Judgements Uploaded By Users In Category: Income-Tax Act
These judgements are uploaded by our esteemed readers. If you have a judgement on an important topic that you would like to share with others, please use this form to upload it
The Supreme Court has held that Non - speaking order of Dismissal passed by High Court in absence of follow up reasoned order is invalid : Hon'ble Supreme Court Read More ...
The Gujarat High Court has held that The Bench comprising of Hon'ble Chief Justice Sunita Agrawal and Hon'ble Justice AP Mayee, Gujarat High Court holds that Section 119(2)(b) Application under the Income Tax Act,1961 cannot be rejected citing vague and arbitrary reasons that there was no genuine hardship caused to the Petitioner. The Court also observed that the application cannot be rejected… Read More ...
The Income Tax Appellate Tribunal, Mumbai Bench has held that The Tribunal accepted the contention of the Assessee that he was an unsuspecting investor that transacted in a 'penny stock' with a view to earn a quick profit. Since the involvement of the Assessee in any dubious transaction relating to price rigging or connection with exit providers could not be shown, no addition could be… Read More ...
The Bombay High Court has held that S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Cash credits-Accommodation entries-Additional evidence - Violation of Rule 46A by CIT(A)-Failure to produce the parties– Assessing Officer should exercise his powers under section 131 of the Act–Assessee cannot be compelled to produce the parties–Order of Tribunal rejecting the miscellaneous application and reversing the order of… Read More ...
The Mumbai Tribunal has held that S. 45(3) : Capital gains - Transfer of capital asset to firm –Land – Stock in trade- Transferring the assets at nil value – Revaluation by the Firm and crediting the accounts of the partners in latter years – Addition cannot be made in the hands of the partners in the year of revaluation and… Read More ...
The Supreme Court has held that RECOMPUTATION OF DEDUCTION UNDER SECTION 80 IA OF THE INCOME TAX ACT, 1961: The market value of the power supplied by the State Electricity Board to the industrial consumers should be construed to be the market value of electricity. It should not be compared with the rate of power sold to or supplied to the… Read More ...
The High Court of Kerala has held that W.P. (C) No. 37648 of 2023 Facts of the case Writ petition was filed challenging the order passed by Principal Commissioner of Income Tax (PCIT) under section 119(2)(b) of Income-tax Act, 1961 wherein the application of the assessee for condonation of delay of one day in filing return of income for A.Y. 2021-22 was rejected.… Read More ...
The Bombay High Court has held that 24. In view of the aforesaid discussion, we have no hesitation in holding that the assessment order dated 31st August 2023 passed by FAO two years after the DRP directions, is time barred and cannot be sustained. Consequently, the ROI as filed has to be accepted. Petitioner is entitled to receive the refund together with… Read More ...
The Delhi High Court has held that S. 250 : Appeals-Commissioner of (Appeals)-National Faceless Appeal Centre (NFAC)-Pendency of appeals-Delay in disposal of appeals-Honourable court has directed the government to take appropriate measures to fill up all vacant posts and also increase the sanctioned strength of Commissioner (Appeals) so as to achieve the target at least 570 of such posts. [S. 246, 250(6A),… Read More ...
The Bombay High Court has held that S. 254(1) : Appellate Tribunal- Powers-Ex -parte order-Search- Alleged Accommodation entry provider-32,000+ beneficiaries- Shell companies-Alleged Money Laundering-Direction issued by the Tribunal to AO to intimate / report to SEBI, ED, MCA and ROC regarding details of money laundering activities-Directed the Assessing officer to share information about all beneficiaries within 90 days-Ex-parte order was quashed-Direction of… Read More ...