Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that Prosecution launched for offenses punishable under sections 276B and 278B of the Income Tax Act for delay in depositing TDS quashed as the TDS had already been deposited with interest as provided under section 201(1A). As per CBDT Circulars dated 28th May, 1980 and 24th April, 2008 prosecution ought not be launched where the tax… Read More ...
The SUPREME COURT has held that S. 253 : Appellate Tribunal-Appeals-Duties-Limitation-Delay of 425 days-Tribunal rejected the appeal for condonation of delay-High Court affirmed the order of Tribunal-On SLP Honourable Supreme Court condoned the delay-It is not the length of delay that would be required to be considered while examining the plea for condonation of delay, it is the cause for delay-Directed… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure-Bogus purchases- Information from sales tax Department-Sales not doubted-Books of account not rejected-Order of Tribunal affirming the estimate of profit at 12.5% of alleged bogus purchases are affirmed-Court also observed that, it is the solemn obligation and duty of the Income Tax Authorities and more particularly of the A.O. to undertake… Read More ...
The Supreme Court has held that Vodafone Idea is not liable to deduct TDS (tax deducted at source) on interconnectivity usage and bandwidth charges paid to non-resident telecom operators. Special Leave Petition of the Department dismissed on merits following Engineering Analysis Centre of Excellence Private Ltd v. The Commissioner of Income Tax (2022) 3 SCC 321 and The Commissioner of Income… Read More ...
The Bombay High Court (Goa Bench) has held that Where assessee had only 50 per cent share in property since she and Section 5A of the IT Act speaks about division of income amongst the spouses and not division of assets. Once the substantive rights of the assessee were governed by section 5A of the Portuguese Civil Code, the mere non-mention of the same… Read More ...
The Bombay High Court has held that Section 12A / 12AA / 12AB - whether assessee is entitled to "deemed registration" if application not disposed off in 6 months. [Sections 11, 12, 12A, 12AA, 12AB of Income Tax Act, 1961] Held: - Assessee's application for registration under s 12A(1)(ac)(i) made in Form 10AC was allowed by the Revenue and the said registration… Read More ...
The ITAT INDORE has held that Income Tax - Appeals - Low Tax Effect - Maintainability - Circular No. 5/2024 Superseding Earlier Circulars - Exception for Audit Objections Removed - Appeals Dismissed Arguments of the Assessee The assessee argued that the appeals filed by the revenue are not maintainable due to the low tax effect. Arguments of The Revenue:- The Departmental… Read More ...
The ITAT Indore has held that The Hon'ble ITAT, Indore Bench in the case of Indore Paraspar Sahkari Grah Nirman Sanstha ITA No. 322/Ind/2023 order dated 18.06.2024 held that section 50C is not applicable on lease property and when the transfer of capital asset is took place as per approval and under the supervision of the statutory authorities and after due… Read More ...
The ITAT Delhi has held that Assessee applied for permanent registration of 12A & 80G and Dept. uploaded Notice only on IT Portal without serving on Email or through Dak, hence in absence of any response from the Assessee CIT(Exemption) passed a Ex- Party rejection Order. ITAT Held that Notice should have also been served to the Assessee on Email. Read More ...
The ITAT, Mumbai has held that The assessee was a SEBI-registered portfolio investor and a tax resident of Mauritius. It held shares of an Indian company M/s International Conveyors Limited (ICL) for more than 10 years before selling them. The AO treated the transaction as a non-genuine transaction and taxed the gains of Rs. 6,64,96,351/- u/s 68 of the Act. On… Read More ...