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Provisions of Section 45 shall not apply if there is a transfer of capital asset by a company to its Indian subsidiary and the parent company along with its nominees hold the whole of share capital of the subsidiary.
Reliance Industries Limited Vs Asst. Commissioner of Income Tax
(2023) TaxCorp(LJ) 31420 (ITAT-MUMBAI)
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An expenditure/loss incurred for any purpose which is an offence shall not be deemed to have been incurred for the purpose of business or profession or incidental to it, and hence, no deduction can be made.
Prakash Chand Lunia (D) Thr.Lrs. & Anr Vs The Commissioner of Income Tax
(2023) TaxCorp(LJ) 31413 (SC)
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Notice under Section 148A(b), subsequent order passed under Section 148A(d) and consequent notice under Section 148 is unsustainable and liable to be set aside.
Alkem Laboratories Limited Vs Principal Commissioner of Income Tax-1
(2023) TaxCorp(LJ) 31412 (HC-PATNA)
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An incriminating material is a prerequisite for the Revenue to assume jurisdiction to assess or reassess the total income for the entire six years block assessment period even in case of completed/unabated assessments.
Abhisar Buildwell P. Ltd. & Others Vs Principal Commissioner of Income Tax
(2023) TaxCorp(LJ) 31411 (SC) · Sections 153A, 153C
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In absence of profit related element, a receipt cannot be classified as income in the hands of recipient and accordingly, reimbursement cannot be treated as income and cannot be subject to tax deduction at source or income tax.
TPF Getinsa Euroestudios S.L Vs ACIT
(2023) TaxCorp(LJ) 31404 (ITAT-DELHI)
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When the adjusted profit is also eligible for exemption under section 10A there is no question of making any addition towards the adjustment made to depreciation.
Zensar Technologies Ltd Vs DCIT-2(3)
(2023) TaxCorp(LJ) 31403 (ITAT-MUMBAI) · Section 80HHE
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The Assessee has rightly declared short term capital gains towards profit derived from purchase & sale of shares, thus CIT's assumption of jurisdiction fails.
Saravana Stocks – Investments (P) Ltd Vs The DCIT, ACIT
(2023) TaxCorp(LJ) 31402 (ITAT-CHENNAI)
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Assessee failed to file any corroborative evidence to substantive as to why the money received towards sale of property was kept in his sister-in-law's bank account, when he was having right and interest in the property.
M. Natarajan Vs The Income Tax Officer
(2023) TaxCorp(LJ) 31401 (ITAT-CHENNAI)
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Basic provision of law has not been followed and the adjustment in the returned income is null and void and wholly without jurisdiction.
Ernst & Young Merchant banking Services LLP Vs ADIT
(2023) TaxCorp(LJ) 31400 (ITAT-MUMBAI)
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A bare reading of list of investors demonstrates a specific pattern of buying the shares by lead investor and then his/her family members also in huge quantity.
Hitendra C. Ghadia Vs DCIT
(2023) TaxCorp(LJ) 31399 (ITAT-MUMBAI) · Section 10(38)
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Provision for diminution of value of investment having been written off cannot be added to book profit under Section 115JB(2)(I).
Balmer Lawrie and Company Limited Vs PRINCIPAL COMMISSIONER OF INCOME TAX-2
(2023) TaxCorp(LJ) 31398 (HC-CALCUTTA) · Section 37
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A judicial precedent is only an authority for what it actually decides and not what may come to follow from some observations which find place therein.
Total Oil India Pvt. Ltd. & Others Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31386 (ITAT-MUMBAI)
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Once an asset is contributed as capital in a partnership firm, irrespective of its nature it partakes the character of capital asset.
Ghanshyamdas J Sukhwani(HUF) Vs The DCIT
(2023) TaxCorp(LJ) 31385 (ITAT-PUNE)
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The interest income is not to be treated as business income for computation of the deduction under Section 80-HHC(3)(b).
Magnum International Trading Company (P) Ltd Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31378 (SC) · Section 80HHC
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We are not inclined to interfere with the impugned order under the extraordinary jurisdiction of Article 136 of the Constitution of India.
Siemens Nixdorf Information Systemse GMBH Vs COMMISSIONER OF INCOME TAX (IT 4)
(2023) TaxCorp(LJ) 31371 (SC)
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The Assessee has challenged the proceedings under Black Money Act along with the the constitutional validity of Section 72(c) and Section 153C notice issued under IT Act through writ petitions before HC's Division Bench.
Ratul Puri Vs UNION OF INDIA & ORS.
(2023) TaxCorp(LJ) 31370 (HC-DELHI)
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Powers under section 254(2) of the Act are limited only to rectify/correct any mistake apparent from the records. We do not find any mistake apparent from record in the order passed by the Bench.
Tata Medical Centre Trust Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 31365 (ITAT-KOLKATA) · Section 254(2)
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Since the PE in relation to JKSPDC Project cannot be construed to be the PE in respect of JKHCL and JVL Projects, Force of Attraction Rule does not apply.
Lahmeyer International GmbH Vs DDIT
(2023) TaxCorp(LJ) 31358 (ITAT-DELHI)
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Amendment covering non-compete fees received from the profession under Section 28(va) was passed by Finance Act, 2016 with effect from AY 2017-18, thus the same is not applicable to the present case.
Nalini Mahajan Vs ACIT
(2023) TaxCorp(LJ) 31357 (ITAT-MUMBAI) · Section 28(va)
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Taxes on the salary of the seconded employees are already been paid to Indian exchequer and if the same is taxed again in the Assessee’s hands, it will tantamount to double tax.
Morgan Stanley International Incorporated Vs DDIT (International Taxation)-4(1)
(2023) TaxCorp(LJ) 31356 (ITAT-MUMBAI)
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