Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Indore has held that No penalty under Section 271C is leviable when the Assessee has deducted tax at source under section 194IA instead of Section 195 when the immovable property is purchased from non resident especially when on pointing out the tax was correctly recovered and deposited. What is important is the fact that the moment a person comes… Read More ...
The Madras High court has held that *Cash payment in excess of the limits specified in Section 40A(3)- Whether can be allowed as a deduction on the basis of commercial expediency and proof of identity* The Madras High court on 22nd September,2020 in the case of *Lena Talkies Vs ITO in Tax Case Appeal No 645-647 of 2019* was considering whether cash… Read More ...
The THE INCOME TAX APPELLATE TRIBUNAL has held that Bangalore ITAT accepts assessee's plea for adoption of value as determined by the DVO as 'full value of consideration' received for purpose of computing long term capital gains on transfer of property; Rejects CIT(A)'s view that the conditions for making a valid reference u/s.50C(2) did not exist as the purchaser of the property had disputed… Read More ...
The THE INCOME TAX APPELLATE TRIBUNAL has held that Bangalore ITAT rules in favour of assessee, quashes notice u/s.143(2) issued beyond the period of limitation; Pursuant to the original return [filed on 28th Sept 2016] for AY 2016-17 being found as defective, assessee filed corrected return on 23rd June 2017 and thereafter notice u/s.142(1) after one year on 14th Aug 2018; Accepts assessee's submission… Read More ...
The Bombay High court has held that *FSI purchased from Government of Maharashtra- held eligible for depreciation at the rates applicable to the Building @ 10% and not to Intangible assets @ 25%* The Bombay High court in the case of *PCIT-3 Vs V Hotel Limited in ITA No 1734 of 2017 on 21/09/2020 * was considering whether *FSI purchased was eligible… Read More ...
The Bombay High court has held that *Rejection of application under Section 197 of the Income-tax Act,1961 for Nil/Lower deduction of Tax at source-Bombay High court allows the writ by quashing the rejection order.* The Bombay High court in the case of *Vijaykumar Satramdas Lakhani Vs CBDT & Ors in WP No 5837 of 2020 vide order dated 30th September,2020 * quashed… Read More ...
The Bangalore ITAT/Against the revenue/Dated 28th September 2020 has held that Amount credited to Partner’s capital account prior to retirement for goodwill whether taxable as capital gains with cost of acquisition as per sec. 55(2)(a) as NIL. To Appreciate this MP decision - original decision of ITAT in ITA No.1700/Bang/2016 Dating to 3rd May 2019 needs to be referred to. This decision is a landmark decision… Read More ...
The Del ITAT/ Against the assessee/ Dated 28th September 2020 has held that What is Owelty? Can Owelty be claimed as part of family settlement exempt from capital gains tax? What are sine qua non to trigger a family settlement? An antecedent title is a must to have a family settlement, why? These are dealt in this decision. 1) The family settlement must be a bonafide one so… Read More ...
The ITAT Delhi has held that We have heard rival submission of the parties on the issue in dispute and perused the relevant material on record. In the instant case, the dispute is whether there is any tangible material to infer that by way of the client code modification, the assessee has escaped the income and evaded the Income-tax. The Learned… Read More ...
The IN THE HIGH COURT OF JUDICATURE AT PATNA has held that The trust deficit between the Department and the Assessee, perhaps has led to the litigation being prolonged for more than a decade and a half. Every public body and Institution has a duty not only to build goodwill and defend its reputation but also to instill faith in the mind of public with regard to… Read More ...