Judgements Uploaded By Users In Category: Income-Tax Act
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The High Court of Kerala has held that W.P. (C) No. 37648 of 2023 Facts of the case Writ petition was filed challenging the order passed by Principal Commissioner of Income Tax (PCIT) under section 119(2)(b) of Income-tax Act, 1961 wherein the application of the assessee for condonation of delay of one day in filing return of income for A.Y. 2021-22 was rejected.… Read More ...
The Bombay High Court has held that 24. In view of the aforesaid discussion, we have no hesitation in holding that the assessment order dated 31st August 2023 passed by FAO two years after the DRP directions, is time barred and cannot be sustained. Consequently, the ROI as filed has to be accepted. Petitioner is entitled to receive the refund together with… Read More ...
The Delhi High Court has held that S. 250 : Appeals-Commissioner of (Appeals)-National Faceless Appeal Centre (NFAC)-Pendency of appeals-Delay in disposal of appeals-Honourable court has directed the government to take appropriate measures to fill up all vacant posts and also increase the sanctioned strength of Commissioner (Appeals) so as to achieve the target at least 570 of such posts. [S. 246, 250(6A),… Read More ...
The Bombay High Court has held that S. 254(1) : Appellate Tribunal- Powers-Ex -parte order-Search- Alleged Accommodation entry provider-32,000+ beneficiaries- Shell companies-Alleged Money Laundering-Direction issued by the Tribunal to AO to intimate / report to SEBI, ED, MCA and ROC regarding details of money laundering activities-Directed the Assessing officer to share information about all beneficiaries within 90 days-Ex-parte order was quashed-Direction of… Read More ...
The Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Information–Internal Audit objection- Not permissible-Information not based on the objection raised by the Comptroller and Auditor General of India-Reassessment impermissible-Change of opinion-Audit objection raised by CAG a view deviating from that which was taken in the course of original assessment order is change of… Read More ...
The G D Padmahshali has held that Not all legal heirs could be legal representative nor all legal representative are legal heirs. Right to file appeal by virtue of 159(3) is available to only legal representative who qualify u/s 2(29) of IT Act. Read More ...
The Supreme Court has held that In the Hon'ble Supreme Court's judgment in the matter of AO Vs Nestle SA [2023 INSC 928], one of the issues which came up for consideration before Their Lordships was, to borrow their own words, "whether MFN clause is to be given effect to automatically or if it is to come into effect after a… Read More ...
The Supreme Court has held that (i) It is trite that where a transaction consists of payments in two parts, i.e., lump-sum payment made at the outset, followed up by periodic payments, the nature of the two payments would be distinct only when the periodic payments have no nexus with the original obligation of the assessee. However, in the present case,… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Unexplained investment-Unexplained money-Survey-Cash found less than the amount disclosed in the books of account–Addition cannot be made as an unexplained investment. [S. 69, 69A, 115BBE, 133A, 145] During the survey proceedings in the premises of the Assessee, actual cash of Rs. 11,800/- was found as against the cash in hand of… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 . S. 43 : Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset (Including financial interest in any entity) outside India- Asset was not disclosed in Schedule FA-Disclosed in Schedule Part A-85-Bonafide mistake-When… Read More ...