Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Supreme Court has held that *Krishna Gopal Tiwari & another Vs Union of India* *Forum-Supreme Court* *Civil Appeal No 4744 of 2021* *Sub-Whether Section 10(10(ii) dealing with exemption on account of payment of gratuity where the limit was enhanced from Rs 3.50 lacs to Rs 10 lacs is retrospective or prospective in nature.* The appellant in this case were employees… Read More ...
The Supreme Court has held that MM Aqua Technologies Limited Vs CIT, Delhi Forum-Supreme Court Date-11th August 2021 Sub-Whether conversion of interest on loan due to financial institutions into debentures amounts to payment of interest and hence deductible u/s 43B notwithstanding the Explanation 3C of the said Section? The Apex court in this case was deciding an important issue regarding deduction… Read More ...
The Surat ITAT Bench has held that The assessing officer disallowed payments of Rs. 57,55,630 made by assessee to the doctor for running the medical shop on the ground that it was in contravention of Code of Medical Ethics Regulation 2002 by attracting Explanation to section 37(1). The stand of the assessee was that payments based on percentage of sales were made… Read More ...