Category: Judgments
Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 …
Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities. Case Law Details: ITA No.85/Lkw/2016 Block Period ending on 14/09/2002 Dr. Harnam Singh vs. ACIT Date of Judgment: 27/05/2016 Brief Facts of the Case: During …
Compliance of natural justice in disciplinary inquiry necessary-Supreme Court The Supreme Court in a recent judgment has dwelt upon the compliance of principles of natural justice in a disciplinary inquiry and summarised the emerging points on the subject. Case Details: Civil Appeal No. 2265 of 2011 Chamoli District Co-operative Bank Ltd. & …
Fit and proper status of over-aged bank director. RBI Nomination Committee rejection for over age and twice election remanded back by Supreme Court Case Details: Civil Appeal No. 4820 of 2016 UCO Bank (Appellant) vs. Saumyendra Roy Choudhury & Ors (Respondent) Date of Judgment: 05/05/2016 Coram: Justice Kurian Joseph and …
Section 292BB can not cure time barred notice us 143(2) issued after prescribed time limit. There is distinction between issue and service of notice-Allahabad High Court Case Law Details: Income Tax Appeal: No. 58 of 2016 Appellant :- Commissioner Of Income Tax (Exemption), Lucknow Respondent :- M/S Sushila Umrao …
Period when reference was made to IAC u/s 144B (now 144BA) to be excluded while computing the period of limitation u/s 153. Section 144B not to apply only in that case where the IAC exercises the powers or performs the functions of an ITO-Supreme Court. Case Law Details: Civil …
Fresh tangible material not required to reopen an assessment where the initially the return of income is processed u/s 143(1) and an intimation is sent to the assessee, the reopening of such assessment requires the AO to form reasons to believe that income has escaped assessment, but such reasons do …
CBDT Instruction 1916 dated 11-05-1994 cbdt-instruction-1916 Jewellery relief is applicable to additions also. This is held by ITAT Delhi taking the pre-dominant view of various High Courts ABCAUS Case Law Citation: 932 2016 (05) ITAT Assessment Year : 2010-11 Brief Facts of the Case: The assessee was subjected …
Jewellery found in daughter-in-law’s bedroom locker of at the time of search u/s 132 can not be added to the assessee’s income when she was having a seperate source of income- ITAT Delhi Case Law Details: ITA No.3763 and 3757/Del/2012 Assessment Year : 2010-11 S.C. Verma vs. ACIT/ACIT vs S.C. Verma Date …
When the assessee claimed exemption on the principle of mutuality in the return of income and the AO also made detailed inquiries on the issue of principle of mutuality and passed the order u/s. 143(3), the revision u/s 263 was bad in Law-ITAT Delhi
