Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record-Limitation-COVID extension not applicable-Rectification application is filed beyond period of six months-Income Tax Appellate Tribunal has no jurisdiction to condone delay-Writ petition is dismissed. [Art. 226] The ITAT dismissed the petitioner’s appeal on 21 September 2021, and the order was communicated on 17 November 2021. Under… Read More ...
The Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Income from other sources-Failure to respond to notice-Audit objection after amendment-Factual disputes cannot be adjudicated in writ proceedings when an alternative remedy is available-Writ petition is dismissed with liberty to file an appeal. [S. 57, 142(1), 143(3), 148, 148A(b), 148A(d), Art. 226] The petitioner, an… Read More ...
The ITAT Pune has held that Key Facts: The assessee, Ramchandra Udaysingh Jadhavrao, is a proprietor of M/s. JKG Developers, engaged in construction and land development. He filed his return of income for AY 2016-17 on 31.01.2017, declaring a total income of ₹12.37 crores. A survey under Section 133A was conducted at his business premises on 14.09.2016. During the survey, he… Read More ...
The Mumbai Tribunal has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Development agreement-Cost Inflation Index-Year of taxability-Tribunal’s common order applied to all co-owners- Miscellaneous application of Revenue is dismissed. [S. 45, 48, 254(1)] The assessee filed a return for AY .2008-09, declaring long term capital gains in respect of development rights. The Assessing Officer assessed the… Read More ...
The Bombay High Court has held that S. 148 : Reassessment-Income of any other person-Search-Search material pertains to third party-Notice of reassessment under Section 148 is held without jurisdiction-Section 153C and not section 148 is to be resorted to- Notice of reassessment is quashed and set aside. [S. 132, 147, 151(1), 153A, 153C, Art. 226] The petitioner, a partnership firm engaged in… Read More ...
The Bombay High Court has held that (i) Whether the ITAT, after recording a categorical finding that the impugned communication/order dated 28 December 2009 did not amount to any order of cancellation of BCCI's registration under Section 12A of the IT Act, 1961 and further holding that since there was no cancellation, no appeal was maintainable against the impugned communication/order dated 28… Read More ...
The ITAT Pune has held that In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune has overturned the order of the Principal Commissioner of Income Tax (PCIT), which had canceled the registration of M.M. Patel Public Charitable Trust under Sections 12A and 12AB of the Income Tax Act, 1961. The decision provides a major relief to charitable institutions by… Read More ...
The Bombay High Court has held that S. 119 : Central Board of Direct Taxes-Circular-Property held for charitable purposes-Form No. 10B was filed manually before due date of filing of return-Mandatory e-filing of Form 10B-Delay of 2732 days in filing the form electronically-Delay is condoned-The delay should be condoned as long as such lapse is not mala fide and the assessee has… Read More ...
The Supreme Court has held that At the time of seeking registration under Section 12-AA, the authority must be subjectively satisfied that the objects and proposed activities of the Trust are genuinely charitable in nature. It is not required that the trust should be carrying on activities at the stage of registration (i) The very purpose for any assessee to seek… Read More ...
The Bombay High Court has held that S.2(14)(iii): Capital asset-Agricultural land-Land is not used for agricultural purposes-Self-serving ledger entries-Property was sold before starting agricultural activity - Failed to file affidavit under Rule 10 of the Income Tax (Appellate Tribunal) Rules, 1963, pointing out that none of the Commissioner’s findings were contrary to the evidence on record or that the Commissioner or other… Read More ...