Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 147 : Reassessment-Reasons recorded-Sanction-Non-application of mind-Strictures-CBDT to formulate a Scheme to train officers for recording reasons-Commissioners to not to grant sanction in a mechanical manner-Reassessment proceedings quashed. [S. 148, 151, Art. 226] Allowing the writ petition the Court held that where the recorded reasons suggested that the assessee received bogus accommodation entries from itself,… Read More ...
The Calcutta High Court, Divission Bench has held that Completion of Faceless Assessment before crossing its time lime is not sustainable and it is in Violation of Principles of Natural Justice. Read More ...
The PUNE ITAT has held that Interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. Moreover, as the A.O while framing the assessment had taken a possible view, and allowed the assessee's claim for deduction under Sec. 80P(2)(d) on the interest income earned… Read More ...
The Supreme Court of India has held that *The State of Maharashtra Vs Shri Vile Parle Kelvani Mandal & Ors* *Forum-Supreme Court of India* *Date- 7th January 2022* *Sub-Whether a charitable Trust/society in Maharashtra is liable to pay electricity duty under the Maharashtra Electricity Act, 2016 ?* The Supreme Court in this case was called upon to decide whether a charitable society registered… Read More ...
The Supreme Court of India has held that *Kerala State Beverage Manufacturing & Marketing Corporation Limited Vs ACIT, Circle 1(1)* *Forum-Supreme Court* *Date-3/1/2022* *Sub-Whether surcharge on sales tax is liable to be disallowed u/s 40(a)(iib) of Income-tax Act,1961.* The Supreme Court of India allowing the appeal of the State Government undertaking by allowing the arguments of Senior Advocate S Ganesh that the ‘fee’… Read More ...
The Jharkhand High Court has held that Anup Kumar Lakhotia Vs Union of India through CBI Forum-Jharkhand High Court Date-23rd December,2021 Sub-Whether petitioner can be tried under the various section of Indian Penal Code and Prevention of Corruption Act in connection with the illegal transfer of PAN from Kolkata to Hazaribagh to get favourable order u/s 264 of Income-tax Act,1961 from PCIT… Read More ...
The Bombay High Court has held that S. 276C : Offences and prosecutions - Wilful attempt to evade tax - Bogus purchase - Estimate of 12.5 per cent of Bogus Purchase upheld by CIT(A) and ITAT - No penalty was levied - High Court held that prima facie ingredients of offenses are satisfied - Assessee has wilfully and intentionally evaded his tax… Read More ...
The Supreme Court has held that A detailed order was passed by the ITAT when it passed an order on 06.09.2013, by which the ITAT held in favour of the Revenue. Therefore, the said order could not have been recalled by the Appellate Tribunal in exercise of powers under Section 254(2) of the Act. If the Assessee was of the opinion… Read More ...
The Supreme Court has held that Section 6(1) of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 nowhere provides that it is “mandatory” to serve the convict or detenu with a primary notice under that provision whilst initiating action against the relative of the convict. Indubitably, if the illegally acquired property is held by a person in his… Read More ...
The Bombay High Court has held that Bombay High Court passes strictures against Assessing Officer for 'remarkable ineptitude' and 'gross abuse of process'; imposes costs for not considering Assessee's reply to Draft Assessment Order and cutting & pasting the Draft Assessment Order in the Final Assessment Order. The Writ Petition was filed by the Assessee against a Final Assessment Order passed by… Read More ...