other person-Search-Recording of satisfaction -Additional ground-Question of law admitted-Document Identification Number / Document Number (DIN/DN)- CBDT circular -Binding on the Assessing Officer-Not mentioned in the assessment order-Order is quashed and set aside. [S. 119, 143(3), 254(1), 292B] Before the Tribunal the assessee has raised an additional ground based on… Read More ...
The ITAT Mumbai D Bench has held that Whether sundry creditors arising out of Bogus purchases (Hawala Transactions) and remaining outstanding as at the year-end can be added to the Total Income u/s 68 as Cash credits. -NO- Such creditors can be added u/s 41(1) only as Income includes benefit due to Remission or Cessation of Liability by way of writing off such… Read More ...
The Gujarat High Court has held that Gujarat High Court quashes and sets aside the Assessment Order passed in violation of the provisions of S.144B of the Income Tax Act as the mandatory procedure of providing the draft assessment order along with show cause notice was not issued in the present case. Read More ...
The Supreme Court has held that Non - speaking order of Dismissal passed by High Court in absence of follow up reasoned order is invalid : Hon'ble Supreme Court Read More ...
The Gujarat High Court has held that The Bench comprising of Hon'ble Chief Justice Sunita Agrawal and Hon'ble Justice AP Mayee, Gujarat High Court holds that Section 119(2)(b) Application under the Income Tax Act,1961 cannot be rejected citing vague and arbitrary reasons that there was no genuine hardship caused to the Petitioner. The Court also observed that the application cannot be rejected… Read More ...
The Income Tax Appellate Tribunal, Mumbai Bench has held that The Tribunal accepted the contention of the Assessee that he was an unsuspecting investor that transacted in a 'penny stock' with a view to earn a quick profit. Since the involvement of the Assessee in any dubious transaction relating to price rigging or connection with exit providers could not be shown, no addition could be… Read More ...
The Bombay High Court has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Cash credits-Accommodation entries-Additional evidence - Violation of Rule 46A by CIT(A)-Failure to produce the parties– Assessing Officer should exercise his powers under section 131 of the Act–Assessee cannot be compelled to produce the parties–Order of Tribunal rejecting the miscellaneous application and reversing the order of… Read More ...
The Mumbai Tribunal has held that S. 45(3) : Capital gains - Transfer of capital asset to firm –Land – Stock in trade- Transferring the assets at nil value – Revaluation by the Firm and crediting the accounts of the partners in latter years – Addition cannot be made in the hands of the partners in the year of revaluation and… Read More ...
The Supreme Court has held that RECOMPUTATION OF DEDUCTION UNDER SECTION 80 IA OF THE INCOME TAX ACT, 1961: The market value of the power supplied by the State Electricity Board to the industrial consumers should be construed to be the market value of electricity. It should not be compared with the rate of power sold to or supplied to the… Read More ...