Category: Judgments

Amount of Rs. 6 lakh claimed to have been received as gift from parents in law not an excessively or unreasonably high amount – ITAT In a recent judgment, ITAT Lucknow has held that amount of Rs. 6,00,000/- claimed by assessee to have been received as gift from …

Assessee was entitled to GST exemption on renting of residential dwelling as hostel to students and working professionals In a recent judgment, Hon’ble Supreme Court has held that the assessee was entitled to GST exemption on renting of residential dwelling as lessee in turn leased out the property …

Conducting courses in gemmology, jewellery arts, jewellery design amounts to imparting of education entitling assessee benefit of exemption u/s 11 of the Income Tax Act. In a recent judgment, ITAT Mumbai has held that conducting courses in the field of gemmology, applied jewellery arts, jewellery design and manufacturing …

Addition quashed as alleged manipulation in share prices was merely a speculation and assumption of Assessing Office In a recent judgment, Hon’ble Rajasthan High Court has quashed addition made on account of bogus and dubious share transaction observing that shares have been manipulated was merely a speculation and …

When assesee did not deduct TDS on account of interim stay of High Court, it can’t be regarded as assessee in default under section 201(1) of the Income Tax Act. In a recent judgment, Hon’ble Kerala High Court has held that when assessee did not deduct TDS on …

Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent judgment, ITAT Allahabad has held that penalty under section 271B of the Income Tax Act, 1961 is not attracted in a case in which books of account have …

Entire manufacturing process though by distinct units relevant for exemption from excise duty on account of manufacture without aid of power. In a recent judgment, Hon’ble Supreme Court has held that entire manufacturing process of conversion of grey fabrics into cotton fabrics though by distinct units is to …

High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the Trust. In a recent judgment, Hon’ble madras High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the Trust. …

Penalty u/s 270A quashed as there was no satisfaction in the penalty order on what exactly was under reporting of income and what was misreporting of income by the assessee In a recent judgment, ITAT Raipur deleted penalty under section 270A observing that there was no satisfaction brought …

For registration u/s 12AA if Commissioner’s satisfaction is limited to the objects of the Institution, or also to genuineness of its activities? – Special Leave Petition (admitted by Supreme Court In a recent case Hon’ble Supreme Court has admitted Petition of the Income Tax Department to consider the …