Judgements Uploaded By Users In Category: Income-Tax Act
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The Rajasthan High Court has held that S. 148 : Reassessment-Notice-Constitutional validity-The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021-Reassessment notices issued under section… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue- eligibility of loss being carried forward-Issue which is beyond the scope of rectification-Commissioner cannot revise under section 263 of the Act. [S. 154] Where, the Assessing Officer allowed the rectification application of the assessee claiming losses to be carried forward. The PCIT held that the AO… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Non-resident-On money-Foreign Resident cannot be taxed under section 69 of the Act-DTAA India -UAE. [S. 132(4), Art. 22] Where the assessee is a non-resident Indian, the assessee had paid cash amounts, as 'on money' to certain Builders in India. This amount was treated as an "unexplained investment" under section 69 of… Read More ...
The Mumbai Tribunal has held that S. 12A : Registration-Trust or institution-Held declining registration on the ground of Indian Premier League (IPL) activities are in the nature of commercial activities is held to be not justified. [S. 2(15), S. 12AA] Where the Department declined registration of a Charitable Organization on the ground of Indian Premier League (IPL) activities are in the… Read More ...
The Gauhati High Court has held that Kartik Sonavane Vs DCIT Circle-8 Forum-Gauhati High Court Date-15th November, 2021 Sub-Whether an employee is entitled to get credit for the TDS deducted on salary even when the employer has defaulted in the payment of the tds so deducted? The Gauhati High Court in this case was considering the case of an employee of the… Read More ...
The mumbai itat has held that Update Assessee filed a return declaring agricultural income as exempt. He filed MOU entered with Cultivator who paid him lease rent and said rent was shown by him as exempt. AO rejected claim as Inspector report showed that no irrigation was done on land and treated the amount as cash credit and taxed the same… Read More ...
The Pune ITAT has held that Revision by CIT u/s 263 of the Act based on the recommendation of the Assessing Officer lacks statutory sanction, hence bad in law Read More ...
The ITAT Mumbai has held that Co-operative banks are basically Co-operative society, the income from the same fall under section 80(2)(d) and deduction can be claimed. Read More ...
The Bombay High Court has held that S. 143(3) : Assessment-Bogus purchases-Estimation of profit at 10% of total alleged bogus purchases is held to be justified-No substantial question of law. [S. 37(1), 40A(3), 260A] The Assessing Officer disallowed the entire purchases as bogus purchases. On appeal the Commissioner of Income-tax (Appeals) estimated the estimated the profit at 15%. On appeal the Tribunal… Read More ...
The Bombay High Court has held that S. 143(3) : Assessment-Natural justice-Covid-19-Lockdown- Returned income was loss of Rs.10,57,049/- and income assessed was Rs.114,57,33,424-Only three working days’ notice was given to file various details-Order passed without giving sufficient time is violative of the principle of natural justice-Order was set aside. [S. 144, Art. 226] The assessee is in the business of trading of… Read More ...