Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT, B Bench Kolkata has held that Failure on the part of SO to deliver copy of reason to believe to assessee within prescribed time of 6 years ending on 31.3.2015,to raise objection to reopen the legally closed assessment u/s 143(3) of IT Act 1961,is bad in law and against law of natural justice, not sustainable in the eye of law, further… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015. S. 43 : Penalty for failure to furnish return of income an information, or furnish inaccurate particulars about an asset (including interest in any entity) located outside India- Foreign Bank Account-Signatory for late Mother-Amount was donated to the Charity-Not beneficial owner-Mere no… Read More ...
The Supreme court has held that PCIT(Central-2) Vs Mahagun Realtors Pvt ltd(Supreme Court) Date-5th April, 2022 Sub- Assessment order issued in the name of Amalgamating company post amalgamation upheld, department’s SLP allowed, decision in the case of CIT Vs Spice Infotainment Ltd and PCIT Vs Maruti Suzuki India Limited distinguished. The issue regarding assessment in the name of amalgamating company having… Read More ...
The Chattisgarh High Court has held that Jugal Kishore Paliwal Vs ITO/NFAC(Chattisgarh High Court) Date-1st April,2022 Sub- Reassessment notice u/s 148 on account of bogus purchases of Rice, Defects alleged in Sanction u/s 151, issue of notice and reasons recorded- Writ dismissed The Single bench of Chattisgarh High Court in this case was dealing with multiple Writ petitions it appears of the… Read More ...
The ITAT, Delhi has held that The main issue before is, firstly, whether the assessee can challenge the validity of assessment order during the revisionary proceedings and also the validity of reopening u/s.147 when it was not challenged by the assessee; and secondly, whether the reopening based on the reasons recorded by the Assessing Officer itself was bad in law or… Read More ...
The Income tax Appellate Tribunal Delhi Benches has held that Young Indians Vs ACIT(E) Date-31st March 2022 Forum-Income-tax Appellate Tribunal Delhi Benches Sub- Whether a charitable Trust/ Institutions can surrender its registration at any time suo moto without the approval of Tax authorities and many other matters including reassessment, loan of Rs 1 crore from entity operated by Kolkata entry operator as well as the… Read More ...
The Bombay 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… Read More ...
The Supreme Court has held that S. 148 : Reassessment-Notice-Writ Petition-High Court dismisses the Petition-Not a reasoned order-Order set aside to High Court and decide a fresh on their merits. [S. 147, Art. 226] The Assessee challenged the notice issued u/s 148 of the Act on various grounds before the High Court by filing the writ partition. The High Court dismissed… Read More ...
The Calcutta High Court has held that Realization Stock & Equity Pvt ltd Vs ITO, Ward 4(1), Kolkata & Ors Forum-Calcutta High Court Date-28th March 2022 Sub-Whether patent non application of mind while disposing off the objections can be a ground for quashing the Notice u/s 148 of the Income-tax Act,1961 The Calcutta High Court in this case when represented by Adv… Read More ...
The Supreme. Court has held that Vishal Ashwin Patel Vs ACIT Circle 25(3) & Ors Forum-Supreme Court Date-28th March 2022 Sub-Whether high court while deciding WP under Article 226 against Reassessment notice u/s 148 considering that When the Constitution confers on the High Courts the power to give relief it becomes the duty of the Courts to give such relief in… Read More ...