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 Calcutta High Court has held that *PCIT-9, Kolkata Vs Sreeleathers (Calcutta High Court)* *Date-14th July, 2022* *Sub-Whether addition u/s 68 can be made casually by assessing officer by simply saying that the loan creditor companies are paper companies and the assessee is involved in money laundering? * The Division bench of Hon’ble Calcutta High Court in this case was considering appeal… Read More ...
The Supreme Court has held that PCIT (Investigation) & Ors Vs Laljibhai Kanjibhai Mandalia (Supreme Court) Date-13th July,2022 Sub-Whether the sufficiency or inadequacy of the reasons to believe recorded can be gone into while considering the validity of an act of authorization to conduct search and seizure- Supreme Court lays down principles on which the Courts can interfere when action is… Read More ...
The Supreme Court of India has held that PCIT-III, Banglore & Anr Vs WIPRO(Supreme Court)* *Date-11th July 2022* *Sub-What is the effect of filing of revised return, when a revised return can be filed and whether a claim once made in the original return can be subsequently withdrawn by filing the revised return*. The Apex Court in this case was considering in this… Read More ...
The Bombay High Court Bench Aurangabad has held that No assessment order under Section 153-A of the Act, 1961, the amount seized can not be retained there is no provision in the Income Tax Act regarding the payment of interest as well as compensatory interest. The Department cannot deliberately delay the payment of the amount due payable with interest from the date of the… Read More ...
The ITAT Amritsar has held that Where the notice u/s 148 was issued by a non jurisdictional assessing officer and later the case was transferred to the jursidcitional assessing officer, the assessment framed was bad in law and accordingly quashed. Read More ...
The Calcutta High Court has held that S. 68 : Cash Credits-Penny Stock-Capital gains-Shares with increased value of about 2823%-Genuineness of price hike to be established-Onus on the assessee-Order of Tribunal is reversed- Addition as cash credit is affirmed-Revision is held to be valid. [S. S.10(38), 45, 263] The assessee had purchased 50,000 shares of the Surabhi Chemicals and Investment Ltd for… Read More ...
The Mumbai Tribunal has held that S. 250 : Appeal-Commissioner (Appeals)-Procedure-Faceless Appeal Scheme-Video Conference-Natural justice-Opportunity for personal hearing not granted-Retrospective effect-Order set aside and remanded back. [S. 250(6B), National Faceless Appeals Scheme 2020, Rule 12(2), 12(3), 13(2)] Where the assessee specifically requested for an opportunity of hearing through the video conferencing, and the NFAC declined the same and simply proceeded to… Read More ...
The Mumbai Tribunal has held that S. 144C : Reference to dispute resolution panel-Rectification application by TPO-Rectification order by DRP-Not maintainable. [S. 144C(14), 154] As a plain and careful reading of rule 13 makes it unambiguous, the rectification powers, under rule 13, by the Dispute Resolution Panel can be exercised only in one of the three circumstances – namely, (a) suo… Read More ...
The Mumbai Tribunal has held that S. 90 : Double taxation relief-Foreign Company-discrimination allowed-Company has not made prescribed arrangement-DTAA-India -Korea. [S. 2(22A), Art. 25(1)] The assessee before us is a banking company incorporated in, and fiscally domiciled in, Korea. It is carrying on business, through its permanent establishment, in India as well. In light of Article 25, it was urged by… Read More ...
The Mumbai Tribunal has held that S. 9(1)(i) : Income deemed to accrue or arise in India – Permanent establishment - Interest will not be taxed at a higher rate- DTAA- India- Japan. [Art. 7, 11(2), 11(6), 14] Where the assessee is a company incorporated in, and fiscally domiciled in, the Republic of Japan. The assessee, inter alia, earned income from… Read More ...