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In view of the aforesaid facts and circumstances and the submissions made at the bar, we deem it just and appropriate to dispose of this petition directing the respondents to process the request letter dated 14.08.2013 and to refund the excess.
ABS INDIA PVT LTD., SHRI. SUNIL ARORA, MANAGING DIRECTOR VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX AND THE PRINCIPAL COMMISSIONER OF INCOME TAX -1
(2022) TaxCorp(LJ) 28235 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86420&Category=Judgment&CategoryType=Zip
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Completing the assessment well before the prescribed time is not sustainable and it is in violation of principles of natural justice.
PRADIP KUMAR SAHA VERSUS UNION OF INDIA & ORS.
(2022) TaxCorp(LJ) 28234 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=86421&Category=Judgment&CategoryType=Zip
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From the factual matrix of the issue it is crystal clear that identity, creditworthiness and genuineness of the entities who had infused money into the assessee company are established.
Bramhani Industries Limited Vs DCIT
(2022) TaxCorp(LJ) 28233 (ITAT-HYDERABAD) · Section 68
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Both the lower authorities have entirely missed the case in point and have made the impugned disallowance which cannot be sustained. Therefore assessing officer is being directed to delete the impugned disallowance .
LATE SH. GHANSHAM DASS VERSUS THE DCIT, CENTRAL CIRCLE-1, CHANDIGARH
(2022) TaxCorp(LJ) 28232 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=95170&Category=ITAT&CategoryType=Zip
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There is no error or infirmity in the reasoning given by the learned CIT(A) to delete additions made towards computation of short term capital gains on transfer of undertaking in terms of section 50B of the Income Tax Act, 1961.
THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) , CORPORATE CIRCLE-2 (2) CHENNAI VERSUS M/S HUCLIN RESEARCH LTD.
(2022) TaxCorp(LJ) 28231 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95175&Category=ITAT&CategoryType=Zip
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Nothing has been proved to come to a conclusion that the income falls within the ambit of Section 68. Therefore action of the ld. CIT(A) cannot be sustained.
INTELLECTUAL SECURITIES LTD. VERSUS DCIT, CENTRAL CIRCLE NOIDA
(2022) TaxCorp(LJ) 28230 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=95176&Category=ITAT&CategoryType=Zip
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Discounted cash flow method is always based on future projections adopting certain parameters such as expected generation of cash flow, the discounted rate of return and cost of capital.
THE DY. COMMISSIONER OF INCOME TAX 6 (2) (1) , MUMBAI VERSUS CREDTALPHA ALTERNATIVE INVESTMENT ADVISORS PVT LTD
(2022) TaxCorp(LJ) 28229 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95181&Category=ITAT&CategoryType=Zip
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The income has accrued in financial year 2013-14 relevant to assessment year 2014-15 and the assessee has correctly accounted this income in this very assessment year.
THE ACIT, CORPORATE CIRCLE-6 (2) , CHENNAI VERSUS M/S. SIM INFO SYSTEM PVT. LTD.
(2022) TaxCorp(LJ) 28228 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95185&Category=ITAT&CategoryType=Zip
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Non filing of return for proper period and not in appropriate status is not at all a procedural mistake, it is quite substantial mistake.
ACIT-21 (1) , MUMBAI VERSUS ACHAL HOUSING LLP
(2022) TaxCorp(LJ) 28227 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95186&Category=ITAT&CategoryType=Zip
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The controversy surrounding the alleged technical glitches in the income tax portal stands resolved.
The Southern Gujarat Income Tax Bar Association Vs UNION OF INDIA & 1 other(s)
(2022) TaxCorp(LJ) 28226 (HC-GUJARAT)
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The jurisdiction assumed by the Revenue for invoking the provisions of Section 147 is not valid.
Advanced Enzyme Technologies Ltd Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28225 (ITAT-MUMBAI) · Section 10AA
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Explanation 2 to last proviso under Section 10(23C) clarifies that income will be computed without any set off or deduction or allowance of any excess application of any of the year preceding to the previous year.
UTI Institute of Capital Markets Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28224 (ITAT-MUMBAI) · Section 10(23C)
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For exemption under Section 54F, the date of sale is the date of agreement to sell and not when the full and final consideration is received by the seller.
Niranjan Bhadang Vs ACIT
(2022) TaxCorp(LJ) 28223 (ITAT-MUMBAI) · Section 54F
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When the primary facts necessary for assessment are fully and truly disclosed, the Assessing Officer is not entitled on change of opinion to commence proceedings for re-assessment.
Bennett Property Holdings Company Ltd Vs The Deputy Commissioner of Income Tax-1(1)(1)
(2022) TaxCorp(LJ) 28222 (HC-BOMBAY)
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50% estimate of profit in the instant case will meet the ends of justice and revenue is being directed to allow it.
Ketan Sureshchandra Shah Vs ITO- 25( 2)( 1)
(2022) TaxCorp(LJ) 28221 (ITAT-MUMBAI)
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The casual use of the words like routine, arbitrary and whimsical having adverse legal consequences for the functioning of the adjudicating Authority like the First Appellate Authority is strongly deprecated.
Abdul Wahab Vs INCOME TAX OFFICER
(2022) TaxCorp(LJ) 28220 (ITAT-DELHI)
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Property being used for commercial purpose was factually reported by the inspector and there was no reason for the lower authorities to brush aside the inspector’s report.
Yash Suneja Vs The ACIT
(2022) TaxCorp(LJ) 28219 (ITAT-DELHI) · Section 54F
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There was substance in the Assessee’s claim of having received part/full sale consideration qua sale of the properties in question and the same had wrongly been rejected by the lower authorities.
Fakruddin Ali Ahmed Vs ITO
(2022) TaxCorp(LJ) 28218 (ITAT-DELHI) · Section 68
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There is no violation of the provisions of Section 13 (1) (C) and Section 13 (2) of the Act and therefore, the exemption u/s 11 of the Act cannot be denied to the trust.
THE DY. COMMISSIONER OF INCOME TAX (EX) -1 (1) , MUMBAI VERSUS THE LOHAR CHAWL DAWOODI BOHRA MERCHANTS’ ASSOCIATION
(2022) TaxCorp(LJ) 28217 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95158&Category=ITAT&CategoryType=Zip
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When all the explanations and documents from the assessee have been scrutinized and examined by the Assessing Officer in such scenario the order of the assessment cannot be held to be erroneous and prejudicial to the interest of the revenue.
SHERGIL HARJIT VERSUS PR. CIT-1, PUNE
(2022) TaxCorp(LJ) 28216 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=95160&Category=ITAT&CategoryType=Zip
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