Judgements Uploaded By Users In Category: Income-Tax Act
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The Hon'ble Bombay High Court has held that Claim of exemption under section 54F of the Act is eligible even though the House property which the Assessee had purchased as coowner had been demolished before completing 3 years of purchase and no new house property was constructed. Does not violate section 54F(3) of the Act. Hon'ble Supreme Court decision in Vania Silk Mills… Read More ...
The ITAT Delhi has held that Reopening quashed in information from investigation wing where objections not disposed and material not confronted along with reasons recorded (Bombay High court in Fomento resorts followed) Read More ...
The ITAT Delhi has held that In reassessment Notice u/s 143(2) must be issued only and only after filing return of income in response to notice u/s 148. Prior issue of notice before such return is redundant therefore reassessment cancelled and quashed Read More ...
The ITAT Mumbai has held that S. 10(38)/68: Bogus Capital Gains from Penny Stocks: The AO has not discharged the onus of controverting the documentary evidences furnished by the assessee and by bringing on record any cogent material to sustain the addition. The allegation of price rigging / manipulation has been levied without establishing the vital link between the assessee and… Read More ...
The ITAT Mumbai has held that S. 56(2)(viib)/ Rule 11UA: The assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred. If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the AO has no power or jurisdiction to change that method to another method (All imp… Read More ...
The Supreme Court has held that (i) Disallowance u/s 40(a)(ia), 40A(3) etc are intended to enforce due compliance of the requirement of other provisions of the Act and to ensure proper collection of tax as also transparency in dealings. The interest of a bonafide assessee who had made the deduction as required and had paid the same to the revenue is… Read More ...
The ITAT Mumbai has held that The disallowance under the Explanation to 37(1) of "freebies" to doctors by relying on CBDT Circular No. 5 dated 01.08.2012 & the IMC (Professional Conduct, Etiquettes & Ethics) Regulation, 2002 is not justified. The code of conduct prescribed by the Medical Council is applicable only to medical practitioners/ doctors registered with the MCI and does… Read More ...
The Supreme Court has held that (i) To decide whether a particular source is business income, one has to look to the notions of what is the business activity. The activity must have a set purpose. The fact that the assessee does not carry on business activity for profit motive is not material as profit making is not an essential ingredient… Read More ...
The Permanent Court of Arbitration has held that Vodafone International Holdings BV had invoked Clause 9 of the Bilateral Investment Treaty (BIT) signed between India and the Netherlands to challenge the retrospective amendment to tax capital gains of Rs 22,100 crore. In a unanimous decision, the Permanent Court of Arbitration at The Hague has held that the retrospective demand was “in breach of… Read More ...