Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 195 : Deduction at source - Non-resident – Lower deduction of tax – Indexation – Binding precedent – Order of Tribunal is binding on lower Authorities - Capital gains - Cost of acquisition of the property in the hands of seller is deemed to be the cost for which the said property was acquired… Read More ...
The Bombay High Court has held that S. 147 : Reassessment – After the expiry of four years - No failure to disclose material facts – Change of opinion – Capital gains or business income – Sale of shares – Reassessment proceedings are quashed. [S. 28(i), 45, 148, 154, Art. 226] The assessment was completed under section 143(3) of the Act and… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Information based on search of third party -Reason recorded not indicated anywhere or any stretch of imagination the income has escaped assessment–Non application of mind by the sanctioning authority–Observed that the Assessing Officers will record better reasons for reopening and the Authority… Read More ...
The Bombay High Court has held that S. 147 : Reassessment-After the expiry of four years-Builder stock in trade-Notional income-Reassessment notice on the basis of Judgement of Delhi High Court in Ansal Housing Finance and Leasing Company Ltd. (2013) 354 ITR 180 (Delhi)(HC) to assessee the income under section 23 of the Act was quashed. [S. 22, 23(5), 148, Art. 226] The… Read More ...
The Orissa High Court has held that S. 151 : Reassessment - Sanction for issue of notice–Issuance of Notice requires the sanction of PCIT where the Notice is issued after 4 years – Relaxation Act not a bar for appropriate sanction- Reassessment notice is held to be bad in law. [S. 147, 148, Art, 226] It has been held that where the… Read More ...
The Rajasthan High Court has held that S. 148: Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021 –… Read More ...
The ITAT , JAIPUR ' B ' BENCH has held that ANNU AGROTECH (P) LTD. vs. PRINCIPAL COMMISSIONER OF INCOME TAX- UDAIPUR ITAT, JAIPUR 'B' BENCH Member(s) Sandeep Gosain, J.M. & Vikram Singh Yadav, A.M. ITA No. 9/Jp/2021; Asst. yr. 2016-17 Date of decision 15th September, 2021 The assessee received funds during the previous year in the form of share premium. The case of the assessee… Read More ...
The Mumbai Tribunal has held that Sec. 56(2)(viib)-Discounted cash flow method adopted by assessee -cannot be changed by AO without cogent reason - Projections employed in the DCF valuation cannot be compared with actual results to discard the valuation. Assessing Officer cannot challenge the method of valuation adopted by the assessee for the purpose of sec. 56(2)(viib) once the Assessee adopts… Read More ...
The Mumbai Tribunal has held that S. 263 : Commissioner-Revision of orders prejudicial to revenue-AO examined the issue-PCIT cannot demonstrate the error or lack of enquiry-Cannot be deemed to be erroneous-S. 56(2)(viia) not applicable to gifting of shares of a listed company. [S. 56(2)(viia)] Where the assessee is a partnership firm wherein a Trust held 97 per cent partnership share and… Read More ...
The Bombay High Court (Nagpur Bench) has held that S. 148: Reassessment-Issuance of notice of reassessment- Resolution personal-Provisions of this Code to override other laws-For period prior to approval of resolution plan under the Insolvency & Bankruptcy Code, 2016 (‘IBC’)-Once the public announcement is made under the IBC by the Resolution Professional calling upon all concerned, including the statutory bodies, to raise claim, it… Read More ...