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 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 ...
The ITAT, Delhi has held that The A.O. did not provide any material collected at the back of the assessee-company by the Inspector of the Kolkata to the assessee and did not allow any cross examination to the assessee-company. The A.O. in the assessment order held that assessee has no absolute right to ask for the cross-examination or to seek report… Read More ...
The ITAT Indore has held that No penalty under Section 271C is leviable when the Assessee has deducted tax at source under section 194IA instead of Section 195 when the immovable property is purchased from non resident especially when on pointing out the tax was correctly recovered and deposited. What is important is the fact that the moment a person comes… Read More ...
The Madras High court has held that *Cash payment in excess of the limits specified in Section 40A(3)- Whether can be allowed as a deduction on the basis of commercial expediency and proof of identity* The Madras High court on 22nd September,2020 in the case of *Lena Talkies Vs ITO in Tax Case Appeal No 645-647 of 2019* was considering whether cash… Read More ...
The THE INCOME TAX APPELLATE TRIBUNAL has held that Bangalore ITAT accepts assessee's plea for adoption of value as determined by the DVO as 'full value of consideration' received for purpose of computing long term capital gains on transfer of property; Rejects CIT(A)'s view that the conditions for making a valid reference u/s.50C(2) did not exist as the purchaser of the property had disputed… Read More ...