Land Used For Agricultural Purposes Yielding Agricultural Income Is Exempted From Income Tax: Kerala High Court

The Kerala High Court has held that the land in question was used for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax under Section 10(1) of the Income Tax Act.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. has observed that there is no material produced by the appellant that would clearly suggest that the loan...

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value (FMV) of shares under Section 56(2)(viib) of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56(2)(viib) postulates that the FMV of shares shall be the value determined in accordance...

Consideration Received By Trustees For Relinquishment Of Trusteeship Cannot Be Treated As Capital Receipt: Kerala High Court

The Kerala High Court has held that consideration received by trustees for such relinquishment of trusteeship cannot be treated as a capital receipt for the purposes of assessing it under the head of capital gains; the consideration will have to be treated as the individual income of the assessees and assessed accordingly under the appropriate head. The bench of Justice A.K. Jayasankaran...

Kerala High Court Stays GST Recovery Proceedings Against Bar Council Of Kerala

The Kerala High Court stayed the proceedings initiated by the Additional Commissioner, Central Board of Indirect Tax and Customs for recovery of service tax, penalty and interest from the Bar Council of Kerala.Justice Dinesh Kumar Singh ordered that no coercive steps shall be taken against the Bar Council of Kerala. “As an interim measure, it is provided that till the next date of posting,...

ITAT Cases Quarterly Digest 2024

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. CIT Versus Iqbal Ali Khan The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that exemption under Section 54F of the Income Tax Act is not available on property predominantly being used for religious purposes. ITAT Deletes Addition...

Allahabad High Court Monthly Tax Digest: March 2024

INDEX Gurdeep Singh vs. Nagar Ayukt Nagar Nigam Moti Jheel And Another 2024 LiveLaw (AB) 131 Qamar Ahmed Kazmi vs. State of U.P. 2024 LiveLaw (AB) 133 M/S Sanyo Koreatex Pvt. Ltd. vs. Deputy Commissioner Trade Tax And Another 2024 LiveLaw (AB) 134 M/S Riadi Steels Llp vs. State Of U.P. And 4 Others 2024 LiveLaw (AB) 135 M/S Jhansi Enterprises Nandanpura Jhansi vs. State...

Assessees Not Expected To Keep Open Dept's E-Portal Of All The Time To Track Actions Of Dept.: Punjab & Haryana High Court

The Punjab and Haryana High Court has held that the assessee is not expected to keep the e-portal of the department open all the time so as to have knowledge of what the department is supposed to be doing.The bench of Justice Sanjeev Prakash Sharma and Justice Sudeepti Sharma has observed that before any action is taken, a communication of the notice must be in terms of the provisions...

Biuret Content Test In Imported Urea To Match Technical Trade Urea Specifications, Kerala High Court Directs Testing In Faridabad Laboratories

The Kerala High Court directed that the referral laboratory, namely the Central Fertilizer Quality Control Unit, Faridabad, shall ensure that the analysis of the urea sample is done expeditiously and that the report thereof reaches the Kochi Customs Authority within a month from the date of receipt of the sample at the said laboratory.The bench of Justice A.K. Jayasankaran Nambiar and...

Delhi High Court Quashes Initiation Of Section 153C Assessment Proceedings Falling Beyond Maximum 10 Years Block Period

The Delhi High Court has quashed the initiation of assessment proceedings under Section 153C of the Income Tax Act, which was falling beyond the maximum 10-year block period.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has allowed the writ petitions placed in Lists I and II and pertaining to AYs' 2010-11, 2011-12, 2012-13, and 2013-14, all of which fall beyond...

Affording Personal Hearing Is Mandatory In An Enquiry Under Section 148A(B) Of Income Tax Act: Kerala High Court

The Kerala High Court has held that affording a personal hearing to the assessee is mandatory in an inquiry under Section 148A(b) of the Income Tax Act.The bench of Justice A.K. Jayasankaran Nambiar and Justice Kauser Edappagath has relied on the decision of the division bench in the case of Income Tax Officer v. Asamannoor Service Co-operative Bank Limited, in which it was held that the...

Retrospective Legislation Can't Affect Vested Rights Of Assessee: Bombay High Court

The Bombay High Court has held that retrospective legislation cannot affect the vested rights of the assessee.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that when the Department has extended the last date from February 1, 2021, to September 30, 2021, it can only extend the deadline but cannot introduce a new concept of eligibility as of February 1, 2021, which...

Leasehold Interest In Land Is An Asset Of Company And Is Capable Of Valuation: Jammu & Kashmir High Court

The Jammu & Kashmir High Court has held that leasehold interest in the land is an asset of the company and is capable of valuation.The bench of Justice Tashi Rabstan and Justice Puneet Gupta has upheld the order of the Tribunal in which it was held that leasehold interest is to be included in the value of assets of M/s. Jyoti Private Limited so as to determine the fair market value of...