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SC - SC Dismisses SLP Against Bombay HC Judgment Favoring Kingfisher Capital on FCCB Shares' Cost.
Kingfisher Capital CLO Ltd Vs COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)
(2023) TaxCorp(LJ) 32106 (SC)
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ITAT - Mumbai ITAT allowed the set-off of brought-forward losses for Hiranandani Healthcare based on the group's unchanged shareholding pattern and deleted the addition related to share premium, as Section 79 did not apply to group changes and Section 68 did not cover the capacity to charge share premium.
Hiranandani Healthcare Private limited Vs CIT (A)
(2023) TaxCorp(LJ) 32105 (ITAT-MUMBAI) · Sections 79, 68
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ITAT - Mumbai ITAT Deletes Sec.69C Addition Based on Undisputed Source of Expenditure Amid Banking Fraud Allegations.
Executive Trading Co. Pvt. Ltd Vs Additional/Joint/Deputy/Assistant Commissioner of Income Tax/Income-tax Officer, National Faceless Assessment Centre
(2023) TaxCorp(LJ) 32104 (ITAT-MUMBAI) · Section 69C
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ITAT - Mumbai ITAT Decides JM Financial's Gains from JV Share-Sale as Capital in Nature; Method of calculating sale consideration does not determine the transaction's nature.; Dismisses Set-off as Colourable Device.
J.M. Financial Ltd Vs Deputy Commissioner of Income-tax
(2023) TaxCorp(LJ) 32098 (ITAT-MUMBAI)
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HC - Delhi HC Allows Deduction of Bad Debts to Bank even when no provision for bad debts was made under Section 36(1)(viia) as Sec.36(1)(vii) & 36(1)(viia) distinct & independent
Standard Chartered Grindlays Bank Ltd Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32097 (HC-DELHI) · Sections 36(1)(vii), 36(1)(viia)
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HC - Delhi HC Upholds Deletion of Sec.40(a)(i) Disallowance on Commission Paid to Overseas Agents as ommission paid to overseas agents is not taxable in India and therefore there was no requirement to deduct tax at source under Section 195.
Maharani Enterprises Vs PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32090 (HC-DELHI) · Section 40(a)(i)
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ITAT - Delhi ITAT Grants Partial Relief to Assessee, Stresses Presumption of Correctness in Seized Books.
Shiv Shakti Construction Vs ACIT
(2023) TaxCorp(LJ) 32089 (ITAT-DELHI)
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ITAT - Bangalore ITAT Upholds Revision u/s 263 Due to Lack of Inquiry on Sales Incentives and TDS.
Seiko Watch India Pvt. Ltd. Vs The Principal Commissioner of Income Tax
(2023) TaxCorp(LJ) 32088 (ITAT-BANGALORE)
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HC - Bombay HC Upholds Section 153 Limitation Despite Section 144C being a "Complete Code"; Section 153 prevails over and subsumes the time-limits prescribed under Section 144C; Relies on Madras HC's Roca Bathroom Ruling
Shelf Drilling Ron Tappmeyer Limited Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 32081 (HC-BOMBAY) · Sections 144C, 153
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ITAT - Mumbai ITAT Rules No Further Profit Attribution Required if Transactions are at ALP.
Fedex Express International B.V. Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 32080 (ITAT-MUMBAI)
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ITAT - Mumbai ITAT Rules on Allowability of Incremental Cost & Interest in Real Estate Development Project as the increase was corroborated with the agreements and the letter issued by the developer on escalation of cost.
Simplex Realty Limited Vs The DCIT
(2023) TaxCorp(LJ) 32078 (ITAT-MUMBAI)
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HC - Delhi HC Sets Aside Reassessment Proceedings Against Timex Group USA Inc. due to Procedural Lapse
Timex Group Usa Inc Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32071 (HC-DELHI)
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SC - Supreme Court Dismisses Revenue's Appeals Following Travelport Ruling on Profit Attribution and PE Issue.
Jet Lite (India) Limited Vs THE COMMISSIONER OF INCOME TAX (CENTRAL 1)
(2023) TaxCorp(LJ) 32070 (SC)
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ITAT - ITAT Rejects Fresh Section 80-IA Claim in Absence of Incriminating Material; Explains Application of Abhisar Buildwell Ruling.
HES Infra Pvt. Ltd Vs Dy. Commissioner of Income Tax
(2023) TaxCorp(LJ) 32063 (ITAT-HYDERABAD) · Section 80-IA
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ITAT - ITAT Rules Amazon's Cloud Computing Services Not Taxable as FIS, FTS, or Royalty.
Amazon Web Services, Inc Vs ACIT
(2023) TaxCorp(LJ) 32056 (ITAT-DELHI)
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SC - Ansaldo Energia Withdraws Appeal Against Madras HC Judgment on Offshore Supply Taxability.
Ansaldo Energia SPA Vs THE COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32049 (SC)
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HC - FinMin & CBDT to Expedite Decision on TN Govt.'s Request to Exempt PACS from Sec. 194N. The TDS provision applies to cash withdrawals from the Central Cooperative Bank for further distribution to beneficiaries by the PACS.
Erode Mavatta Valamana Thodakka Vs The Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 32048 (HC-MADRAS) · Section 194N
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HC - Bombay HC Quashes Order Denying ITR Delay Condonation, Directs Reconsideration by CBDT Member. Highlights the importance of following proper procedures and principles of natural justice in tax matters.
R. K. Madhani Prakash Engineers J V Vs Union of India
(2023) TaxCorp(LJ) 32047 (HC-BOMBAY)
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HC - Delhi HC Quashes Reassessment Notice Due to Errors in Sec. 50C Invocation and Cost Ascertainment.
Sh. Manujendra Shah Vs COMMISSIONER OF INCOME TAX-8
(2023) TaxCorp(LJ) 32040 (HC-DELHI) · Section 50C
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HC - Delhi HC Directs Re-Examination of Assessee's Foreign Remittance Submission and Sets Aside Reassessment Proceedings.
Dr. Ashok Kumar Sinha Vs THE ASSISTANT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32039 (HC-DELHI)
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