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Once compensation is exempt from tax by virtue of Section 96, then any enhanced compensation or interest payable on such enhanced compensation cannot be brought to tax as interest income, which is taxable u/s.56(2)(viii) of the IT Act.
SV Global Mill Ltd Vs The ACIT
(2021) TaxCorp(LJ) 26168 (ITAT-CHENNAI)
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LOI is only a right to possess plot of land and not land itself and therefore the provisions of section 50C are inapplicable to the present case.
Raminder Singh Vs The ITO
(2021) TaxCorp(LJ) 26167 (ITAT-CHANDIGARH) · Section 50C
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The services under MSA were not in relation the enjoyment of the right / property for which royalty was received by assessee and thus was not covered under Article 13(4)(a)/(b) of India-UK DTAA.
Aircom International Ltd Vs CIT
(2021) TaxCorp(LJ) 26162 (HC-AAR)
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The actual rendering of the basic engineering design service as well as offshore advisory services was done not directly by the Applicant from France but by its PO in India.
Technip France SAS Vs CIT
(2021) TaxCorp(LJ) 26155 (HC-AAR)
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The exercise of power by the Tribunal is not to be in accordance with Section 254(2A) of the Act the Tribunal has no such power to issue directions, but has got power to grant an interim order under Section 254, subject to the conditions stipulated therein.
M. Kiran Kumar Vs Principal Commissioner of Income Tax
(2021) TaxCorp(LJ) 26154 (HC-MADRAS) · Section 254
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Even though the ld. CIT was rightfully entitled to take recourse to the Explanation 2.,t is palpable that none of the four clauses of the Explanation 2 applies to the case under consideration. The sequitur is that the revisionary power, even under the enlarged scope of the Explanation 2, was not legally exercisable.
Nalco Company,USA Nalco Water India limited Vs CIT
(2021) TaxCorp(LJ) 26141 (ITAT-PUNE)
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It cannot be the case of the Revenue that only the specific portion on ICD was not considered by the assessing officer as assessment order contained other disallowances after considering assessee’s response.
Eicher Motors Ltd Vs THE CIT
(2021) TaxCorp(LJ) 26140 (ITAT-DELHI)
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After taxing the income from application of funds, the AO cannot turn his back and claim that the expenditure on borrowing is not allowable as business expense income from investments has been offered to tax and the same has been taxed as business income, there is no justification for disallowance of so-called proportionate interest.
Reliance Infrastructure Ltd Vs DCIT
(2021) TaxCorp(LJ) 26139 (ITAT-MUMBAI)
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U/s 2(47)(vi), transfer of capital asset includes transferring or enabling the enjoyment of any immovable property by way of becoming a member of or acquiring a share in a company or by way of any agreement or arrangement or in any other manner whatsoever.
Shri Shailendra Bhandari Vs ACIT
(2021) TaxCorp(LJ) 26132 (ITAT-MUMBAI)
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Where the matter had been remanded to be re-done, it would hardly make a difference as to whether the remand had been to the TPO or the DRP, thus indicating that the provisions of Section 144C were also governed by the limitation of time set out in Section 153 of the Act.
Roca Bathroom Products Private Limited Vs CIT, The DCIT
(2021) TaxCorp(LJ) 26125 (HC-MADRAS) · Section 153
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Since the notices u/s 153A and penalty u/s 271DA have their origin in the search, seizure and survey which the Assessee was subjected to, it is open for the Settlement Commission to decide on violation of Sec. 269ST.
Tahiliani Design Private Limited Vs JCIT
(2021) TaxCorp(LJ) 26124 (HC-DELHI)
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The relevant factor is profit and gain should be derived from the eligible business irrespective of the head of the income.
DLF Assets Pvt Ltd Vs DCIT
(2021) TaxCorp(LJ) 26123 (ITAT-DELHI)
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There was no material to demonstrate that transactions between assessee and ATC were not at arm’s length, to be treated as DAPE under India- Canada DTAA.
International Air Transport Association (CANADA) Vs The ACIT
(2021) TaxCorp(LJ) 26110 (ITAT-MUMBAI)
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Delayed payment of tax would not amount to its evasion as long as there has been a part-payment of tax and an acknowledgement that tax is due to be paid.
Confident Projects (India) Pvt. Ltd. & Others Vs DCIT
(2021) TaxCorp(LJ) 26109 (HC-KARNATKATA)
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If there is held to be a DAPE on the facts of this case it is wholly tax-neutral in as much as the Indian agents have been paid arm's length remuneration, and nothing further can, therefore, be taxed in the hands of the assessee.
Asia Today Limited Vs Additional Director of Income Tax International Taxation 1(1)
(2021) TaxCorp(LJ) 26108 (ITAT-MUMBAI)
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Invocation of Sec.245 without giving prior written intimation about the proposed adjustment of refund against the outstanding demand is bad in law.
TSI Business parks Hyderabad Pvt. Ltd Vs ACIT
(2021) TaxCorp(LJ) 26107 (HC-AP) · Section 245
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Estimation of income, in the hands of the employees under the head income from salaries, by the assessee-employer was bonafide and reasonable.
State Bank of India Vs ACIT
(2021) TaxCorp(LJ) 26094 (ITAT-MUMBAI)
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Sec. 32(2) and Sec. 72 provide for carrying forward of only the balance of losses/depreciation after set-off in the preceding years whereas Sec. 115JB envisages a simpler determination of amount eligible for reduction from net profit.
Go Airlines (India) Limited Vs DCIT
(2021) TaxCorp(LJ) 26093 (ITAT-MUMBAI)
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Income tax Act not only creates rights and liabilities, but also provides for a complete machinery for enforcing the same, as well as a mechanism to challenge the orders of the Revenue authorities.
Sarita Puri Vs PR. COMMISSIONER OF INCOME TAX-18 & ANR.
(2021) TaxCorp(LJ) 26086 (HC-DELHI)
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In absence of any evidence whatsoever to allege that money changed hands between assessee and the broker/ any other person, the additions cannot be sustained.
Krishna Devi Vs PRINCIPAL COMMISSIONER OF INCOME TAX
(2021) TaxCorp(LJ) 26075 (HC-DELHI)
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