Judgments Archive

Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption-High Court

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Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption. Whether a land is agricultural or not is a question of fact – High Court Prelude: Section 2(14) of the Income Tax Act, 1961 (the Act) defines  “capital assets”. It also provides for exceptions

 

Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty

Author: | Categories: Income Tax, ITAT, Judgments No comments
Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC Important

 

Provision for interest on overdue fixed deposits was ascertained liability as it was identified when return filed-High Court

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Provision for interest on overdue fixed deposits was ascertained liability as the assessee was able to identify it when it filed returns-High Court ABCAUS Case Law Citation: ABCAUS 2168 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Bharat Earth Movers Ltd. Vs CIT, (2000) 245 ITR

 

Specifying/Striking off limb of penalty section 271(1)(c) not applicable in cases of surrender by assessee-ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments
Specifying limb of penalty section 271(1)(c) arises only when addition is made by the AO and not where assessee surrenders the income – ITAT Prelude: Issuance of show cause notice u/s 274 of the Income Tax Act, 1961 (the Act) for imposing penalty u/s 271(1)(c) of the Act for

 

ITAT explains the Law on exemption u/s 10(2A) for partners share of profit in the income of the firm

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ITAT explains the law on exemption u/s 10(2A) for partners share of profit in the income of the firm. Revision order u/s 263 quashed as it failed to state what kind of enquiry AO failed to make. Prelude: Section 10 of the Income Tax Act, 1961 (the Act) deals

 

Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years-High Court

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Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court Prelude: Section 32(2) of the Income Tax Act, 1961 (“the Act”) provides that where due to loss or inadequate profits in any year, full depreciation allowance could not be

 

Addition for accommodation entries merely based on statement of investors ignoring documents furnished invalid-High Court

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Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The additions on account of accommodation entries have been a common feature in income tax proceedings which have attracted litigation. A typical modus operandi adopted by the receiver of the such bogus/accommodation