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Carried forward MAT credit of amalgamating company can be taken credit of by amalgamated company.
TATA Communications Ltd. Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29286 (ITAT-MUMBAI)
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Cost of work in progress is to be valued at cost or market price whichever is lower.
Ittina Properties Pvt. Ltd Vs The Additional Commissioner of Income Tax
(2022) TaxCorp(LJ) 29285 (ITAT-BANGALORE) · Section 80IB(10)
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Letting out of studio premises of trust in order to achieve main object of education cannot be construed as business.
Acharya Jiyalal Vasant Sangeet Niketan Vs ITO
(2022) TaxCorp(LJ) 29284 (ITAT-MUMBAI)
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Where assessee filed details regarding claim of depreciation on goodwill in original assessment proceedings and A.O after considering same, allowed said claim, initiation of reassessment to disallow depreciation was nothing but change of opinion.
Tata Communications Limited Vs DCIT
(2022) TaxCorp(LJ) 29283 (ITAT-MUMBAI)
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It cannot be held that only the assessee would have right to file the additional evidence and the same right is not available to the revenue.
Nuziveedu Seeds Ltd Vs Dy. Commissioner of Income-tax
(2022) TaxCorp(LJ) 29278 (ITAT-HYDERABAD)
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Lower disallowance under Section 14A would not amount to misreporting.
Prem Brothers Infrastructure LLP Vs NATIONAL FACELESS ASSESSMENT CENTRE & ANR
(2022) TaxCorp(LJ) 29277 (HC-MADRAS) · Section 14A
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Section 278(e) empowered the Court to presume culpable mental state of the accused, unless, the accused shows that he had no such mental state with respect to the act charged as an offence in the prosecution.
S.J.Surya Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29276 (HC-MADRAS)
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In absence of a provision to rectify an order passed under Section 254(2), the only remedy available to the Revenue under law is to prefer an appeal before HC.
Vodafone Cellular Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29268 (ITAT-PUNE) · Section 254(2)
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Assessee did not file any evidence to substantiate his claim that impugned land was converted as stock-in-trade before entering into the JDA, and thus, section 45(2) is inapplicable.
Babusha Haribhau Gade Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29267 (ITAT-PUNE) · Section 45(2)
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The reason to believe must be of the Revenue, and neither the Court nor the Advocate can supplement it or improve upon it.
Anil Gulabdas Shah Vs The Asistant Commisioner of Income Tax
(2022) TaxCorp(LJ) 29266 (HC-BOMBAY) · Section 148
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Where the Assessee cannot be treated as assessee-in- default, the question of holding the Assessee liable to pay interest did not arise, as there was no liability to collect tax at source.
Bashco Engineering Pvt. Ltd Vs ITO (TDS)
(2022) TaxCorp(LJ) 29265 (ITAT-PUNE)
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Revenue is not justified in rejecting the valuation report merely on the ground that the projected results did not match the actual results.
TE Connectivity Services India Private Ltd Vs The Assessing Officer, National Faceless Assessment Centre
(2022) TaxCorp(LJ) 29264 (ITAT-BANGALORE)
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The loss is incurred during the course of conducting business and thus, the same is eligible to be allowed as business loss under Section 28.
Rajkamal Builders Infrastructure P. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29263 (ITAT-AHMEDABAD) · Section 80-IA
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Merely providing commercial information through a benchmarking study does not in any manner makes available any technical knowledge, experience, skill, know how or processes, nor consist of the development and transfer of a technical plan or technical design.
Reliance Industries Ltd Vs ACIT
(2022) TaxCorp(LJ) 29262 (ITAT-MUMBAI)
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In the absence of any proof as to the waiver of interest by the bankers, addition on that score basing on assumptions cannot be maintained.
Hyderabad Educational Institutions Pvt. Ltd Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29261 (ITAT-HYDERABAD)
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In view that the case was selected for scrutiny for large share application money, the AO was duty bound to carry out necessary verification in terms of proviso to Section 68.
Aneeka Universal P. Ltd Vs Principal Commissioner of Income Tax-9
(2022) TaxCorp(LJ) 29260 (ITAT-MUMBAI)
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Invocation of Section 263 by the CIT cannot be said to be without jurisdiction merely because the intimation of DIN in the order passed under Section 263 was one day after the order was passed.
Texmo Precision Castings Uk Ltd. Vs The Commissioner of Income Tax
(2022) TaxCorp(LJ) 29259 (HC-MADRAS)
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PCIT ventured to exercise his revisional jurisdiction by issuing SCN without satisfying the essential condition precedent to invoke jurisdiction u/s 263 of the act.
Spotlight Vanijya Ltd. Vs PCIT-2
(2022) TaxCorp(LJ) 29258 (ITAT-KOLKATA) · Section 263
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Tinkering with the book profit as per profit and loss account is permitted otherwise than mandated by the provisions of the Act as contained in section 115JB.
Tolani Shipping Co. Ltd Vs DCIT-5( 3)( 2)
(2022) TaxCorp(LJ) 29257 (ITAT-MUMBAI) · Section 33AC
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It is only the business income which has to be taken into account for the purpose of setting-off the deductions u/s 80-IA and 80-IB.
Reliance Energy Ltd. Vs Commissioner of Income Tax-I
(2022) TaxCorp(LJ) 29256 (SC) · Section 80IA
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