Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai has held that S. 73 : Loss in share trading-Speculation loss-Set-off-Not allowable against profit from F&O transactions-Arbitrage operations- Explanation to S.73 operates independently of S.43(5)-Speculative loss cannot be adjusted against F&O business income. [S. 28(i), 43(5)] The assessee, a stock broker, engaged in arbitrage operations, simultaneously purchased shares in the cash segment and sold them in the F&O… Read More ...
The Bombay High Court has held that S. 143(3) : Assessment- Appeal pending before CIT(A)-Writ- Alternate remedy-Writ petition not maintainable- Extraordinary jurisdiction-Not to be invoked when alternate statutory remedy is available- The Court directed CIT(A) to dispose of the appeals (both against assessment and penalty orders) within eight weeks. [S. 144B, 250, Art. 226] The assessee challenged the assessment order passed, demand… Read More ...
The Mumbai Tribunal has held that S. 151 : Reassessment-Sanction for issue of notice-Notice issued under section 148 with sanction of PCIT instead of JCIT-Survey- Invalid sanction-Assessment held to be null and void. [S. 133A, 143(3), 151(2), 147 , 148] The assessee, engaged in stock broking and financial services, had filed its return which was assessed under section 143(3). Subsequently, on… Read More ...
The Mumbai Tribunal has held that S. 56 : Income from other sources-Immovable property- Purchase consideration-DVO valuation-Difference of 7% within 10% safe harbor-Amendment by Finance Act, 2020 curative and retrospective- Addition deleted. [S. 50C, 56(2)(x)(b)(B)] The assessee, an individual, purchased a property for ₹60,00,000/-. The District Valuation Officer (DVO) valued the property at ₹64,84,000/-, resulting in a difference of ₹4,84,000/-. The… Read More ...
The HONBLE ITAT,AGRA SMC BENCH ,AGRA has held that FOR A MERE TECHNICAL VENIAL BREACH COMMITTED BY THE ASSESSSEE IN FURNISHING THE REQUISITE DETAILS AT THE TIME OF OF ASSESSMENT PROCEEDINGS ,WHICH WERE ULTIMATELY FURNISED SUBSEQUENTLY BEFORE THE COMPLETION OF ASSESSMENT U/S 143(3), NO PENALTY U/S 272A(1)(d) CAN BE LEVIED . Read More ...
The Mumbai Tribunal has held that S. 153A : Assessment-Search-Abated assessment-No incriminating material was found-Alleged bogus purchases-Addition was deleted. [S. 69C, 132] Dismissing the appeal of the revenue the Tribunal held that without any incriminating material found during search proceedings the addition cannot be made in respect of abated assessment. Followed, PCIT v. Abhisar Buildwell Pvt. Ltd. (2023)454 ITR 212 /… Read More ...
The Chennai Tribunal has held that S. 64 : Clubbing of income-Minor child-Capital gains-Sale of inherited property-Minor daughter’s share deposited in nationalized bank under Court order-Not includible in assessee’s hands. [S. 45, 54F, Hindu Minority and Guardianship Act, 1956, S.8(2)] The assessee sold property inherited from his deceased wife, being entitled along with his minor daughter to equal shares. The City… Read More ...
The Chennai Tribunal has held that S. 54F : Capital gains- Investment in a residential house–Advance received cannot be assessed as capital gains–The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section 54F. [S. 45] The assessee, an individual, sold 30.35 cents of land out of 121 cents situated at… Read More ...
The ITAT, Mumbai Bench has held that The Assessee was a SEBI-registered foreign portfolio investor. During the assessment proceedings, the AO called upon the assessee to explain why the long term capital loss should not be set off against the long term capital gain. The assessment was concluded after considering the reply of the assessee, after which notice u/s 263 was issued.… Read More ...
The ITAT, Mumbai Bench has held that Delay in filing appeal by 427 days due to health issues of an employee who was entrusted with income-tax compliance matters, must be condoned, since assessee does not gain anything by causing the delay. The appeal must be decided on merits. On merits, it was held that an assessee cannot be required to prove a… Read More ...