Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT, MUMBAI has held that We have gone through the documentary evidences placed before us in the paper book. We also take note of the judicial precedent of the Hon'ble Jurisdictional High Court of Bombay in the case of PCIT vs Mohammed Haji Adam and Co. [2019] 103 taxmann.com 459 (Bom) which has a relevance in the present set of… Read More ...
The Mumbai Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Bogus purchases and sales-Accommodation entries-Information from DDI (Inv)-Cross examination-Denied giving accommodation entries-Reassessment order is quashed. [S. 69C] The assessment was reopened on the basis of information received from DDIT (Inv) on the basis of enquiry on Giriraj Enterprises, the proprietor Mr. Harish K. Chandak alleged has given… Read More ...
The Chennai Tribunal has held that S. 68: Cash credits-Cash deposited-Demonetisation-Explained the source-Explanation cannot be rejected on the ground of after thought -Addition is deleted. Assessee deposited high demonetisation notes. Gave explanation that source being cash in hand and repayment by sundry debtors in cash. AO refused explanation on ground that debtors were unverifiable. On appeal the CIT(A) affirmed the order… Read More ...
The Bombay High Court has held that Prosecution launched for offenses punishable under sections 276B and 278B of the Income Tax Act for delay in depositing TDS quashed as the TDS had already been deposited with interest as provided under section 201(1A). As per CBDT Circulars dated 28th May, 1980 and 24th April, 2008 prosecution ought not be launched where the tax… Read More ...
The SUPREME COURT has held that S. 253 : Appellate Tribunal-Appeals-Duties-Limitation-Delay of 425 days-Tribunal rejected the appeal for condonation of delay-High Court affirmed the order of Tribunal-On SLP Honourable Supreme Court condoned the delay-It is not the length of delay that would be required to be considered while examining the plea for condonation of delay, it is the cause for delay-Directed… Read More ...
The Bombay High Court has held that S. 69C : Unexplained expenditure-Bogus purchases- Information from sales tax Department-Sales not doubted-Books of account not rejected-Order of Tribunal affirming the estimate of profit at 12.5% of alleged bogus purchases are affirmed-Court also observed that, it is the solemn obligation and duty of the Income Tax Authorities and more particularly of the A.O. to undertake… Read More ...
The Supreme Court has held that Vodafone Idea is not liable to deduct TDS (tax deducted at source) on interconnectivity usage and bandwidth charges paid to non-resident telecom operators. Special Leave Petition of the Department dismissed on merits following Engineering Analysis Centre of Excellence Private Ltd v. The Commissioner of Income Tax (2022) 3 SCC 321 and The Commissioner of Income… Read More ...
The Bombay High Court (Goa Bench) has held that Where assessee had only 50 per cent share in property since she and Section 5A of the IT Act speaks about division of income amongst the spouses and not division of assets. Once the substantive rights of the assessee were governed by section 5A of the Portuguese Civil Code, the mere non-mention of the same… Read More ...