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ITAT - Amendment in section 50C being curative in nature was applicable retrospectively - 50C is not applicable in cases where the difference between the market value and agreement value is below 10%.
Shaista Irphan Mogul Vs ACIT
(2021) TaxCorp(LJ) 27332 (ITAT-MUMBAI) · Section 56(2)(vii)(b)
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ITAT - No disallowance for delayed contribution of employees’ contribution beyond the due date under respective acts, but before the due date of filing return as amendment to Sec.43B by Finance Act 2021 is prospective in application.
Harendra Nath Biswas Vs DCIT
(2021) TaxCorp(LJ) 27331 (ITAT-KOLKATA) · Section 43B
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ITAT - Upholds capitalization of pre-commencement expenditure in accordance with principles enshrined in AS-10 and also under ICDS-V.
Waterline Hotels Pvt. Ltd Vs DCIT
(2021) TaxCorp(LJ) 27330 (ITAT-BANGALORE)
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ITAT - The waiver of loan in the earlier year has no impact either on the actual cost u/s 43(1) or the w.d.v. u/s 43(6) for the year under consideration. Depreciation has to be allowed on the w.d.v. of the block of Machinery at the gross value without reducing the waiver of loan therefrom.
Shapers India Private Limited Vs DCIT
(2021) TaxCorp(LJ) 27329 (ITAT-PUNE)
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ITAT - Reasons recorded for reopening the assessment should be clear and unambiguous and the reasons recorded should be self- explanatory and while examining the validity of reopening of the assessment it was not open to go beyond the reasons recorded by the Revenue and thus, reasons are to examined on standalone basis.
Life Insurance Corporation Of India Vs Deputy Commissioner of Income Tax 1(2)(1)
(2021) TaxCorp(LJ) 27327 (ITAT-MUMBAI) · Section 147
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Amount of incentive received specifically for the purchase of van was not in the nature of any benefit or perquisite which had arisen from business so as to treat the value of the same as business income of the assessee in terms of Section 28(iv) - Case of the assessee is covered by Explanation 10 to Section 43(1) of the Act.
MOTOR MACHINERY TOOLS VERSUS ACIT, CIRCLE-5 PATNA
(2021) TaxCorp(LJ) 27278 (ITAT-PATNA) · https://taxcorp.in/FileOpenDT.aspx?ID=92025&Category=ITAT&CategoryType=Zip
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Where no revisional order was passed by CIT at the time of completion of original assessment, limitation period for passing order u/s.263 had to commence from first order of assessment.
M/S. SEYAD SHARIAT FINANCE LTD. VERSUS THE PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, CHENNAI.
(2021) TaxCorp(LJ) 27277 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=92027&Category=ITAT&CategoryType=Zip
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As long as an exempt income was earned, the expenditure incurred as attributable to earning such exempt income, had to be disallowed under section 14A. Assessing Officer is directed to consider only those investments for computing average value of investment which yielded exempt income during the year under consideration as per Rule 8D(2)(iii).
M/S. CHETTINAD BUILDERS P. LTD. [NOW MERGED WITH M/S. CHETTINAD PRODUCTS AND SERVICES P. LTD.] VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1 (2), CHENNAI.
(2021) TaxCorp(LJ) 27276 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=92028&Category=ITAT&CategoryType=Zip
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The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. Just as much as we cannot legitimize and glorify tax evasion through colourable devices and tax shelters, we cannot also deprecate and disapprove genuine tax planning within the framework of law. The line of demarcation between what is permissible tax planning and what turns into impermissible tax avoidance may be somewhat thin, but that cannot be excuse enough for the tax authorities to err on the side of excessive caution.
MICHAEL E DESA VERSUS INCOME TAX OFFICER INTERNATIONAL TAXATION WARD 1 (1) , MUMBAI
(2021) TaxCorp(LJ) 27275 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=92030&Category=ITAT&CategoryType=Zip
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ITAT - Shiromani Gurdwara Parbandhak Committee (SGPC) eligible for registration u/s 80G.
