Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that Coram: Honouarble Mahavir Singh Vice-President, and Honourable M. Balaganesh, AM S. 147 : Reassessment-Change of head-Income from other sources- Share capital-Notice was issued to assess the excess share premium under section 56 of the Act-Addition was made under section 68 of the Act as cash credits-Reassessment is held to be bad in law. [S. 56,… Read More ...
The Supreme Court of India has held that South Indian Bank Limited Vs CIT Civil Appeal No 9606 of 2011 Forum-Supreme Court of India Date-9th September, 2021 Sub-Whether proportionate disallowance of interest paid by the banks is called for under Section 14A of Income Tax Act for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee… Read More ...
The Chhattishgarh High Court has held that S. 148 : Reassessment - Notice - Constitutional Validity - Issued between April 01, 2021 to June 30, 2021 - Without following S. 148A - Conducting inquiry, providing opportunity before issue of notice under section 148 - Taxation and other Law (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications - held Constitutionally… Read More ...
The Mumbai Tribunal has held that S. 9(1)(i) : Income deemed to accrue or arise in India – DTAA – India - Mauritius - Change of domicile from British Virgin Islands to Mauritius - Entitle to benefits of India-Mauritius DTAA - Dependent agency permanent establishment (DAPE) - As long as an agent is paid an arm's length remuneration for the services… Read More ...
The Mumbai Tribunal has held that S. 92C : Transfer pricing - Arm’s length price - CUP method -Interest-free debt funding of an overseas company in the nature of a special purpose vehicle interest-free debt funding of an overseas company in the nature of a special purpose vehicle - Cannot be compared with loan simpliciter - Cannot be subjected to arm’s… Read More ...
The Mumbai Tribunal has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Ex-parte order was passed 30-3-2010-Order was not served on the assesse-The assessee came to know the passing of order on the issue of TRO notice dated 21-1-2020-The order was down loaded from the Official website of the ITAT and Miscellaneous application was filed within six… Read More ...
The ITAT, Mumbai has held that When a case is selected for "limited scrutiny" to verify the disallowance made u/s 14A of the Act and AO makes disallowance u/s 14A in the assessment order passed u/s 143 of the Act then the CIT(A) cannot travel beyond the issue selected under ‘limited scrutiny’ and makes disallowance u/s 36(1)(iii) of the Act while… Read More ...
The Income-Tax Appellate Tribunal, Amritsar Bench, Amritsar has held that AO did not apply his mind to arrive at an independent satisfaction that there was escapement of income. Para 20 We are of the considered view that the Assessing Officer was duty bound to record his independent satisfaction to arrive at prima facie satisfaction that there is escapement of income during the assessment year under… Read More ...
The INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT has held that There is complete non-application of mind as the Assessing officer didn’t convert the information per se into tangible material. He just relied on the general information and he didn’t make any inquiry or apply his mind to the information received. The assessing officer should form nexus between information, reason, and belief. This is absent in… Read More ...
The Mumbai Tribunal has held that S. 153A : Assessment-Search-Survey-Assessment under section 153A is bad in law as there was no search in the name of Assessee-Proper satisfaction was not recorded-No incriminating documents were found in the case of person whom the search was initiated-Even the Assessing Officer is same recording of satisfaction is mandatory-Order was quashed on law and merit… Read More ...