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The receipt of share premium could not be treated as income under Section 56(1).
Jagati Publications Limited Vs ACIT
(2022) TaxCorp(LJ) 28099 (ITAT-HYDERABAD)
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Ignorance of law is no excuse and carrying out the transactions of the magnitude in itself leaves no room for the assessee to make an excuse for not getting books of account audited u/s 44AB.
SACHCHIDANAND TRIPATI BHOPAL VERSUS ITO 5 (2) BHOPAL
(2022) TaxCorp(LJ) 28098 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=94836&Category=ITAT&CategoryType=Zip
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Interest expenses directly attributable to tax exempt income is also directly attributable to taxable income are required to be excluded from the computation of common interest expenses to be allocated under Rule 8D(2)(ii).
M/S. KARNATAKA STATE BEVERAGES CORPORATION LT. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 4 (1) (1) , BANGALORE.
(2022) TaxCorp(LJ) 28097 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=94837&Category=ITAT&CategoryType=Zip
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In absence of any adverse material, the presumption of AO that no income is shown from the sale of Ghass is not justified. Hence, the ground of appeal raised by the assessee is allowed.
SMT. MANIBEN MOHANBHAI PRAJAPATI VERSUS THE INCOME TAX OFFICER, WARD-3 (2) (5) , SURAT.
(2022) TaxCorp(LJ) 28096 (ITAT-SURAT) · https://taxcorp.in/FileOpenDT.aspx?ID=94841&Category=ITAT&CategoryType=Zip
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AO cannot sit in the chair of businessmen so as to decide what activities are essential in the business should be activities are to be carried out by the businessmen.
SURAT ROUGH DIAMOND SOURCING (INDIA) LIMITED VERSUS THE INCOME TAX OFFICER, WARD-4 (3) , SURAT.
(2022) TaxCorp(LJ) 28095 (ITAT-SURAT) · https://taxcorp.in/FileOpenDT.aspx?ID=94842&Category=ITAT&CategoryType=Zip
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CIT could not legally assume jurisdiction u/s. 263 over an order passed by the AO pursuant to the direction of DRP.
Barclays Bank PLC Vs CIT(IT)
(2022) TaxCorp(LJ) 28094 (ITAT-MUMBAI) · Section 263
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Revenue's inaction is in contravention of various CBDT Circulars and the judicial precedents.
Nokia India Pvt Ltd Vs ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 16(1) & ORS
(2022) TaxCorp(LJ) 28093 (HC-DELHI)
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HC - Interest earned by a primary agricultural credit society on deposits made with State/District Co-operative Banks not eligible for deduction u/s 80P(2)(a)(i). Income by way of interest or dividends derived by the co- operative societies from its investments with any other Co-operative Society is eligible for deduction u/s 80(P)(2)(d)
Peroorkada Service Co-Operative Bank Ltd Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28092 (HC-KERALA) · Section 80P(2)(d)
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Merely because the assessee issued the CCD, which is hybrid instrument to arrange corporate funding thru group concerns, it does not mean that it has indulged in generation of unaccounted money.
ARM INFRA & UTILITIES PVT. LTD. VERSUS PR. COMMISSIONER OF INCOME TAX RANGE-6, MUMBAI
(2022) TaxCorp(LJ) 28091 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=94826&Category=ITAT&CategoryType=Zip
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Disallowance of certain expenses made on account of specific expenditure claimed in respect of eligible unit would only go to enhance the claim of deduction u/s.80IA of the Act.
WNS GLOBAL SERVICES PVT. LTD. VERSUS ASST. COMMISSIONER OF INCOME TAX- 10 (2) MUMBAI
(2022) TaxCorp(LJ) 28090 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=94830&Category=ITAT&CategoryType=Zip
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Petitioner is not entitled for any relief as such sought for in the present writ petition.
M/S. LION DATES IMPEX (P) LTD. VERSUS THE CHAIRMAN, INCOME TAX SETTLEMENT COMMISSION, PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL – II, CHENNAI
(2022) TaxCorp(LJ) 28089 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=86277&Category=Judgment&CategoryType=Zip
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When on consideration of material on record, one view is conclusively taken by the Assessing Officer, it would not be open to reopen the assessment based on the very same material with a view to take another view.
SANJAY DEVKINANDAN GUPTA VERSUS UNION OF INDIA AND ANR.
(2022) TaxCorp(LJ) 28088 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86278&Category=Judgment&CategoryType=Zip
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The individual’s stay outside India was more than 183 days, and therefore, the amount was not taxable in India by virtue of Article 14 of India-Japan DTAA.
Sundaram Clayton Ltd Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28087 (ITAT-CHENNAI) · Sections 40(a)(i), 195
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A tax withholding liability, particularly under section 195, is a vicarious liability and its survival entirely depends on survival of the primary tax liability of income, embedded in the related payments, in the hands of the recipient.
Braitrim India Pvt. Ltd Vs Income Tax Officer (IT)
(2022) TaxCorp(LJ) 28086 (ITAT-MUMBAI) · Section 195
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Since provisions of section 68, and section 69 to 69D are not applicable in respect of the income, provisions of section 115BBE not attracted.
Bajaj Sons Ltd Vs The DCIT
(2022) TaxCorp(LJ) 28085 (ITAT-CHANDIGARH) · Section 115BBE
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AO is directed to treat Assessee’s income as Income from Other Sources and allow depreciation and other expenses u/s 57
Microsoft India (R&D) Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28084 (ITAT-DELHI)
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No penalty can be levied if there is reasonable cause for delay in filing ITR by an educational trust.
A.N. School Shiksha Samit Vs J.C.I.T.
(2022) TaxCorp(LJ) 28083 (ITAT-JAIPUR)
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The Finance Act, 2012 amendment enlarging scope of Sec 55A(a) on DVO reference is not retrospective in nature.
Nanubhai G. Ahir Vs The Income Tax Officer
(2022) TaxCorp(LJ) 28082 (ITAT-SURAT) · Section 55A(a)
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To gather more information and then prove the claim of the assessee wrong is not the object of section.
Trividh Corporation Vs The PCIT
(2022) TaxCorp(LJ) 28081 (ITAT-SURAT)
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Project cost will include the expenditure incurred towards the parking space and hence such expenditure is allowable u/s 37.
Crown International Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28080 (ITAT-DELHI) · Section 37
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