Liability to pay tax under the Interest-Tax Act, 1974 - the High ...

High Court's interference with ITAT's factual findings requires a substantial legal question under Interest-Tax Act, 1974.

January 7, 2023

Case Laws Income Tax SC

Liability to pay tax under the Interest-Tax Act, 1974 - the High Court must frame a separate substantial question of law and only then interfere with the findings of fact by the ITAT, while applying the strict parameters. In the present case, the High Court did not frame a specific substantial question of law and thus, the interference with the findings of fact is unwarranted. This is not to say that the tax authorities are not entitled to examine the surrounding facts and circumstances to ascertain the true character and nature of the transaction, regardless of the nomenclature given by the parties. - the Act has ceased to operate with effect from 31st March 2000 - Additions deleted - SC

View Source

← Previous Next →

Liability to pay tax under the Interest-Tax Act, 1974 - the High ...

High Court's interference with ITAT's factual findings requires a substantial legal question under Interest-Tax Act, 1974.

January 7, 2023

Case Laws Income Tax SC

You may also like:

The High Court dismissed the appeal filed by the assessing officer against the order of the Income Tax Appellate Tribunal, holding that no substantial question of law...

Jurisdiction of civil court u/s 34 of SARFAESI Act was in question. Suit for declaration and permanent prohibitory injunction was rejected by lower courts under Order...

Revision u/s 263 challenged for lack of proper inquiry by Assessing Officer regarding cash deposits during demonetization, scrap sales, and non-submission of audit...

Addition u/s 68 - substantial question of law - The Supreme court has held that, the jurisdiction of the High Court to interfere with the orders passed by the Courts...

The Tribunal set aside the disallowance of short-term loss claimed by the assessee in the Profit and Loss Account, holding that the shares were acquired under a normal...

Reassessment proceedings were initiated based on the belief that the assessee failed to disclose all material facts necessary for completing the assessment u/s 143(3) of...

Scope of Section 260A - substantial question of law - It is only if the findings recorded by the Tribunal, on facts, is based on no evidence, or the findings are...

Direction in original appellate proceeding - Not challenged - it cannot now question the findings of the lower appellate authority based on earlier direction - No...

TPA - comparable selection - substantial question of law - the Revenue has routinely brought such matters before this Court knowing fully well that the Transfer Pricing...

The case pertains to additions made by the Assessing Officer on account of bogus share application money and commission for bogus accommodation entries. The ITAT deleted...

Substantial question of law to be made out u/s 260A or not? - Undisclosed income surrendered during the Search and Seizure action - to be taxed at normal rate or tax...

Scope of Section 260A - in the absence of demonstrated perversity that findings recorded by the Tribunal are based on no evidence and or while arriving at a said finding...

Nature of expenditure - There is a clear finding of fact by the Tribunal that the legal expenses incurred by the Assessee were for protecting its business - High Court...

The HC dismissed the appeal, holding that no substantial question of law arose from the ITAT's order. The ITAT had allowed the assessee's claim for benefits u/ss 11 and...

Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not...

Quick Updates: