Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Subsequent decision of Supreme Court-Employee’s contributions (EPF/ESI) -Tribunal cannot invoke section 254(2) on basis of subsequent change in law-Order of rectification quashed. [S. 36(1)(va), 139(1), 143(1), 260A, Art. 226, 227] The assessee had deposited the employees’ share of provident fund and ESI before the due… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 S. 43 : Penalty for failure to furnish return of income or furnish inaccurate particulars of an asset ( Including financial interest in any entity ) outside India- Non-disclosure of foreign assets – Use of word “may” in section 43 is directory… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure -Bogus purchases-Estimate of alleged bogus purchases-No substantial question of law-Appeal of revenue was dismissed. [S. 260A] Assessing Officer has estimated the gross profit (GP) at 12 % on the bogus purchases. This was not challenged by the revenue in any proceedings. The Commissioner (Appeals), reduced this estimation to 5.75%. On… Read More ...
The Hon'ble Mumbai ITAT has held that Hon’ble Mumbai ITAT quashed order passed u/s 263 of the Income Tax Act, 1961 (Act) by holding that the AO has made detailed inquiry before passing the order which has been raised by the PCIT in proceeding initiated u/s 263 of the Act. Hon’ble ITAT also allowed following claims on merits: (i) Loss on relinquishment… Read More ...
The ITAT Mumbai has held that Bogus purchases - Ratio of judgement of Mohd. Haji Adam (Bom. HC) followed and Kanak Impex India Ltd. (Bom. HC) distinguished. Read More ...
The Mumbai Tribunal has held that S. 45 : Capital Gains – Sale of Film Rights-Transfer of bundle of rights in 31 cinematographic films held to be transfer of capital assets- Consideration received taxable as capital gains and not as business income. [S. 2(11)(B), 2(14) 28(i), 28(va), 55(2)(a)] The assessee, a partnership firm engaged in film production since 1953, had produced… Read More ...
The CALCUTTA HIGH COURT has held that S. 254(1) : Appellate Tribunal-Powers-Tribunal remanding matter with cost-Cost of ₹50,000 imposed on small trader held to be harsh and unjustified - Order of Tribunal set aside. [S. 250(6), 254(2B), 260A] The assessee, a small trader of glass articles, filed appeal against the order of the ITAT, Kolkata `SMC’ Bench, for AY 2017–18. The ITAT… Read More ...
The Jaipur Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases-Hawala- Accommodation entries - Purchases duly supported by bills, cheque payments, confirmations, and accepted sales cannot be treated as bogus. Disallowance of entire purchases unjustified-Disallowance deleted- Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [S.… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases – Estimation of profit element – When purchases were supported by bills, bank payments and sales not disputed, addition restricted to 12.5% of alleged bogus purchases; Bombay High Court ruling in PCIT v . Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)( HC)… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Derived-Interest income on fixed deposits kept for contractual obligations and Interest on wrongful deduction of TDS refund-Eligible for deduction as profits derived from infrastructure facility. [S. 56 , 80IA(ii), 254(2), 260A, Art. 226] The assessee, Gateway Terminals India Pvt. Ltd., a joint venture between APM Terminals Mauritius… Read More ...