Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai has held that Non-issuance of the sec. 148 notice within the surviving time limit as per the judgement of the Supreme Court in the case of UOI vs. Rajeev Bansal (2024), 469 ITR 46 (SC), renders such notice time barred and consequently the assessment is required to be quashed and set aside. Read More ...
The Mumbai Tribunal has held that S. 12AB : Procedure for fresh registration-Commissioner has no power to impose contingent or precautionary conditions while granting registration-Conditional registration granted subject to outcome of proposed SLP before Supreme Court is beyond jurisdiction and liable to be vacated-Once jurisdictional High Court decision holds the field, authorities are bound to follow the same. [S. 12AB(4), 12AB(5),… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Change of opinion-Reassessment based on material already examined in original assessment is invalid-Notice issued in the name of a non-existing amalgamating company is void ab initio and not curable u/s 292B. [S. 143(3), 148, 292B] The assessee, engaged in the business of real estate development, had claimed… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Loan received-Identity, creditworthiness and genuineness proved – Assessee also proved source of source – Loan subsequently repaid with interest after deduction of TDS – Addition deleted. [S. 143(3)] The assessee had received unsecured loan of Rs. 50 lakhs from an individual lender. During the assessment proceedings, the assessee furnished documentary evidence… Read More ...
The Mumbai Tribunal has held that S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-Safe harbour tolerance of 10% applies with reference to valuation determined by DVO – Once DVO valuation substitutes stamp duty valuation, no addition can be made if variation between agreement value and DVO valuation is within prescribed tolerance band- Addition… Read More ...
The NAGPUR TRIBUNAL has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Specified domestic transaction – Transfer Pricing -ALP of inter-unit transfer of electricity -For benchmarking transfer of power from captive power plant to assessee’s own manufacturing units, the proper CUP is the tariff at which State Electricity Distribution Company supplies power to industrial consumers and not… Read More ...
The Mumbai Tribunal has held that S. 153C : Assessment of income of other person-Addition on basis of loose papers / diaries seized from third party-No reference to assessee by name-Identification only on basis of code “DD”, mobile data, WhatsApp chats and Truecaller-Not permissible-No incriminating material “belonging to” or “relating to” assesse- Jurisdiction u/s. 153C not valid-Addition of ₹32.14 crore deleted.… Read More ...
The Mumbai Tribunal has held that S. 68 : Cash credits-Long-term capital gains-Penny stock-Addition based solely on Investigation Wing report without independent enquiry-Documentary evidences not disproved-Transactions through demat and stock exchange-Addition deleted-Suspicion cannot replace evidence. [S. 10(38), 45] The assessee earned long-term capital gains on sale of shares of Lifeline Drugs and Pharma Ltd. and claimed exemption under section 10(38). The… Read More ...
The Mumbai Tribunal has held that S. 69A : Unexplained money-Cash deposits during demonetization- Explained source as past withdrawals and share of siblings-Affidavit was filed before the Tribunal reaffirming the submissions made before the Assessing Officer and CIT(A)-Addition deleted as AO failed to rebut evidence and discharge burden-Additional ground admitted. [S. 115BBE, 254(1)] The assessee, a senior citizen and retired medical… Read More ...
The Bombay High Court has held that S. 270A : Penalty-Under-reporting of income – Disallowance of employees’ contribution to PF/ESI – Addition already made in intimation u/s 143(1) – No “under-reported income” – Claim based on jurisdictional High Court judgment – Issue debatable – No penalty leviable – Revision u/s 264 maintainable – Commissioner cannot reject revision without reasons – Penalty and… Read More ...