Judgements Uploaded By Users In Category: Income-Tax Act
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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 ...
The Allhabad High Court , Lucknow Bench Lucknow has held that sec 10 (8) of the Income Tax Act. Agreement covered within the vires of sec10(8) cannot be subjected to TDS. The Learned Commissioner of Income Tax in exercise of his powers u/s 264 had disallowed the contention of the Assessee on the grounds inter alia that the particular exemption provisions will apply to only to… Read More ...
The ITAT, Mumbai has held that As per the first proviso to Section 153C(1) the date of initiation of search u/s 132 of the Act for the purpose of an assessment u/s 153C has to be construed as the date of receiving the books of account by the A.O. having jurisdiction over such other person, from the A.O. of the searched… Read More ...
The ITAT Indore Bench (SMC) has held that Reopening of assessment under section 147 is on the basis of material & information gathered during the course of search of third party is invalid. Provisions of section 153C will apply and not section 147 when the information was received by the AO from DCIT Central Circle 6(2), Mumbai on certain incriminating data gathered in… Read More ...