Judgements Uploaded By Users In Category: Income-Tax Act
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The THE INCOME TAX APPELLATE TRIBUNAL has held that Bangalore ITAT rules in favour of assessee, quashes notice u/s.143(2) issued beyond the period of limitation; Pursuant to the original return [filed on 28th Sept 2016] for AY 2016-17 being found as defective, assessee filed corrected return on 23rd June 2017 and thereafter notice u/s.142(1) after one year on 14th Aug 2018; Accepts assessee's submission… Read More ...
The Bombay High court has held that *FSI purchased from Government of Maharashtra- held eligible for depreciation at the rates applicable to the Building @ 10% and not to Intangible assets @ 25%* The Bombay High court in the case of *PCIT-3 Vs V Hotel Limited in ITA No 1734 of 2017 on 21/09/2020 * was considering whether *FSI purchased was eligible… Read More ...
The Bombay High court has held that *Rejection of application under Section 197 of the Income-tax Act,1961 for Nil/Lower deduction of Tax at source-Bombay High court allows the writ by quashing the rejection order.* The Bombay High court in the case of *Vijaykumar Satramdas Lakhani Vs CBDT & Ors in WP No 5837 of 2020 vide order dated 30th September,2020 * quashed… Read More ...
The Bangalore ITAT/Against the revenue/Dated 28th September 2020 has held that Amount credited to Partner’s capital account prior to retirement for goodwill whether taxable as capital gains with cost of acquisition as per sec. 55(2)(a) as NIL. To Appreciate this MP decision - original decision of ITAT in ITA No.1700/Bang/2016 Dating to 3rd May 2019 needs to be referred to. This decision is a landmark decision… Read More ...
The Del ITAT/ Against the assessee/ Dated 28th September 2020 has held that What is Owelty? Can Owelty be claimed as part of family settlement exempt from capital gains tax? What are sine qua non to trigger a family settlement? An antecedent title is a must to have a family settlement, why? These are dealt in this decision. 1) The family settlement must be a bonafide one so… Read More ...
The ITAT Delhi has held that We have heard rival submission of the parties on the issue in dispute and perused the relevant material on record. In the instant case, the dispute is whether there is any tangible material to infer that by way of the client code modification, the assessee has escaped the income and evaded the Income-tax. The Learned… Read More ...
The IN THE HIGH COURT OF JUDICATURE AT PATNA has held that The trust deficit between the Department and the Assessee, perhaps has led to the litigation being prolonged for more than a decade and a half. Every public body and Institution has a duty not only to build goodwill and defend its reputation but also to instill faith in the mind of public with regard to… Read More ...
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 ...