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It would be incongruous to construe sub -clause (vi) of section 2 (19AA) as to mean a running unit.
KBD Sugars And Distilleries Ltd Vs THE COMMISSIONER OF INCOME-TAX
(2022) TaxCorp(LJ) 29670 (HC-KARNATKATA)
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The applicability of the principles of natural justice and fair play, depends on the facts and circumstances of each case and is subjected to statutory provisions.
Marg Projects and Infrastructure Ltd Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29669 (HC-MADRAS)
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Exemption provisions have to be strictly and literally be complied with.
Wipro Limited Vs Principal Commissioner of Income Tax-III
(2022) TaxCorp(LJ) 29662 (SC) · Section 10B
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The paradox in the functioning of settlement commission, comprising of senior members from the department, deviating from the neutrality of a quasi-judicial authority, would have invited our much attention if it had not been abolished and replaced with interim board.
K.S. Thirumalaivasan Vs The Chairman Income Tax Settlement Commission
(2022) TaxCorp(LJ) 29661 (HC-MADRAS)
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In the absence of separate orders under Section 120(4)(b) and Section 127, the Addl. CIT / JCIT had no power to perform the functions of an Assessing Officer and frame the assessment where notices under Section 143(2) were issued by ACIT.
Vertiv Energy Pvt. Ltd. Vs Additional Commissioner of Income Tax
(2022) TaxCorp(LJ) 29660 (ITAT-MUMBAI) · Sections 120(4)(b), 127
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Assessee is not eligible for exemption under Section 10(23C)(iiiab) on the grounds that it is not substantially funded by the Government.
The Punyashlok Ahilyadevi Holkar Solapur University Solapur Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29653 (ITAT-PUNE) · Section 10(23C)(iiiab)
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Eligible purchases under SFIS could not be on revenue account since credit against Excise duty & Customs duty is only available under SFIS in case of purchase of capital goods.
Container Corporation of India Ltd Vs DCIT
(2022) TaxCorp(LJ) 29652 (ITAT-DELHI)
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What is relevant is not the method of accounting followed by the Assessee but evaluating the actual business of the Assessee and the actual receipts in the business.
Sudhir Mahamunkar Vs Income Tax Officer
(2022) TaxCorp(LJ) 29651 (ITAT-MUMBAI)
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The dividend in question was subjected to DDT and constitutes Assessee’s income even though received by a merchant banker on behalf of the shareholders including the Assessee, under a scheme approved by the High Court.
JP Morgan Funds Vs Deputy Commissioner of Income Tax (IT)
(2022) TaxCorp(LJ) 29650 (ITAT-MUMBAI)
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Having taken a specific stand before the ITAT that the Contracts is a composite one, the Revenue cannot be permitted to take a contradictory stand before this Court.
Bangalore Metro Rail Corporation Limited Vs THE COMMISSIONER OF INCOME-TAX
(2022) TaxCorp(LJ) 29649 (HC-KARNATKATA) · Section 194J
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Compensation paid by Assessee to obtain a vacant and peaceful of the hotel property pursuant to litigation over damage to the property, is payment made to facilitate trading operations, thus not a capital expenditure.
ELEL Hotels And Investments Ltd Vs PCIT
(2022) TaxCorp(LJ) 29648 (HC-DELHI)
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In absence of an express provision, the right of the resident country to tax its residents cannot be taken away under the DTAA.
Natasha Chopra Vs DCIT
(2022) TaxCorp(LJ) 29647 (ITAT-DELHI)
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There is enough material to proceed against the Assessee for non-filing of return which is punishable under Section 276CC and for furnishing the return belatedly with suppressed income, which is punishable under Section 276C(1).
Anjuga Selvi Alagiri Vs The Deputy Director of Income Tax
(2022) TaxCorp(LJ) 29646 (HC-MADRAS)
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Incidental activity of parking surplus funds with any institution earning interest is an integral part of the export business activity and such incidental income cannot be delinked from profit and gains derived by the undertaking.
Cognizant Technology Solutions India Private Limited Vs Income Tax Ward-16(3)
(2022) TaxCorp(LJ) 29645 (ITAT-DELHI) · Section 10AA
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Even though prima facie the penalty under Section 271D and 271E is attracted, the same cannot be charged since the Assessee has proved that that there is reasonable cause for passing the journal entries.
Macrotech Developers Limited Vs DCIT
(2022) TaxCorp(LJ) 29644 (ITAT-MUMBAI) · Sections 269SS, 269T
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Receipt on sale of carbon credit shall be a capital receipt and not a business receipt or income.
Essel Mining & Industries Limited Vs Dy. CIT
(2022) TaxCorp(LJ) 29643 (ITAT-MUMBAI)
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In terms of Section 176, no proceedings could be initiated against the Assessee including the proceedings before the ITAT since IBC has overriding effect over all the laws including the Income-tax Act.
Mahavir Roads & Infrastructure Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29642 (ITAT-MUMBAI)
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The method adopted by Assessee is just and proper in accordance with Rule 115.
Anurag Chandra Vs National Faceless Appeal Centre
(2022) TaxCorp(LJ) 29641 (ITAT-MUMBAI)
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When an expenditure is incurred for which payment is not made in cash or monetary terms, Section 40A(3) would have no application.
Bhartiya Hotels Ltd Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29640 (HC-CALCUTTA) · Section 40A(3)
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If the expenditure has not been incurred for the purpose of earning of taxable income, that cannot be allowed irrespective of the fact that any exempt income has been earned or not by incurring such expenditure.
Williamson Financial Services Ltd Vs ACIT
(2022) TaxCorp(LJ) 29639 (ITAT-GAUHATI) · Section 14A
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