Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai has held that Bogus purchases - Ratio of judgement of Mohd. Haji Adam (Bom. HC) followed and Kanak Impex India Ltd. (Bom. HC) distinguished. Read More ...
The Mumbai Tribunal has held that S. 45 : Capital Gains – Sale of Film Rights-Transfer of bundle of rights in 31 cinematographic films held to be transfer of capital assets- Consideration received taxable as capital gains and not as business income. [S. 2(11)(B), 2(14) 28(i), 28(va), 55(2)(a)] The assessee, a partnership firm engaged in film production since 1953, had produced… Read More ...
The CALCUTTA HIGH COURT has held that S. 254(1) : Appellate Tribunal-Powers-Tribunal remanding matter with cost-Cost of ₹50,000 imposed on small trader held to be harsh and unjustified - Order of Tribunal set aside. [S. 250(6), 254(2B), 260A] The assessee, a small trader of glass articles, filed appeal against the order of the ITAT, Kolkata `SMC’ Bench, for AY 2017–18. The ITAT… Read More ...
The Jaipur Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases-Hawala- Accommodation entries - Purchases duly supported by bills, cheque payments, confirmations, and accepted sales cannot be treated as bogus. Disallowance of entire purchases unjustified-Disallowance deleted- Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [S.… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases – Estimation of profit element – When purchases were supported by bills, bank payments and sales not disputed, addition restricted to 12.5% of alleged bogus purchases; Bombay High Court ruling in PCIT v . Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)( HC)… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Derived-Interest income on fixed deposits kept for contractual obligations and Interest on wrongful deduction of TDS refund-Eligible for deduction as profits derived from infrastructure facility. [S. 56 , 80IA(ii), 254(2), 260A, Art. 226] The assessee, Gateway Terminals India Pvt. Ltd., a joint venture between APM Terminals Mauritius… Read More ...
The Bombay High Court has held that S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Income tax refund-Interest on excess payment of tax-Income derived from eligible business-Eligible for deduction- No substantial question of law. [S. 260A] The assessee, a developer of IT Parks and SEZ, claimed deduction u/s 80-IA not only on lease rental income (undisputedly eligible) but also on interest received… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Bogus purchases-Addition made on estimated basis of 25% of purchases deleted-Purchases supported by bills, stock register, delivery challans and bank payments-Supplier appeared before AO and confirmed sales-ITAT held that once purchases are corroborated by evidence and vendor’s statement, no addition could be sustained-Bombay High Court ruling in PCIT v. Kanak Impex… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained Expenditure – Bogus Purchases – Addition unsustainable when purchases supported by documents, payments through banking channel, sales accepted, and no cross-examination allowed – VAT authorities accepted purchases-Addition was deleted -Bombay High Court ruling in PCIT v. Kanak Impex (India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished.[S.133(6),… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure -Bogus Purchases - Only profit element to be taxed- Addition restricted to 12.5% of alleged bogus purchases- Bombay High Court ruling in PCIT v. Kanak Impex(India) Ltd [2025] 474 ITR 175 / 172 taxmann.com 283 (Bom)(HC) is distinguished. [ S. 133(6), 147 , 148 ] The assessee, engaged in construction,… Read More ...