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 Mumbai Tribunal has held that S. 23 : Income from house property-Builder stock in trade-Deemed notional rent in respect of unsold flats held as stock in trade- Provisions of S. 23(5) are prospective-Addition was deleted. [S. 22, 23(5)] Allowing the appeal of the assessee the addition made as deemed notional rent in respect of unsold flats held as stock in… Read More ...
The Mumbai Tribunal has held that S. 143(3) : Assessment-Survey-Settlement Commission-Housing project-On money-Natural justice-Order passed by the Assessing Officer only on the basis of rejection order of the Settlement commission was not valid-The Assessing Officer is directed to pass the order in accordance with law after considering the submissions of the Assessee. [S. 80IB(10), 133A, 245D(1), 245D(4)] During course of survey… Read More ...
The ITAT Indore has held that 1. it is practically not possible for agriculturist assessee to maintain sale vouchers of of 100% agricultural produce because this sector is unorganized and a substantial part of crop directly to the consumers. 2. The AO as well as the CIT(A) have to appreciate the fact that the agricultural products in this country are traded… Read More ...
The Bombay High Court has held that S. 260A : Appeal-High Court-Delay in disposal of appeals-Change in Panel counsels-CIT(judicial) to make necessary arrangements in two weeks. Where on account of change of panel counsels there are adjournment requests on behalf of the Revenue to take instructions and file Vakalatnamas; resulting in delay in disposal of appeals. The Department is directed to take… Read More ...
The ITAT MUMBAI has held that Disallowance of interest under section 36 (1)(iii) - Deposit for premises -Related party - assessee has interest free funds available with it in the form of share capital and free reserve : No disallowance : Dies written off- no sale of Dies during the year - valuation increase/decrease in the dies is not at all… Read More ...
The Bombay High Court has held that S. 254(1) : Appellate Tribunal-Duties-Housing project- Tribunal cannot differ from earlier order of Tribunal in assessee’s own case and follow the order of Tribunal in another assessee-The matter has to be referred to larger Bench in case the Tribunal desires to differ from earlier order of the Tribunal-The Tribunal should have considered the order of… Read More ...
The Allahabad High Court has held that Reassessment — Reopening of assessment — Reopening notice issued under unammended provisions — Reliefs sought in petition is to q uash impugned notice u/s 148 — Held, as per Clauses 6.2 and 7.1 of Board's Circular dated 11.05.2022, if a case does not fall under Clause (b) of sub-Section (i) of Section 149 for Assessment… Read More ...
The INDORE has held that 1. Appeal against intimation u/s 143(1)(a) / 154 is maintainable 2. The amendment made by Finance Act, 2021 for disallowance of EPF & ESIC is applicable from the assessment 2021-22 and subsequent year. 3. From bare reading of sub section (3) of section 199 read with sub Rule 3(1) of Rule 37BA. make it unambiguously… Read More ...
The Mumbai Tribunal has held that S. 32 : Depreciation-Asset purchased from and leased back-Entitle depreciation-Assessment-Direction of the Tribunal to follow the Judgement of Special Bench-While giving effect High Court decided contrary to the Judgement of Special Bench-Assessing Officer is bound to follow the order of High Court -Asset purchased from and leased back -Entitle depreciation-Business expenditure-Amount paid fees paid to… Read More ...
The Delhi High Court has held that Hon’ble Delhi High Court set asides order u/s 148A(d) and Notice u/s 148 of Income Tax Act, 1961 dated 31-03-2022. (Writ Petition (C) 8238-2022) Annexure enclosed with the order u/s 148A(d) clearly recoded that assessee’s case was not fit for issuance of notice u/s 148 of the Act. AO personally appeared before the court and… Read More ...