Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai A Bench has held that When the return of income and the assessed income are same, the machinery provision for levy of penalty u/s. 271(1)(c) fails, as the penalty u/s. 271(1)(c) is levied with reference to the tax sought to be evaded, which is the difference between the income returned and that assessed by the A.O. The Hon'ble Delhi High… Read More ...
The Delhi High court has held that Agilent Technologies Private Limited Vs ACIR Circle1(2), New Delhi Date -05/11/2020 Delhi High Court Subject:Appeal effect order not being passed and consequent refund order not being issue. The petition in the above case challenged the inaction on part of the AO to the appeal effect orders for AY 2006-07 and issue consequent refund order of… Read More ...
The THE HIGH COURT OF JUDICATURE AT BOMBAY has held that Ministry of Law and Justice, Government of India issued an ordinance called ‘Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020’ (briefly ‘the Ordinance’ hereinafter). As per section 3 of the said Ordinance any time-limit specified in or prescribed or notified under any of the Specified Acts, such as the Income Tax Act 1961,… Read More ...
The ITAT Mumbai Bench has held that Tribunal held that where there was no transfer of shares but only a pledge of shares for purposes of obtaining a loan and revenue not disputed the fact of return of loan and also receipt of pledged shares creditor, no capital gain could be charged. Only income was actually received or accrued upon sale of… Read More ...
The ITAT Mumbai Bench has held that The onus was upon the Assessing Officer to prove that the assessee received “on money” on sale of the property. The onus to claim that apparent is not real is on one who so claims. When the Assessing Officer requires the assessee to show-cause as to why there is difference between two purchasers and that… Read More ...
The Hon'ble Bombay High Court has held that In course of search, note book and lose paper were found and seized. The assessee did not offer the unaccounted cash receipts as found recorded in the seized documents. The Assessee followed project completion method of accounting and offered it to tax in the year of completion of project. It was held, the receipts in… Read More ...
The ITAT-Mumbai has held that For the purpose of exceptions to low tax effect Circular No. 17/2019 dated 08.08.2019 issued by CBDT 1. Information received from DIT(Investigation) being an interal wing of Income Tax department cannot be treated as an external source and hence not covered by exception to Circular. 2. Circular No. 23/2019 r.w. OM dated 16.09.2019 applies only… Read More ...
The Income tax Appellate Tribunal -Mumbai Bench has held that Where the assessee purchased development rights, entered into a Joint Venture agreement, and agreed to contribute the said development right as ‘capital contribution’ at an agreed consideration to the AOP. The Assessing Officer while framing assessment treated transfer of the development rights under Section 50C of the Act. The Tribunal held that the introduction of… Read More ...
The ITAT Mumbai J Bench has held that Waiver of penalty for violation of section 269TT on being shown that there was a reasonable cause u/s 273B which was beyond the control of the assessee. Read More ...
The Bombay HIgh Court has held that Validity of Section 49, 50CA, 56 of Income-tax Act,1961 read with Rule 11U, 11UA etc challenged before Bombay High court. The Bombay high court in the case of Chamber of Tax Consultants Vs Union of India in WP No 3575 of 2020 vide order dated 22nd October,2020 issued notice to the Union of India as… Read More ...