Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 72 : Set off of loss-long term capital loss-Tax planning with in frame work of law is permissible -Long term capital loss is allowed to be set off against long term capital gains. [S. 45] (ITA No. 4286/Mum/2017, dt.20-9-2021) (AY. 2010-11) Coram: Hon'ble Shri Pramod Kumar (Vice President) and Hon'ble Shri Ravish Sood (Judicial… Read More ...
The Bombay High Court has held that S. 69C : unexplained expenditure-Bogus hawala purchases-Third party statement-Opportunity of cross examination was not provided-Payments were through banking channels by way of letter of credit-Order of Tribunal deleting the addition was affirmed-No question of law. [S. 260A] (ITA No. 971 of 2017 dt. 28-9-2021) (AY. 2010-11) (Arising ITA No. 7287/M/2014 dt.7-10-2016) CORAM : Hon'ble Mr.… Read More ...
The ITAT DELHI has held that REOPENING BASED ON INFORMATION MUST BE RELIABLE AND SOME EVIDENCE TO BELIEVE PURCHASE AS BOGUS , PROCEEDINGS QUASHED BY DELHI ITAT . ITA No.1197/Del/2019 GIST 7. We have considered the rival contentions of both the Ld. Representative of the parties. A perusal of the reasons recorded for reopening of the assessment (as reproduced above) would… Read More ...
The Calcutta High Court has held that PCIT,Kolkata-2 Vs V N Enterprises Limited Date-30th September,2021 Forum-Calcutta High Court Assessment Yrs 2002-03/2003-04 Sub-Whether blending of tea leaves amounts to manufacture within the meaning of Section 10B of the Income-tax Act,1961 to be eligible for deduction under the said section. The Calcutta High Court CJ bench was considering the appeal of the department where… Read More ...
The Orissa High Court has held that Shiva Cement Limited & Ors Vs DIT(Inv) Bhubaneshwar & Ors Forum-Orissa High Court Date-29th September,2021 Sub-Whether there can be common search warrant and Panchnama where two assessees are operating from the same place and whether there can be simultaneous search and survey operations simultaneously in respect of same assessee. The Orissa High Court in this… Read More ...
The ITAT, Ahmedabad has held that When assessee purchased three flats at single floor and combined them with one entry and exit and got them registered through a single sale deed, assessee was entitle to claim exemption u/s 54 even after amendment applicable from A.Y. 2015-16 Read More ...
The ITAT, Ahmedabad has held that When Company advancing money to a company which was a substantial shareholders for mutual business benefits and when such advancement was on interest at prevailing market rates and when company advancing funds was also engaged in money lending activities, money received by shareholder company cannot be taxed as deemed dividend u/s 2(22)(e) of the Act. Read More ...
The Mumbai Tribunal has held that S.68: Cash credits-Share application money-Shell company-The DCF method adopted is incorrect and fallacious-the two investing companies held to fit the description of a shell company-The burden is on the assessee to prove the identity, capacity and genuineness and nature and source of credits in his books of accounts, to the satisfaction of the Assessing Officer… Read More ...
The Gujarat High Court has held that Maheshbhai Patel Vs PCIT Ahemedabad Forum-Gujarat High Court Date-23rd September,2021 Sub-Whether when an application for condonation of delay in filing the appeal is accepted by the Tribunal, the appeal would relate back to the due date and would be said to be pending on 31st January 2020 for the purpose of validity of the application… Read More ...
The INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH has held that Issue- The addition of share application money received amounting to Rs 8,13,29,600 invoking section 68 of the Act, in proceedings u/s 147/148. CIT(A) deleted the addition however, the Hon'ble ITAT vacate the relief granted by the learned CIT(A) and restore the impugned additions made by the Assessing Officer. In this case the assessment was reopened… Read More ...