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 Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Information–Internal Audit objection- Not permissible-Information not based on the objection raised by the Comptroller and Auditor General of India-Reassessment impermissible-Change of opinion-Audit objection raised by CAG a view deviating from that which was taken in the course of original assessment order is change of… Read More ...
The G D Padmahshali has held that Not all legal heirs could be legal representative nor all legal representative are legal heirs. Right to file appeal by virtue of 159(3) is available to only legal representative who qualify u/s 2(29) of IT Act. Read More ...
The Supreme Court has held that In the Hon'ble Supreme Court's judgment in the matter of AO Vs Nestle SA [2023 INSC 928], one of the issues which came up for consideration before Their Lordships was, to borrow their own words, "whether MFN clause is to be given effect to automatically or if it is to come into effect after a… Read More ...
The Supreme Court has held that (i) It is trite that where a transaction consists of payments in two parts, i.e., lump-sum payment made at the outset, followed up by periodic payments, the nature of the two payments would be distinct only when the periodic payments have no nexus with the original obligation of the assessee. However, in the present case,… Read More ...
The Mumbai Tribunal has held that S. 69C : Unexplained expenditure-Unexplained investment-Unexplained money-Survey-Cash found less than the amount disclosed in the books of account–Addition cannot be made as an unexplained investment. [S. 69, 69A, 115BBE, 133A, 145] During the survey proceedings in the premises of the Assessee, actual cash of Rs. 11,800/- was found as against the cash in hand of… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 . S. 43 : Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset (Including financial interest in any entity) outside India- Asset was not disclosed in Schedule FA-Disclosed in Schedule Part A-85-Bonafide mistake-When… Read More ...
The Chandigarh Tribunal has held that S. 147 : Reassessment-After the expiry of four years-Accommodation entries-Shell companies-Borrowed satisfaction-Information from investigation wing-Natural justice- Search-Survey-No failure to disclose material facts-Without the application of mind-Opportunity for cross-examination was not provided-Reassessment was quashed. (Tribunal has passed 359 pages order dealing with all issues on reassessment proceedings.) [S. 131, 132, 132(4), 133(6), 133A, 148, 153A, 153C]… Read More ...
The Bombay High Court has held that S. 144 : Best judgment assessment one-time settlement-Order passed in the year 2016 – High Court set aside the ex-parte order – Directed the Assessing Officer provide all the evidence and recorded reasons -Directed the Jurisdictional Assessing Officer to pass a reasoned order. [S. 147, 148, 179, 264, Art. 226] The Assessing Officer passed an… Read More ...
The Bombay High Court has held that S. 254(1) : Appellate Tribunal- Powers- 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. [S. 132, 150, S. 11 of Prevention of Money- Laundering Act, 2002; 11,… Read More ...
The ITAT Indore has held that The subsequent generation of DIN would not change the illegality of the order –ITAT Indore Facts of the case 1. That the order u/s. 154, dated 10.10.2019 was initially issued in manual mode on 10.10.2019, without generating a Document Identification Number (DIN), in contravention of the CBDT Circular No.19 of 2019 dated 14.8.2019. 2. That… Read More ...