ITA NO.2823/MUM/2022 (A.Y: 2013-14) S. 4 : Charge of income-tax-Re development of building-Monthly rental compensation received from the builder for rent of alternative accommodation-Not utilised for paying alternative accommodation-Capital receipt-Not taxable as income from other sources-Delay of 1566 days in filing the appeal is condoned. [S....
WP No. 4574 of 2022 S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice- Information–Internal Audit objection- Not permissible-Information not based on the objection raised by the Comptroller and Auditor General of India-Reassessment impermissible-Change of opinion-Audit objection raised by CAG a view deviating...
S. 22 : Income from house property-Un sold flat held as stock in trade-Annual value Rental income assessable as business income. [S. 28(i)](Shri Shamim Yahya, Accountant Member and Shri Ravish Sood, Judicial Member) AO assessed the unsold flats which was held as stock in trade as...
ITA NO.7120/MUM/2018 (A.Y.2014-15) S. 56 : Income from other sources-Transfer-The assesse had acquired right in the ownership of the flat at the time of issuance of allotment letter-Date of allotment letter is to be considered as date of purchase-Addition made on the basis of stamp...
(I.T.A. No.7648/Mum/2019/ (AY. 2014-15 ) S. 10(38)/68: Bogus Capital Gains from Penny Stocks: The AO has not discharged the onus of controverting the documentary evidences furnished by the assessee and by bringing on record any cogent material to sustain the addition. The allegation of price rigging...
(ITA No. 4369/Mum/ dt 22-3-2021 (AY. 2013-14 ) S. 23: Income from house property- Annual Value-Builder-Stock in trade- Addition of notional rent estimated by the Assessing Officer in respect of unsold flats which are held as stock-in trade is held to be not valid. [S....
I.T.As No.6115/Del/2018 & 4618/DEL/2019 Terms of Section 40A (3) r.w.s. 40A (3A) are not absolute. Consideration of business expediency and other relevant factors are not excluded from the ambit of these provisions. Genuine and bona fide transactions are not taken out of the sweep of...
(W.P.(C) No. 17176 of 2022) Sub- Whether an assesse claiming exemption from filing of return of income u/s 10/11 can be issued notice u/s 148? The matter related to issue of notice u/s 148 for AY2015-16 in view of cash deposit in bank etc. and admitted non...
(ITA No. 556/M/2023) S. 28(i) : Business income-Income from house property-Builder- Stock in trade-Leave and licence-Income from licencing of residential flats assessable as business income and not as income from house property. [S. 22, 23] Assessee, a builder, constructed building called Kanchenjunga and sold most of its...
Sub-Whether refunds in excess of 20% of demand pending appeal can be withheld/adjusted? High-handedness of department -Rs 50000/- cost imposed. The Division bench of Rajasthan High Court in this case was dealing with a matter where refund for AY 2018-19 was determined and upon notice u/s...