Judgements Uploaded By Users In Category: Income-Tax Act
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The ITAT Mumbai has held that Short term capital loss from sale of shares after Bonus cannot be prevented from being set off against the long term capital gain by alleging adoption of colorable device Mindtree Ltd. announced bonus shares at the ratio of 1:1. As a result of issue of bonus shares, the price of share reduced almost to half… Read More ...
The ITAT Mumbai has held that The assessee received the impugned gift from her son, who is a NRI. The details of the bank transfer were submitted to the AO, and these documents clearly established that the donor had sufficient funds to make the gift. With respect to the SEBI guidelines, the AR submitted that the SEBI order imposing the alleged… Read More ...
The INCOME TAX APPELLATE TRIBUNAL MUMBAI has held that One of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme’s key conditions is that the assessee must withdraw all pending appeals before any appellate forum, signifying their intention to resolve the matter through this settlement mechanism. In this case, the assessee opted for the DTVSV scheme, prompting the Income Tax Appellate Tribunal (ITAT) to dismiss… Read More ...
The Mumbai ITAT has held that If an assessee arranges his/ her affairs within the legal framework and through legitimate means to reduce its tax liability, the Assessing Officer cannot prevent him/ her from doing so and when there is no evidence to doubt the genuineness of the transactions entered into by the assessee, set off of loss on such transactions… Read More ...
The Mumbai Tribunal has held that S. 145 : Method of accounting-Project completion method-The Assessing Officer is not justified in rejecting the project completion method and estimating the income on percentage completion method- No addition can be made merely on the basis of sales shown in the GST return and Income tax return when the assessee is able to reconcile the… Read More ...
The Mumbai Tribunal has held that S. 270A : Penalty for under-reporting and misreporting of income- Penalty notice was only regarding underreporting of income-Penalty levied u for misreporting of income and under reporting-Not specifying the specific charge-Salary received is shown in the return -Penalty of Rs. 44,90,048/- levied under section 270A(8) of the Act is deleted. [S. 139(9), 192, 270A(8), 270A(9)(e),… Read More ...
The ITAT MUMBAI has held that the Hon. ITAT Mumbai held that disallowance u/s. 14A cannot be made where the exempt income is earned in the current year on investments made in earlier years, with no fresh investments in the current year. Additionally, interest paid on an overdraft facility for business purposes cannot be disallowed under Rule 8D Read More ...
The Mumbai Tribunal has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Following the ratio in UOI v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC) the time limit for issue of notice was extended only up to 30-6-2021- Assessment year 2013-14 the notice was issued on 29-7-2022, for the Assessment year 2014 -15 the notice was issued… Read More ...
The Bombay High Court has held that The order of assessment merges into the rectification order passed u/s 154 of the Act. Penalty proceedings initiated on the basis of the assessment order as originally passed would be rendered inconsequential in view of the rectification order. No penalty proceedings or any other proceedings can be initiated under the assessment order which stand merged… Read More ...
The Gujarat High Court has held that S. 250 : Appeal-Commissioner (Appeals)-Stay of recovery-Pendency of appeal before CIT((A) for more than four years-As on 26-9-2024, 5, 80, 188 appeals are pending-Revenue is not able to resolve the appeals by classifying the Appeals as per the issues concerning , the recurring issues, covered issues, etc-The Court held that no recovery should be made… Read More ...