Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 23 : Income from house property- Annual value-Builder-Stock in trade- Addition of notional rent estimated by the Assessing Officer in respect of unsold flats which are held as stock-in trade is held to be not valid. [S. 22, 23(5), 24] The assessee is in the business of construction of housing flats . The Assessing… Read More ...
The Madras High Court has held that Assessment order under faceless assessment scheme struck down as it is passed in gross violation of principles of natural justice W.P. No.10433 of 2021 IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 27.04.2021 CORAM HONOURABLE DR. JUSTICE ANITA SUMANTH W.P. No.10433 of 2019 & WMP Nos.11029 & 11032 of 2019 1 Ekambaram Sukumaran Plot No.20… Read More ...
The ITAT Mumbai has held that The ITAT Mumbai Bench has explained the impact of an Advance Pricing Agreement being signed by the assessee’s Indian associated enterprises, namely GIA India Laboratory Pvt Ltd, with the Central Board of Direct Taxes, in terms of which a part of the royalty received by the assessee company from its Indian AE had to refund… Read More ...
The ITAT Mumbai has held that Exceptions in low Tax effect circular not applicable to Penalty appeals We find at the outset, the ld AR argued that penalty that is in dispute before us, falls below the monetary limit prescribed by the CBDT in its Circular No. 17/2019 dated 08/08/2019 for preferring appeal by the Revenue before this Tribunal. We find… Read More ...
The Delhi High court has held that Writ Petition admitted on the point that the assessment has been carried out under the Faceless Assessment Scheme, 2019 read with Faceless Assessment (1st Amendment) Scheme, 2021, without the revenue issuing a show-cause notice (accompanied by the relevant material) before proceeding to pass the impugned assessment order. 1. Allowed, subject to the applicant/petitioner curing the… Read More ...
The Madras High Court has held that Madras high quashes an assessment order passed by NFeAC even before the time to respond elapsed. "Since the impugned order has been passed before the time prescribed for filing the reply, it is evident that the impugned order has been passed with pre-set mind. In any event, the order has been passed without considering the… Read More ...
The Income Tax Appellate Tribunal, Jaipur Bench, Jaipur has held that Proceedings u/s 148 quashed on non supply of reasons even on demand of the assessee and the approval given by the higher authorities is not in proper manner without application of mind. Read More ...
The Delhi High Court has held that Maruti Insurance Broking Private Ltd Vs DCIT Forum- Delhi High court Date- 12th April, 2021 When a business can be said to have been set up ? What is the difference between setting up of a business as compared to commencement of business. The Delhi High court in this case was called upon to decide… Read More ...
The Bombay High Court -Nagpur Bench has held that High Court granted interim relief to the petitioner who has filed application U/s 245C before Income Tax Settlement Commission(ITSC) after 1st Feb. 2021. Section 67 of the Finance Act prohibited any new application to be filed with ITSC on or after 1st Feb. 2021. The Finance Act, 2021 come into being on 28th March 2021… Read More ...
The Supreme Court has held that Commissioner of Income-tax Vs Reliance Energy Limited Date-28th April, 2021 Forum-Supreme Court of India Sub-Whether deduction u/s80-IA has to be limited to the extent of the Income from Business or profession as per Section 80AB or it has to be allowed to the extent of the profit of the eligible undertaking The apex court in… Read More ...