Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Mumbai Tribunal has held that S. 41(1) : Profit Chargeable to tax - Remission or cessation of trading liability-Amounts not written off-matter sub-judice before Hon'ble High Court - No addition can be made- Department should be more careful while filing the appeal before the Appellate Tribunal where the facts are undisputed. The Hon'ble ITAT Mumbai in a Departmental appeal challenging… Read More ...
The Calcutta High Court has held that *Tapas Kumar Basak Vs ADIT Int Tax & Ors * *Forum-Calcutta High Court* *Date-16th September,2021* *WPO No 931 of 2007* *Sub- Whether commissioner in exercise of power u/s 264 can revise the order passed by the AO treating the assessee as a resident even though the assessee claimed the status of Non resident?* The assessee… Read More ...
The Supreme Court has held that Director of Income-tax New Delhi Vs Mitsubishi Corporation Date-17th September,2021 Forum-Supreme Court of India Subject-Whether interest u/s 234B for default in payment of advance tax due to non deduction of tax at source by the payer is liable to be paid for AY 2012-13 and earlier years (as the law was amended with effect from… Read More ...