Judgements Uploaded By Users In Category: Income-Tax Act
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The Calcutta High Court has held that Transway Wine Pvt ltd and another Vs PCIT Forum -Calcutta High Court Date-5th October 2021 Sub-whether notice u/s 148 in the name of a company which had already been amalgamated with another company under intimation to the department is bad in law? The Calcutta high Court in this case was considering the writ petition where… Read More ...
The Calcutta High Court has held that Neerja Rateria Vs National Faceless Assessment Centre Date -5th October 2021 Forum-Calcutta High Court Sub-Assessment order for AY 2018-19 quashed on account of violation of natural justice as the password for the Video conference link was not provided. The Calcutta High court in this case was considering the writ petition where the petitioner contended that… Read More ...
The Allahabad High Court has held that The petitioners have challenged the validity of the re-assessment notices issued to them, under Section 148 of the Act. Another challenge has been raised to the validity of the Explanation appended to clause (A)(a) of CBDT Notification No. 20 of 2021, dated 31.03.2021 and Explanation to clause (A)(b) of CBDT Notification No. 38 of 2021,… Read More ...
The Indore has held that S. 4 : Charge of income-tax – Hardship allowance received from the Developer – Capital receipt-Not chargeable to tax. [S. 2(24)(vi)] The Hon’ble Income-tax Appellate Tribunal - Indore Bench in the case of Shri Lawrence Rebello v. ITO ITA No.132/Ind/2020 dated September 29, 2021 inter alia, relying on the decisions of the Hon’ble ITAT- Mumbai… Read More ...
The ITAT DELHI has held that ITAT QUASHES REASSESSMENT PROCEEDINGS AS REASONS SUPPLIED TO THE ASSESSEE DIFFERENT FROM REASONS RECORDED BY ASSESSING OFFICER AND NOT VERBATIM SAME . GIST 10. It is, therefore, clear that the settled position of law on this aspect,as held by the Hon’ble High Court in the case of Haryana Acrylic Manufacturing Co. v. Commissioner of Income… Read More ...
The Bombay High Court has held that S. 143 (3) : Assessment - E-Assessment - Non furnishing draft assessment order - Order not having been passed in conformity with the requirements of the Faceless Assessment Scheme, 2019 held to be non-est and shall be deemed to have never been passed-Order was quashed and set aside. [S. 143(3A), 143(3B), Art. 226] In response… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Interest income-Deduction-Change of opinion-No power of review-Reassessment is held to be bad in law [S. 37(1), 56, 57, 148 , Art. 226] The assessee is engaged in the business of real estate and development. The assessment was completed u/s. 143 (3) of… Read More ...
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 ...