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Whether compensation is received for negative restrictive covenant or non-compete with business of the company, compensation relatable to such activity would be a capital receipt.
NEVILLE TULI VERSUS THE ITO 3 (2) (4) , MUMBAI AND INCOME TAX APPELLANT TRIBUNAL, MUMBAI BENCH
(2022) TaxCorp(LJ) 28415 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86595&Category=Judgment&CategoryType=Zip
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The initiation of proceedings for imposing penalty and the consequent imposition was within the jurisdiction and authority of the assessing officer. Hence there is no merit in the challenge raised.
MALLELIL INDUSTRIES PRIVATE LIMITED VERSUS ADDITIONAL/JOINT/DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28414 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=86597&Category=Judgment&CategoryType=Zip
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The question of granting a further opportunity to the CIT(E) on the facts of the case on hand does not arise. Thus, for all the above reasons, we find no grounds to interfere with the order passed by the tribunal.
COMMISSIONER OF INCOME TAX (EXEMPTION) KOLKATA VERSUS MAYAPUR DHAM PILGRIM AND VISITORS TRUST
(2022) TaxCorp(LJ) 28413 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=86600&Category=Judgment&CategoryType=Zip
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The legislature does not envisage any sort of valuation for the purpose of Section 68 and the addition made for premium received for AY 2012-13 is incorrect in law.
Confiance Trading Pvt. Ltd Vs ITO 6(2)(1)
(2022) TaxCorp(LJ) 28412 (ITAT-MUMBAI) · Section 56(2)(viib)
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There was no irregularity about the nature, source of such bank deposits, which was examined by the Revenue and thus provisions of Section 69A / 69B were wrongly applied.
Lohar Chawl Dawoodi Vs The Dy. Commissioner of Income Tax (EX) -1(1)
(2022) TaxCorp(LJ) 28411 (ITAT-MUMBAI)
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The CIT(E) has erred in exercising revisional jurisdiction on the ground that the AO has failed to make necessary enquiries with regard to the nature of investments made by the Assessee.
Sir Ratan Tata Trust Vs CIT (Exemptions)
(2022) TaxCorp(LJ) 28410 (ITAT-MUMBAI)
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The resultant loss incurred by the Assessee was rightly claimed as revenue expenditure and thus revenue is directed to allow the deduction as claimed by the Assessee.
Refex Industries Vs DCIT
(2022) TaxCorp(LJ) 28409 (ITAT-CHENNAI)
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There is no material to justify the formation of reason to believe that income escaped assessment.
Tata Sons Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28408 (HC-BOMBAY)
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Assessee is eligible for benefit under Section 54.
Charu Agarwal Vs DCIT (International Taxation)
(2022) TaxCorp(LJ) 28407 (ITAT-DELHI) · Section 54
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Once all the primary facts are before the assessing authority, he requires no further assistance by way of disclosure.
Nishith Madanlal Desai Vs Commisioner of Income Tax-1(3)
(2022) TaxCorp(LJ) 28406 (HC-BOMBAY)
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Mere filing of SLP in the Hon’ble Supreme Court would not disturb the legal issue settled by the Hon’ble Bombay High Court.
D.Y. Patil Educational Academy Vs DCIT 2(1)(2)
(2022) TaxCorp(LJ) 28405 (ITAT-MUMBAI)
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The finding of learned CIT(Appeals) that the assessee has not provided break up of dividend is erroneous. Therefore, same cannot be sustained and assessing officer is directed to delete the addition.
Jaswant Singh Uberoi Vs JCIT
(2022) TaxCorp(LJ) 28404 (ITAT-DELHI)
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Milk parlours cannot be considered as godowns or warehouses contemplated u/s 80P(2)(e).
Hassan Co-operative Milk Producers Societies Union Ltd Vs ACIT
(2022) TaxCorp(LJ) 28403 (ITAT-BANGALORE) · Section 80P(2)(e)
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When tax rate is prescribed under DTAA, education cess is not leviable.
Magotteaux International SA Vs The Dy. C.I.T
(2022) TaxCorp(LJ) 28402 (ITAT-DELHI)
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Income under capital gains is taxable in the year of transfer and further that transfer takes place only when it becomes operational, that is, on executing the sale deed.
Beena Shammi Chaudhari Vs ITO
(2022) TaxCorp(LJ) 28401 (ITAT-PUNE)
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We are in agreement with the findings of the Assessing Officer and we sustain the addition proposed by the Assessing Officer.
ACIT – 31 (1) , MUMBAI VERSUS M/S. ECOHOMES TOWNSHIP LLP
(2022) TaxCorp(LJ) 28400 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95642&Category=ITAT&CategoryType=Zip
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Assessee has not earned any exempt income during the year, therefore no disallowance can be made u/s. 14A of the Act when assessee has not earned any exempt income.
ACIT – CIRCLE – 3 (1) (2) , MUMBAI VERSUS M/S. EIPR INDIA PVT. LTD.
(2022) TaxCorp(LJ) 28399 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95643&Category=ITAT&CategoryType=Zip
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The receipts arising from transfer of carbon credits are in the nature of capital receipts not subjected to tax.
SRF LIMITED VERSUS ASST. CIT, CIRCLE-1 LTU NEW DELHI
(2022) TaxCorp(LJ) 28398 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=95644&Category=ITAT&CategoryType=Zip
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If the amount of employees' contribution towards EPF, ESI, etc is delayed by an employer beyond the due date under the respective Acts, the disallowance will be called for notwithstanding the fact that it was deposited before the due date u/s. 139 of the Act.
POWERLINK ENGINEERS LLP VERSUS ACIT, CIRCLE-2 NASHIK
(2022) TaxCorp(LJ) 28397 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=95648&Category=ITAT&CategoryType=Zip
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The commission income belonged to the HUF and rightly returned by it. Therefore, correct hand for taxing such income is HUF and not the assessee.
MANISH GUPTA VERSUS THE DY. C.I.T., CENTRAL CIRCLE MEERUT
(2022) TaxCorp(LJ) 28396 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=95651&Category=ITAT&CategoryType=Zip
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