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The expenses incurred in connection with the issue of shares to increase the share capital with the object of enhancement of capital to have more working funds would be treated as revenue expenditure.
PC Jewellers Ltd Vs ACIT
(2021) TaxCorp(LJ) 27966 (ITAT-DELHI) · Sections 37(1), 35D
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Since amendment of Finance Act 2014 did not specifically state that it had retrospective effect, it would be applicable prospectively.
Aleo Manali Hydro Power Pvt. Ltd Vs Income-tax Officer(TDS)
(2021) TaxCorp(LJ) 27965 (ITAT-DELHI) · Section 201(3)
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The CIT(A)’s order is being upheld, and interest, depreciation and other expenses are being allowed as business expenses.
Ruchi Malls Pvt. Ltd Vs ACIT
(2021) TaxCorp(LJ) 27964 (ITAT-DELHI)
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Non-taxable capital receipt will include the sales tax refunded as subsidy.
Shree Vaishnav Casting Pvt. Ltd Vs DCIT
(2021) TaxCorp(LJ) 27963 (ITAT-MUMBAI)
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The word received mentioned in Section 153(2A) has to be construed as having knowledge, therefore, the remaining effect should also have been given on or before Mar 31, 2016.
Qualcomm Incorporated USA Vs The Dy. C.I.T
(2021) TaxCorp(LJ) 27962 (ITAT-DELHI) · Section 153(2A)
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The subsidy received by the Assessee is a capital receipt not liable to tax.
Jindal Steel & Power Ltd Vs Addl. CIT
(2021) TaxCorp(LJ) 27961 (ITAT-DELHI)
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Disallowance made by Revenue was for non-furnishing of TRCs and taxability of payments under applicable DTAAs was not examined.
Chander Mohan Lall Vs Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 27960 (ITAT-DELHI) · Section 40(a)(i)
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Since the Revenue did not place any material on record to demonstrate that earlier order in Assessee’s favour had been set aside/overruled or stayed by higher judicial forum, allows Scholarship Expenses.
Harish N. Salve Vs ACIT
(2021) TaxCorp(LJ) 27952 (ITAT-DELHI) · Section 90
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The Assessee is only granting access to its database to DJCIPL and the payments received cannot be said to be Royalty in nature.
Dow Jones & Company Inc. Vs The A.C.I.T.
(2021) TaxCorp(LJ) 27951 (ITAT-DELHI)
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The expenditure incurred by the assessee are purely revenue in nature and cannot be considered as capital expenditure.
Jasper Infotech Pvt. Ltd Vs Addl. CIT
(2021) TaxCorp(LJ) 27949 (ITAT-DELHI)
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Revenue cannot frustrate the purpose of substituted statutory provisions, sections 147 to 151 in the present instance by emptying it of their content, or impeding or postponing their operation.
Mon Mohan Kohli Vs ASSISTANT COMMISSIONER OF INCOME TAX & ANR
(2021) TaxCorp(LJ) 27943 (HC-DELHI)
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Fee charged by bank for providing card swiping machine was in the nature of fee for rendering banking services, and thus there was no obligation for tax deduction u/s 194H.
Elymer International Pvt. Ltd Vs ACIT
(2021) TaxCorp(LJ) 27942 (ITAT-DELHI) · Section 194H
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In the instant matter, it was not a case where the Assessee had not disclosed any information, thus, the pre- condition for reopening of assessment as per proviso to Section 147 was not complied with.
Grasim Industries Limited Vs Deputy Commisioner of Income Tax
(2021) TaxCorp(LJ) 27937 (HC-BOMBAY)
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Revenue is directed to dispose of the application u/s 197 preferred by Alcatel Lucent International by passing a reasoned order within two weeks.
Alcatel Lucent International Vs INCOME TAX OFFICER TDS
(2021) TaxCorp(LJ) 27930 (HC-DELHI) · Section 197
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There is no scope for making any adjustment for the gift while determining the full value of consideration under the deeming provisions of section 50C.
Nilesh Tanukumar Patel Vs I.T.O.
(2021) TaxCorp(LJ) 27929 (ITAT-AHMEDABAD) · Section 50C
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Where the core of a transaction is to authorise the end-user to have access to and make use of the licenced software over which the licencee has no exclusive rights, no copyright is parted with and therefore, the payment received cannot be termed as royalty.
EY Global Services Limited Vs ASSISTANT COMMISSIONER OF INCOME TAX & ANR.
(2021) TaxCorp(LJ) 27928 (HC-DELHI)
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No interest can be charged u/s 234B and charging of interest under Section 234C is consequential.
GE Energy Management Services Inc Vs The Asstt. D.I.T
(2021) TaxCorp(LJ) 27921 (ITAT-DELHI)
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The scope of the sixth proviso to Section 32(1) cannot be extended to transactions of purchases between two unrelated parties.
TUV Rheinland NIFE Academy Private Limited
(2021) TaxCorp(LJ) 27920 (ITAT-MUMBAI) · Section 32(1)
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The sale of TDR could not be considered in isolation of Assessee’s obligation to complete the project as per the agreement.
DBS Realty Vs Asst. Commissioner of Income Tax
(2021) TaxCorp(LJ) 27919 (ITAT-MUMBAI)
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Penalty is mandatory where the Assessee has admitted undisclosed income during the course of search in the statement recorded u/s 132(4).
N.Santhanam Vs The Assistant Commissioner Income Tax
(2021) TaxCorp(LJ) 27918 (ITAT-CHENNAI) · Sections 271AAB, 273B
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