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Commercial expediency of a businessman's decision to incur a particular expenditure cannot be tested on the touchstone of strict legal liability to incur such expenditure.
Deloitee Haskins and Sells Vs D.C.I.T.
(2022) TaxCorp(LJ) 28989 (ITAT-AHMEDABAD)
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Speculative transactions are eligible to be set off against the loss of share transactions.
Cascade Holdings Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28988 (ITAT-MUMBAI)
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In the absence of reliable and irrefutable evidence failing to call forth and making necessary enquiries, the tax officials have failed to live up to the trust reposed in them by the citizen and the State.
Ashok Kumar Vs The ITO
(2022) TaxCorp(LJ) 28987 (ITAT-CHANDIGARH) · Section 69
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Compounding of offences cannot be taken as the matter of right, it is for the law and authorities to determine as to what kind of offences should be compounded, if at all, and under what conditions.
Maspar Industries Private Limited & Ors Vs CHIEF COMMISSIONER OF INCOME TAX TDS & ANR.
(2022) TaxCorp(LJ) 28980 (HC-DELHI)
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In the instant case it was axiomatic that the AO considered Section 56(2)(vii)(c) not to be attracted at all, rather than being unaware of the market price of the shares as alleged.
Azim Premji Trustee Company Pvt. Ltd Vs DEPUTY COMMISSIONER OF INCOME-TAX
(2022) TaxCorp(LJ) 28979 (HC-KARNATKATA)
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There was no allegation or findings that any of the conditions under Section 12AA(3) were attracted and thus, the cancellation of registration was bad in law.
Sanskriti Sagar Vs COMMISSIONER OF INCOME TAX (EXEMPTION)
(2022) TaxCorp(LJ) 28972 (HC-CALCUTTA) · Section 12AA(3)
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Interest paid on delayed payment of TDS under Section 201(1A) is allowable deduction.
Resolve Salvage & Fire India Private Limited Vs DCIT 14(3)(1)
(2022) TaxCorp(LJ) 28971 (ITAT-MUMBAI)
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Non compete fee though is an intangible asset, however, it is not similar to know how, patent, copy right, their trademark, licenses, franchises or any other business or commercial right of similar nature.
Sagar Ratna Restaurants Pvt. Ltd. Vs ACIT
(2022) TaxCorp(LJ) 28970 (ITAT-DELHI) · Section 32
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Where Assessee explained reasons for change in accounting, disclosed its effect in the profit or loss account, the additions made by the Revenue are not sustainable.
Fuji Electric Consul Neowatt Pvt.Ltd. Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28969 (ITAT-CHENNAI)
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Acquisition of assets as reflected in CWIP did not constitute extension of existing business and thus proviso to Section 36(1)(iii) was inapplicable.
Havmor Ice Cream Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 28968 (ITAT-AHMEDABAD)
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In that case, the Assessee was entitled to use the benefit flowing from the license even after termination of the license agreement.
Nefab India Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28967 (ITAT-DELHI)
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The subscription fee is not royalty but merely a consideration for online access of the cloud computing services for process and storage of data or run the applications.
Microsoft Regional Sales Pte. Ltd Vs DCIT (International Taxation)
(2022) TaxCorp(LJ) 28966 (ITAT-DELHI)
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Entire transportation work was carried out by the Assessee by hiring of vehicles and that the provisions of Section 194C are not attracted in the instant case.
Ajay Dahyabhai Patel Vs The ITO
(2022) TaxCorp(LJ) 28965 (ITAT-SURAT) · Section 194C
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Amount demanded by NPPA cannot fall in the category of payment made for a purpose which is an offence or which is prohibited by law.
T.C. Healthcare P. Ltd. Vs DCIT
(2022) TaxCorp(LJ) 28964 (ITAT-DELHI) · Sections 37(1), 43B
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If the disallowance is upheld, the same amount should not be disallowed when the provision is reversed on first day of the subsequent year, resulting in double disallowance.
IRunway India Private Limited Vs DCIT
(2022) TaxCorp(LJ) 28958 (ITAT-BANGALORE)
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Impugned order was issued under Section 12A(1)(ac)(i) which provision merely deals with making an application for registration.
Saifee Burhani Upliftment Trust Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28957 (ITAT-MUMBAI)
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A person who is not a non-resident for relevant AY cannot be taxed through a representative assessee by invoking Section 163.
Moin Akhtar Qureshi Vs The ACIT
(2022) TaxCorp(LJ) 28956 (ITAT-DELHI)
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The transaction qualifies as an adventure in the nature of trade, and hence Section 50C inapplicable.
Kanubhai M. Patel Vs The ITO
(2022) TaxCorp(LJ) 28955 (ITAT-AHMEDABAD)
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In view of the material on record, Assessee categorically explained that it issued unsecured perpetual non-convertible debentures entitled for fixed interest @ 11.40% along with redemption after the 10th year, therefore revision order is hereby quashed.
The Tata Power Co. Ltd Vs Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 28950 (ITAT-MUMBAI)
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PF dues paid before the due date of filing of income tax return under Section 139(1) is a deductible expenditure despite exceeding the permissible time limit under the relevant statute under which payment is made.
Kalpesh Synthetics Pvt Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28949 (ITAT-MUMBAI)
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