Judgements Uploaded By Users In Category: Income-Tax Act
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The Supreme Court of India has held that *THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. Versus COMMISSIONER OF INCOME TAX, CALICUT & ANR.* *Date-12th January 2021* *Forum-Supreme Court of India* *Sub-Whether Cooperative society granting loans to nominal members as per the statute is eligible to get deduction u/s 80P of the Income-tax Act,1961.* The three judges bench of Apex Court in the… Read More ...
The Pune ITAT has held that Pune ITAT held that Commissioner of Income Tax is not empowered invoke the revisionary jurisdiction u/s.263 of the Income Tax Act to look into the other issues relating to the assessee which were not within the purview of the limited scrutiny. The CBDT Circular vide its letter F-No.225/26/2006-ITA-II (Pt.), 8th September, 2010 has described the… Read More ...
The Pune ITAT has held that The assessee was initially following the Percentage completion method by showing income on the basis of percentage of work done. In contrast, the project completion method, which is an equally recognized method, mandates the determination of income at the time of completion of project. Both the methods are recognized methods. Whereas, in the first method,… Read More ...
The Delhi High court has held that Manpower Group services India Private Limited Vs CIT (TDS)-1, Delhi Forum- Delhi High court Date-21st December,2020 Sub: Whether Writ lies against an order passed u/s 197 claiming lower deduction of tax at source or revision petition has to be filed u/s 264? Also whether challenge in a writ in such a situation can only be… Read More ...
The Rajasthan High Court, At Jaipur Bench, Jaipur has held that Section 132(4) of the Income Tax Act, 1961 --Search & Seizure --Excess Stock alleged -- Surrender U/s. 132(4) stated to be under duress -- Further surrender during assessment proceedings under threat of launching prosecution u/s 276CC -- later retracted such statements recorded during search & assessment proceedings, and explained the stock with Stock Register and… Read More ...
The Rajasthan High Court, At Jaipur Bench, Jaipur has held that Notice under section 148 of the Income tax Act, 1961 is bad if time to issue notice under section 143(2) if the Act has not expired. Read More ...
The Mumbai Tribunal has held that S. 22 : Income from house property-Un sold flat held as stock in trade-Annual value Rental income assessable as business income. [S. 28(i)](Shri Shamim Yahya, Accountant Member and Shri Ravish Sood, Judicial Member) AO assessed the unsold flats which was held as stock in trade as income from house property on notional basis. CIT(A) affirmed… Read More ...
The Madras High court has held that Principal Commissioner of Income-tax -5 Vs Redington (India) Limited Madras High Court Date-10/12/2020 Sub:Transfer of shares of a foreign subsidiary to another step down foreign subsidiary without consideration- Whether provisions of Section 47(iii) dealing with exemption from capital gains in case of gift will apply or Section 47(iv) dealing with transfer of shares by a… Read More ...