Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue- CSR funds received-Specific projects-Not income of the trust- sustainable view taken by the Ld. AO-Order of revision set aside. [S. 2(24), 11] Where the Ld. Assessing Officer (AO), inter alia, had relied on the decision of the Hon’ble Delhi High Court in the case of DIT… Read More ...
The HIGH COURT OF DELHI has held that The Hon'ble Delhi High Court has recently decided a case where the Hon'ble Court was pleased to apply section 14 of the Limitation Act in the Income Tax Proceedings to exclude the time the assessee had spent in pursuing its remedies before a forum without jurisdiction for the calculation of limitation period. The relevant part… Read More ...
The HIGH COURT OF DELHI has held that THE HON'BLE HIGH COURT HAS BEEN PLEASED TO ISSUE NOTICE ON THE WRIT PETITION RAISING THE QUESTION OF LAW THAT "WHETHER THE AMENDMENT BROUGHT ABOUT BY THE FINANCE ACT 2017 UNDER SECTION 153C OF THE ACT IS PROSPECTIVE FROM THE DATE OF SEARCH" [W.P.(C) 3221/2022, 3224/2022, 3152/2022,3153/2022, 3155/2022] Read More ...
The Supreme Court of India has held that Horticulture Experiment Station Gonikopal, Coorg Vs Regional Provident Fund Organisation Forum-Supreme Court of India Date-23rd February 2022 Sub-Whether element of Mens rea (guilty mind) is essential for violation of civil laws. The Supreme Court in this case was called upon to decide that once an employer violated the law relating to deposit of PF, whether… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-After the expiry of four years-Interest and property tax paid subsequently after slump sale-Claimed as deduction in the year of payment-Amount disclosed in tax audit report relying on case law-Reassessment notice for incorrect claim- Change of opinion-Reassessment notice was quashed. [S. 43B, 44AB, 148 , Art. 226] In the Form No 3CD… Read More ...
The Rajasthan high court has held that Rakesh Garg Vs PCIT Ajmer Forum-Rajasthan High Court Date-17th February 2022 Sub-Whether Appeal filed before ITAT after the cut-off date of 31/1/2020 and delay in filing the appeal having been condoned, the application under the Vivad Se Vishwas Act 2020 is eligible to be accepted or is to be rejected in terms of FAQ No… Read More ...
The Mumbai Tribunal has held that S. 149 : Reassessment-Foreign asset-HSBC Geneva account of Trust -Time limit for notice-16 years-Assets held outside India- Introduced vide Finance Act, 2012-Retrospective in nature. [S. 147, 148, 151] A search and seizure operation were carried out in the assessee’s premises on August 10, 2011. Documents were found pertaining to a foreign bank account, based on… Read More ...
The Calcutta High Court has held that Creative Museum Designers Vs ITO,Exemptions,Ward 1(1),Kolkata Date-10th February 2022 Forum-Calcutta High court Sub-Whether the activity of the petitioner of setting up of museums, science parks, planetariums, interactive galleries, exhibits and other forms of dissemination of knowledge through informal means, at the behest of other public bodies or entities, be regarded as commercial in nature and… Read More ...
The Bombay High Court has held that S. 195 : Deduction at source - Non-resident – Lower deduction of tax – Indexation – Binding precedent – Order of Tribunal is binding on lower Authorities - Capital gains - Cost of acquisition of the property in the hands of seller is deemed to be the cost for which the said property was acquired… Read More ...
The Bombay High Court has held that S. 147 : Reassessment – After the expiry of four years - No failure to disclose material facts – Change of opinion – Capital gains or business income – Sale of shares – Reassessment proceedings are quashed. [S. 28(i), 45, 148, 154, Art. 226] The assessment was completed under section 143(3) of the Act and… Read More ...