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Case Laws

When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)

Sh. Mukesh Nanubhai Desai vs ACIT Facts of the case Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on which STT was paid exempt u/s 10(38) of Rs. 8,66,13,252/- and profit share from firm...

Case Laws

Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.

Nilkanth Developers vs PCIT - 3 Facts of the case Assessment order u/s. 143(3) was passed 26.03.2013 for A.Y.2010-11 disallowing deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The same was confirmed by CIT(A) but on further appeal before ITAT, the same was...

Case Laws

Cash deposited by a client in insurance agent’s bank account is mere remittance.

Ashish N. Vashi vs ITO Facts of the case The assessee is an insurance agent, he used to collect cash from various parties and deposit them into his bank account and out of the same payment was made to insurance companies....

Case Laws

Notice u/s 148 was issued in the name of dead person which is invalid in the eyes of law.

Sh. Haresh P. Shah, Legal Heir, Late Manjula P. Shah Vs ITO Facts of the case Notice for reassessment proceedings u/s 147/148 was issued to dead person by the department. Death certificate was furnished by the legal heir of the assesse....

Case Laws

No addition can be made in respect of completed assessments if no incriminating material is found during the course of search.

The DCIT Vs. M/s.Creative Trendz Pvt. Ltd. Facts of the case The assessee is a company engaged in the business of embroidery of cloth and job work. The...

Case Laws

Date of Allotment to be considered for calculating Holding period even if Date of possession is later.

Capital gain is the profit or gain that is earned from the sale of any capital asset. There are two types of capital gain: a) long term capital gain and b) short term capital gain. While calculating capital gain tax, a taxpayer must take careful consideration...

Case Laws

25 Latest Income Tax Judgements In India

The year 2019 has been a very significant one to the taxation regime as the government has introduced various revolutionary changes in the laws and rules and regulations. The contribution of the judiciary including the Supreme Court and various High Courts...

Case Laws

8 Income Tax Judgements and Cases on Previous Demonetisation

PM Narendra Modi may have shocked the nation with his 8 PM, 8 Nov 2016 announcement , but the Prime Minister’s move was not a step which was not known or never done before. India has pulled back selected denominations of its currency twice before on 12th Jan 1946 and...

Case Laws

Section 153(2) – Time limit for AO to complete assessment or reassessment – based on Case laws for calculating the time limit where writ is filed before High Court...

1.Section 153 of the Income Tax Act provides the time limit to Assessing Officer within which the Assessing Officer has to complete the assessment or reassessment of the assessee. The matter will be time barred if it is not completed within the prescribed time limit and so...

Case Laws

Gujarat high court explains the constitutional mandate of taxation.

A. Facts In view of the judgment of the apex court, dated 22.09.2017, in case of another dealer, Addl. Commissioner issued revision notice on 06.11.17 u/s 75 of the GVAT Act.On 16.03.2018, the high court set aside the revision notice being beyond the...

Case Laws

AO not permitted to invoke the provisions of section 56(2)(vii)(b)(ii) in the absence of sub clause (ii) in the Act as on the date...

Where the assessee has duly explained the source of income of the parties from whom unsecured loans are...

Is Stock Broking Company is a Financial Service Provider Under IBC? | NCLAT to Examine

Where department has accepted repayment of loan in subsequent year, no addition can be made in current year on account of cash credit.

A time barred order u/s 263 is bad in law.

When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)

Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.

Cash deposited by a client in insurance agent’s bank account is mere remittance.

Notice u/s 148 was issued in the name of dead person which is invalid in the eyes of law.

No addition can be made in respect of completed assessments if no incriminating material is found during the course of search.

Date of Allotment to be considered for calculating Holding period even if Date of possession is later.

25 Latest Income Tax Judgements In India

8 Income Tax Judgements and Cases on Previous Demonetisation

Section 153(2) – Time limit for AO to complete assessment or reassessment – based on Case laws for calculating the time limit where writ is filed before High Court...

Gujarat high court explains the constitutional mandate of taxation.

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