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As the scope of Royalty came to be expanded after the close of the financial year, the same could not have triggered disallowance u/s.40(a)(ia).
Barclays Technology Centre India Pvt. Ltd Vs DCIT
(2021) TaxCorp(LJ) 26074 (ITAT-PUNE) · Section 40(a)(ia)
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S. 10(38) Bogus Capital Gains from Penny Stock: The fact that there was an astounding 4849.2% jump in the share price within two years, which is not supported by the financials, does not justify the AO's conclusion that the assessee converted unaccounted money into fictitious exempt LTCG to evade taxes. The finding is unsupported by material on record & is purely an assumption based on conjecture. The theory of human behavior and preponderance of probabilities, based on Sumati Dayal v. CIT 214 ITR 801 (SC), cannot be cited as a basis to turn a blind eye to the evidence
PCIT vs. Smt. Krishna Devi
(2021) TaxCorp(LJ) 26073 (HC-DELHI) · Section 10(38)
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S. 482 CrPC: Prosecution launched in 2008 u/s 276C, 277 & 278B of the Income-tax Act, 1961 for alleged tax evasion in AY 1994-95 deserves to be quashed because the assessee has paid the tax and the penalty & also taking into account the year in which the alleged offence was committed. The assessee has been paying income-tax regularly & has not been prosecuted for any false disclosure either earlier or thereafter. It would only be in the nature of harassment to the petitioners, and an abuse of the process of the Court, if this case is allowed to be continued. (Note: The Supreme Court has directed issue of notice on the Dept's SLP)
Prabir Kumar Shaw vs. UOI
(2021) TaxCorp(LJ) 26072 (HC-PATNA) · Sections 276C, 277, 278B
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S. 153D: The approving authority (JCIT) has to give approval for "each" assessment year after applying independent mind to the material on record to see whether the cases are un-abated or abated assessments and their effect. However, the JCIT has granted common approval for all AYs. Further, he did not have the seized material nor the appraisal report or other material at the time of granting approval. Therefore, the approval granted is merely technical approval just to complete the formality and without application of mind. The approval has been granted without application of mind and is invalid, bad in Law and is liable to be quashed
Sanjay Duggal vs. ACIT
(2021) TaxCorp(LJ) 26071 (ITAT-DELHI) · Section 153D
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S. 10(38) Bogus Capital Gains from Penny Stocks: The documents demonstrates that the assessee had purchased shares through Brokers for which the payment was made through banking channels. The assessee had sold shares through an authorized stock broker and payment was received through baking channels after deduction of STT. The AO has not doubted any of the documents. The only objection raised is that the script from which the assessee had earned Long Term Capital Gain has been held by the Investigation Wing of the Revenue to be a paper entity and that this scrip was being used for creating artificial capital gain. The objection is not acceptable (Udit Kalra (Delhi High Court) distinguished)
Achal Gupta vs. ITO
(2021) TaxCorp(LJ) 26070 (ITAT-LUCKNOW)
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Any addition in closing stock is tax neutral as the closing stock of the current year will become the opening stock of the following year.
M/s Rosy Blue (India) Pvt. Ltd. Vs The DCIT
(2021) TaxCorp(LJ) 26069 (ITAT-MUMBAI)
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Since the vessels were used in prospecting of mineral oil in India and thus are in the nature of business income u/s 44BB(2)(a), it cannot partake the character of royalty in view of specific exclusion under clause (iva) of Explanation 2, to section 9(1)(vi) of the Act.
SeaBird Exploration FZ LLC Vs CIT
(2021) TaxCorp(LJ) 26068 (HC-AAR) · Section 44BB
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Only because a registered sale deed has not been executed, advance received for the sale of land on the basis of MOU cannot be treated as short term capital gain.
SRI TOBBY SIMON
(2021) TaxCorp(LJ) 26061 (ITAT-BANGALORE) · 2(47)
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Since there is delay in filing appeal before the CIT(A) due to shifting of registered office and factory of assessee, therefore for such reasonable cause the aforesaid delay can be condoned.
IMAGE LABELS PVT LTD
(2021) TaxCorp(LJ) 26054 (ITAT-BANGALORE) · Sections 200(3) & 243E
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Genuine hardship being faced by assessee is required to be taken into account & in genuine cases discretion has to be exercised, if there is delay in filing returns.
NAVANIDHI VIVIDHODDESHA SAHAKARA SANGHA LTD
(2021) TaxCorp(LJ) 26053 (HC-KARNATKATA) · Sections 80P & 119(2)(b)
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In the cases of fake invoices both adjudication and prosecution can be started simultaneously.
TEJAS PRAVIN DUGAD
(2021) TaxCorp(LJ) 26046 (HC-BOMBAY) · Section 138(1)
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Even when the income tax department is in appeal before the High Court the assessee can ask for settlement under the Act and if he pays the determined tax amount, the income tax department would be under an obligation to withdraw the appeal.
Chempsec Chemicals P. Ltd. Vs CIT
(2021) TaxCorp(LJ) 26045 (HC-BOMBAY)
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Doctrine of merger applies only in respect of such items which were subject matter of appeal and not in respect of those which were not.
Karnataka Power Corporation Ltd. Vs The ACIT
(2021) TaxCorp(LJ) 26044 (ITAT-BANGALORE) · Section 154
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Income in the nature of interest income on the fixed deposit is required to be exempted u/s 11, as there is no other source of income of the assessee other than doing the charitable activities.
Jhansi Development Authority CommissioneryCompus, Jhansi. Vs DCIT
(2021) TaxCorp(LJ) 26043 (ITAT-AGRA) · Section 11
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As DHS Mumbai makes the payment after deducting TDS and the assessee only reimburses its share of expenses, tax was not required to be deducted again in respect of its reimbursement of share of expenses.
Deloitte Haskins & Sells Vs The ACIT
(2021) TaxCorp(LJ) 26036 (ITAT-DELHI) · Section 40(a)(ia)
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There is no treaty between India and Taiwan, and therefore, FTC should be availed in accordance with section 91.
ITTIAM Systems Pvt. Ltd Vs The ITO
(2021) TaxCorp(LJ) 26035 (ITAT-BANGALORE) · Section 91
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The cost incurred to secure the foreign currency liability against the exchange fluctuation is akin to insurance policies, taken in the course and for the purpose of the business and hence, deductible u/s 37(1).
Deep Industries Ltd. Vs DCIT
(2021) TaxCorp(LJ) 26034 (ITAT-AHMEDABAD) · Section 43A
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CBDT on earlier 3 occasions had granted extension of due-dates considering the evolving situation in the country, but now CBDT cannot delay the filing of audit reports and income tax reports for an indefinite period.
CVO Chartered & CostAccountants’ Association, Mumbai and anr. Vs Union of India and anr.
(2021) TaxCorp(LJ) 26027 (HC-BOMBAY) · Section 119
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Once section 80P(4) is out of harm’s way, all the assessees in the present case are entitled to the benefit of the deduction contained in section 80P(2)(a)(I).
THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. Vs COMMISSIONER OF INCOME TAX
(2021) TaxCorp(LJ) 26026 (SC) · Section 80P
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CBDT is directed to leniently consider the said representation after giving an opportunity of hearing to the petitioner.
The Dehradun Chartered Accountants Society Vs Union of India
(2021) TaxCorp(LJ) 26019 (HC-UTTARAKHAND)
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