Shirmoni Gurdwara Parbandhak Committee Vs CIT – I
(2021) TaxCorp(LJ) 27262 (ITAT-AMRITSAR) · Section 80G
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SC - Amendment in Gratuity Act prospective - Enhanced ceiling under the Payment of Gratuity Act, 1972 (Gratuity Act) applies from May 24, 2010 and not from Jan 1, 2007.
Krishna Gopal Tiwary & Anr Vs UNION OF INDIA & ORS
(2021) TaxCorp(LJ) 27261 (SC) · Section 10(10)
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ITAT - Amount of loan not taxable u/s 2(22)(e) simply because lender and recipient companies’ had common substantial shareholding.
Vardhaman Buildtech Pvt. Ltd Vs ACIT
(2021) TaxCorp(LJ) 27220 (ITAT-DELHI) · Section 2(22)(e)
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For the purposes of computing tax payable on the royalty income received, it has to be taxed with reference to the provisions of the agreement (Indo-US DTAA).
THE COMMISSIONER OF INCOME-TAX INTERNATIONAL TAXATION, THE DEPUTY COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION, CIRCLE -1 (2), BENGALURLU VERSUS M/S IBM WORLD TRADE CORPORATION
(2021) TaxCorp(LJ) 27214 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=85549&Category=Judgment&CategoryType=Zip
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Asssessee has paid the penalty amount, immediately after receipt of the show cause notice, therefore CIT, without taking note of the payment of the above said amount and pendency of the appeal proceedings before this High Court, has erroneously launched criminal prosecution against the petitioner for wilful commission of concealment of income to avoid payment of tax, under Section 276(c)(1).
MR. SIVAKUMAR RAGAVAN DIRECTOR - M/S SOLAR PAPER MILLS LIMITED VERSUS THE STATE REP. BY THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 6 (2), CHENNAI
(2021) TaxCorp(LJ) 27213 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=85550&Category=Judgment&CategoryType=Zip
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By effect of Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, the individual identity of Section 148, which was prevailing prior to amendment and insertion of section 148A was insulated and saved uptill 30.06.2021.
ASHOK KUMAR AGRAWAL, POONAM CHAND AGRAWAL, SUBHASH AGRAWAL, NARESH KUMAR AGRAWAL, VERSUS UNION OF INDIA, THROUGH PRINCIPAL COMMISSIONER, INCOME TAX, CHHATTISGARH, INCOME TAX OFFICER
(2021) TaxCorp(LJ) 27212 (HC-CHHATTISGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=85552&Category=Judgment&CategoryType=Zip
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ITAT - Since no claim was made in the return of income as per provisions contained in Section 80A(5) as such deduction u/s 80P inadmissible.
Datta Prasad Sahakari Patsanstha Ltd Vs ITO
(2021) TaxCorp(LJ) 27200 (ITAT-MUMBAI) · Section 80P
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ITAT - Interest-free loan advanced to subsidiary in different line of business does not satisfy the conditions of commercial expediency more so when loan was further advanced to related parties.
Davanam Constructions Private Limited Vs The Deputy Commissioner of Income Tax
(2021) TaxCorp(LJ) 27193 (ITAT-BANGALORE)
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ITAT - Though it could be said that land was purchased by Assessee, in reality transaction never materialised as such no addition u/s 56(2)(vii)(b).
Nitin Ishwarbhai Patel Vs Income Tax Officer
(2021) TaxCorp(LJ) 27142 (ITAT-AHMEDABAD) · Section 56(2)(vii)(b)
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ITAT - Payment for advertisements is covered u/s 194C and not 194J as contact need not always be in writing, and can be implied also.
Perfect Probuild P. Ltd Vs DCIT
(2021) TaxCorp(LJ) 27141 (ITAT-DELHI) · Section 194C
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AO has conducted sufficient enquiry, called for all necessary details and made proper application of mind and thus it can be safely concluded that the order u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue.
RAJDHANI LAND & HOUSING CORPORATION VERSUS PR. CIT-1 BHOPAL
(2021) TaxCorp(LJ) 27118 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=91630&Category=ITAT&CategoryType=Zip
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