Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Assessment year 2013-14-Six years expired on 31st March, 2020-Notice issued on 28th July, 2022-Notice issued beyond six years-Barred by limitation-Taxation and other laws (Relaxation and Amendment of certain provisions, Act, 2020 (TOLA) has not applicable for the Assessment year 2013-14-Instructions are not binding on… Read More ...
The Mumbai Tribunal has held that S. 271(1)(c) : Penalty-Concealment -Disallowance of claim under section 54 of the Act-Levy of penalty is not justified. [S. 54] The assessee made an investment in SRA project and claimed exemption under section 54 of the Act . The claim was disallowed and the assessee has not filed an appeal against the disallowance. The Assessing… Read More ...
The Mumbai Tribunal has held that S. 271(1)(c) : Penalty-Concealment-Bogus purchases-Estimate of income-Ex-parte order-Penalty is deleted-Tribunal also observed that when the necessary facts and circumstances and material on the basis of which, the issue in the appeal has to be decided, are already on record, this Tribunal would be slow in directing such remand which may ultimately lead to multiplicity of… Read More ...
The Mumbai Tribunal has held that S. 11 : Property held for charitable purposes – Expenditure incurred for renovation of school building and payment of taxes - Allowable as application of income though the assessee is not owner of the building. [S. 11(1)(a)] The appellant had incurred an expenditure on repairs/renovation of the school building and towards payment of property taxes.… Read More ...
The Delhi Tribunal has held that S. 153C : Assessment-Income of any other person-Search-Recording of satisfaction -Additional ground-Question of law admitted-Document Identification Number / Document Number (DIN/DN)- CBDT circular -Binding on the Assessing Officer-Not mentioned in the assessment order-Order is quashed and set aside. [S. 119, 143(3), 254(1), 292B] Before the Tribunal the assessee has raised an additional ground based on… Read More ...
The ITAT Mumbai D Bench has held that Whether sundry creditors arising out of Bogus purchases (Hawala Transactions) and remaining outstanding as at the year-end can be added to the Total Income u/s 68 as Cash credits. -NO- Such creditors can be added u/s 41(1) only as Income includes benefit due to Remission or Cessation of Liability by way of writing off such… Read More ...
The Gujarat High Court has held that Gujarat High Court quashes and sets aside the Assessment Order passed in violation of the provisions of S.144B of the Income Tax Act as the mandatory procedure of providing the draft assessment order along with show cause notice was not issued in the present case. Read More ...
The Supreme Court has held that Non - speaking order of Dismissal passed by High Court in absence of follow up reasoned order is invalid : Hon'ble Supreme Court Read More ...
The Gujarat High Court has held that The Bench comprising of Hon'ble Chief Justice Sunita Agrawal and Hon'ble Justice AP Mayee, Gujarat High Court holds that Section 119(2)(b) Application under the Income Tax Act,1961 cannot be rejected citing vague and arbitrary reasons that there was no genuine hardship caused to the Petitioner. The Court also observed that the application cannot be rejected… Read More ...
The Income Tax Appellate Tribunal, Mumbai Bench has held that The Tribunal accepted the contention of the Assessee that he was an unsuspecting investor that transacted in a 'penny stock' with a view to earn a quick profit. Since the involvement of the Assessee in any dubious transaction relating to price rigging or connection with exit providers could not be shown, no addition could be… Read More ...