Judgements Uploaded By Users In Category: Income-Tax Act
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The Gujarat High Court has held that Maheshbhai Patel Vs PCIT Ahemedabad Forum-Gujarat High Court Date-23rd September,2021 Sub-Whether when an application for condonation of delay in filing the appeal is accepted by the Tribunal, the appeal would relate back to the due date and would be said to be pending on 31st January 2020 for the purpose of validity of the application… Read More ...
The INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH has held that Issue- The addition of share application money received amounting to Rs 8,13,29,600 invoking section 68 of the Act, in proceedings u/s 147/148. CIT(A) deleted the addition however, the Hon'ble ITAT vacate the relief granted by the learned CIT(A) and restore the impugned additions made by the Assessing Officer. In this case the assessment was reopened… Read More ...
The Mumbai Tribunal has held that S. 41(1) : Profit Chargeable to tax - Remission or cessation of trading liability-Amounts not written off-matter sub-judice before Hon'ble High Court - No addition can be made- Department should be more careful while filing the appeal before the Appellate Tribunal where the facts are undisputed. The Hon'ble ITAT Mumbai in a Departmental appeal challenging… Read More ...
The Calcutta High Court has held that *Tapas Kumar Basak Vs ADIT Int Tax & Ors * *Forum-Calcutta High Court* *Date-16th September,2021* *WPO No 931 of 2007* *Sub- Whether commissioner in exercise of power u/s 264 can revise the order passed by the AO treating the assessee as a resident even though the assessee claimed the status of Non resident?* The assessee… Read More ...
The Supreme Court has held that Director of Income-tax New Delhi Vs Mitsubishi Corporation Date-17th September,2021 Forum-Supreme Court of India Subject-Whether interest u/s 234B for default in payment of advance tax due to non deduction of tax at source by the payer is liable to be paid for AY 2012-13 and earlier years (as the law was amended with effect from… Read More ...
The Calcutta high court has held that PCIT Central-2, Kolkata Vs Settlement Commission(Income-tax & Wealth-tax & Anr) WPO No 289 of 2017 Forum-Calcutta High Court Date -14th September, 2021 Sub-What are the grounds on which the High court can interfere with the order passed by the Settlement commission in its extraordinary writ jurisdiction under Article 226 of the Constitution of India? In… Read More ...
The Rajasthan High Court has held that S. 132 : Search and seizure-Seizure of stock in trade-Seizure was held to be illegal-Directed to release the stock in trade and also directed to pay interest of Rs. 1 lakh to the petitioner. [S. 132(4), 132B, Art. 226] The petitioner no. 3 was travelling from Mumbai to Jaipur he was carrying Jewellery and diamond.… Read More ...
The Mumbai Tribunal has held that Coram: Honouarble Mahavir Singh Vice-President, and Honourable M. Balaganesh, AM S. 147 : Reassessment-Change of head-Income from other sources- Share capital-Notice was issued to assess the excess share premium under section 56 of the Act-Addition was made under section 68 of the Act as cash credits-Reassessment is held to be bad in law. [S. 56,… Read More ...
The Supreme Court of India has held that South Indian Bank Limited Vs CIT Civil Appeal No 9606 of 2011 Forum-Supreme Court of India Date-9th September, 2021 Sub-Whether proportionate disallowance of interest paid by the banks is called for under Section 14A of Income Tax Act for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee… Read More ...
The Chhattishgarh High Court has held that S. 148 : Reassessment - Notice - Constitutional Validity - Issued between April 01, 2021 to June 30, 2021 - Without following S. 148A - Conducting inquiry, providing opportunity before issue of notice under section 148 - Taxation and other Law (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications - held Constitutionally… Read More ...