Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 56 : Income from other sources-Stamp value-Market value of flat on agreement date is to be considered and not the value of registration of sale agreement-Addition is deleted. [S. 45, 56(2)(vii)(b)] The assessee was allotted flat on 17-10-2011 for consideration of Rs.70 lakhs. The flat was registered on 23-7-2013. The stamp value as on… Read More ...
The Rajasthan High Court Jodhpur has held that Notice issued u/s 148 of the Income Tax Act, 1961 with a view to reopen the concluded re-assessment for AY 2013-14 was held invalid as the same was issued in the name of deceased assessee late Smt. Shobha Mehta. Following the decisions in the case of Smt. Kesar Devi V CIT (2009) 227 CTR 621(Raj).… Read More ...
The ITAT Indore has held that *“Alleged accommodation entries taken From alleged shell companies i.e. Jayant Securities & Finance Ltd. and Jay Jyoti (India) Pvt. Ltd. are Genuine Loans ”- ITAT Indore* The issue involved was whether “Merely for not producing the cash creditors before the Ld. AO even when all the necessary documents as required to prove the identity, creditworthiness… Read More ...
The SUPREME COURT has held that Do not miss this case, if you ever thought of filing Writ under Article 226 of the Constitution 1.Assessing Officer passed the assessment order determining the tax liability along with interest and penalty under the MVAT Act and CST Act 2. Assessee preferred Writ before Hon. Bombay High Court which quashed the Assessment Order and… Read More ...
The Bombay High Court has held that S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Rent charged to trustee less than market rate-Violation of section 13 exemption cannot be denied- Only the income to the extent of violation is liable to tax at maximum marginal rate. [S. 11, 12, 12A, 13(1)(c)(ii)] The AO held that rent charged from one of the Trustee… Read More ...
The Mumbai tribunal has held that Regular books of accounts maintained by the assessee in tally software, now being referred by the Revenue, to justify the impugned addition did not constitute incriminating material unearthed during the search. Read More ...
The ITAT Amritsar has held that Section 115JB could not be invoked for the first time while giving appeal effect to the order of CIT(A). There being no reference to section 115JB in the assessment order while framing assessment a rectification order could have been passed within the time permissible under law but section 115JB could not have been applied while… Read More ...
The Calcutta High Court has held that PCIT-4, Kolkata Vs Krishi Rasayan Exports Pvt ltd (Calcutta High court) Date- 14th September 2022 Sub:-Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ?” The division bench of… Read More ...
The Calcutta High Court has held that Whether other additions can be made in an order under Section 147/ 143(3) of the Income Tax act, 1961, which were not part of the reasons recorded for reopening the assessment even after insertion of Explanation 3 to Section 147 of the Act by Finance Act, 2009 when Assessing Officer, upon issuance of notice u/s… Read More ...