Bombay High Court

Failure to collect & pay STT- Not ipso-facto lead to imposition of penalty

Pr. CIT Vs National Stock Exchange (Bombay High Court)

Assessing Officer comes to a conclusion that the assessee had failed to collect the STT or had failed to pay such STT to the credit of the Central Government, it would not ipso-facto lead to imposition of penalty. Once such a conclusion is reached, the assessee is required to be provided reasonable opportunity of hearing and during the he...

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Misc. Application cannot be filed for review of final ITAT order: HC

Cavalier Trading Pvt Ltd Vs DCIT (Bombay High Court)

In the instant case, HC notice that not only was there no mistake apparent from the record but in the garb of the Misc. Application, petitioner had sought for review of the final order passed by the Tribunal and for re­hearing of the appeal which is not permissible in law. In our view, Writ Petition does not appear to be bonafide....

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Income from agricultural land sale taxable as business Income as Assessee was dealing in properties

Afonso Real Estate Developers Vs CITx (Bombay High Court)

Considering the wide phraseology employed, it is obvious that the business of the appellant assessee includes buying and selling even agricultural properties. Therefore, the findings recorded by the AO and the ITAT that the income derived by the Assessee on purchase and sale of the agricultural land will be assessed as income from busines...

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Coercive measures cannot be taken against taxpayer in case he challenges Black Money Act

Anila Rasiklal Mehta Vs Union of India (Bombay High Court)

Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling upon them to produce the details sought fo...

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Assessee not required to explain sources of money provided by creditor

Gaurav Triyugi Singh Vs ITO (Bombay High Court)

The assessee is only required to explain the source of the credit. There is no requirement under the law to explain the source of the source. The fact that the source of the source is suspect and that the creditor had no regular source of income to justify the advancement of the credit to the assessee does not mean that an addition can be...

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HC clarifies on Section 254(2) limitation period for filing rectification application

PCIT Vs ITAT (Bombay High Court)

PCIT Vs ITAT (Bombay High Court) From a careful reading of the provision, it is seen that Tribunal is vested with the power to rectify any mistake apparent from the record to amend any order passed by it under sub-section (1) of Section 254 at any time within six months from the end of the […]...

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Validity of Order passed by ITAT and Reliance on decisions

Bhavya Construction Co Vs ACIT (Bombay High Court)

Bhavya Construction Co Vs ACIT (Bombay High Court) Section 254(1): The basic grievance of the Appellant is that the impugned order of the Tribunal has been passed in breach of principles of natural justice. This for two reasons, one the decisions relied upon by the Tribunal of its own (not cited at the bar) in […]...

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Credit worthiness cannot be doubted merely for meager income | Section 68 | Bogus share capital

PCIT Vs Ami Industries (India) P Ltd (Bombay High Court)

The assessee had furnished PAN, copies of the income tax returns of the investors as well as copy of the bank accounts in which the share application money was deposited in order to prove genuineness of the transactions. In so far credit worthiness of the creditors were concerned, the bank accounts of the investors showed that they had fu...

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If debt become irrecoverable then assessee can writes off it as Bad Debts

PCIT Vs Homi Mehta & Sons Pvt. Ltd. (Bombay High Court)

Assessee had advanced loans to its subsidiary company. The loan was interest bearing. The Respondent- Assessee claimed that the subsidiary company became loss making company and the Respondent- Assessee took a decision to write off the loan and claim the same as bad debts....

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BSE can exercise its Right of Lien over Security Deposits of member

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court)

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court) So far as the prohibitory orders were issued by the Income Tax Department in respect of security deposit of the defaulting card holder is concerned, any amount in excess after meeting it’s liabilities should be handed over to the Income Tax Department. This is so [&hel...

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