Category: Judgments
High Court allows capital gain exemption u/s 54(1) on purchase of seven row houses before the amendment brought w.e.f. 01.04.2015. In a recent judgment, Hon’ble Bombay High Court has held that the words ‘a residential house’ in unamended Section 54(1) of the Income Tax Act would not mean …
Uncorroborated WhatsApp message, in the absence of any independent supporting evidence, cannot constitute a valid basis for initiating proceedings under section 153C of the Act – ITAT In a recent judgment, ITAT Mumbai deleted addition under section 69A of the Act on account of alleged cash received over …
Time for compliance of notice is to be calculated not by the clock but by the calendar. – order u/s 148A(d) quashed Time for compliance of a notice is to be calculated not by the clock but by the calendar. In a recent judgment, Hon’ble Jharkhand High Court …
Exemption u/s 54F allowed by ITAT holding that investment in purchase of plot in the name of the spouse and their respective shares is immaterial In a recent judgment, ITAT Chennai has allowed exemption u/s 54F observing that entire investment in purchase of plot is in the name …
High Court refrained to interfere with direction of Assistant Registrar to appoint a new Chartered Accountant to audit alleged financial irregularities of the society In a recent judgment, Allahabad High Court refrained to interfere with direction of Assistant Registrar to appoint a new Chartered Accountant to audit alleged …
Mistakes committed by assessee in return of income can be corrected only through a revised return of income. CPC cannot go beyond the return of income In a recent judgment, Kerala High Court has upheld the judgment of the ITAT that mistakes committed by the assessee while filing …
Deeming fiction of Section 129(5) of CGST Act, 2017 cannot be interpreted to imply that the proper officer is absolved from passing an order concluding the proceedings. In a recent judgment, Hon’ble Supreme Court has held that deeming fiction of Section 129(5) of CGST Act, 2017 that proceedings …
Addition u/s 68 deleted as identity of loan givers established and assessee was not beneficiary as loan was repaid in subsequent year. In a recent judgment ITAT Mumbai deleted addition under section 68 as the assessee had furnished requisite material showing identity of loan givers and assessee was …
No burden of proof on assessee to rebut the alleged Swiss Bank Account for mere presence of name in document obtained from a foreign govt. under DTAA. In a recent judgment, Delhi High Court held that mere presence of name in unauthenticated document obtained indirectly through a Foreign …
Filing of Form 10-IC prior to filing of return is not mandatory and in case of genuine hardship delay may be condoned – Allahabad High Court In a recent judgment, Allahabad High Court has held that filing of Form 10-IC prior to filing of return is not mandatory …
