All landmark rulings

21,519 rulings

Desk: Both Direct Tax GST

Direct Tax ·ITAT Nagpur · 07 Feb 2022
No prudent businessman will give full money to the seller, if the property being purchased is in dispute.
NILESH MAHENDRA KOTHARI VERSUS D.C.I.T., CENTRAL CIRCLE-2 (2) , NAGPUR
(2022) TaxCorp(LJ) 28325 (ITAT-NAGPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=95435&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Ahmedabad · 07 Feb 2022
We do not find any infirmity with the finding of the CIT(A) and therefore, the ground of the Revenue appeal is failed and dismissed.
A.C.I.T., CENTRAL CIRCLE-2 (3) , AHMEDABAD. VERSUS SHRI PRAVIN VIRCHAND SHAH
(2022) TaxCorp(LJ) 28324 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95439&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Delhi · 07 Feb 2022
Losses, other than capital losses, which arise out of and are incidental to the business of assessee must be necessarily deducted in the ascertainment of profits of the business u/s. 28 of the Act.
ACIT, CIRCLE-11 (2) NEW DELHI VERSUS HUMBOLDT WEDAG INDIA PVT. LTD.
(2022) TaxCorp(LJ) 28323 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=95440&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Bangalore · 07 Feb 2022
We are unable to approve the computation of capital gain made by the AO in AY 2011-12 also. Accordingly, the computation of capital gain made by the assessee in AY 2011-12 is upheld.
M/S. GODHA REALTORS PVT. LTD. VERSUS ACIT CENTRAL CIRCLE-2 (2) BENGALURU
(2022) TaxCorp(LJ) 28322 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=95446&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Bangalore · 07 Feb 2022
Loss arising on restatement of outstanding liabilities is on revenue items and the same is allowable as deduction.
HERBALIFE INTERNATIONAL INDIA PVT. LTD. VERSUS THE DY. COMMISSIONER OF INCOME-TAX, CIRCLE-3 (1) (2) , BENGALURU.
(2022) TaxCorp(LJ) 28321 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=95447&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Bangalore · 05 Feb 2022
Revenue is not entitled to change the method of valuation of shares.
M/s. Fortigo Network Logistics Pvt. Ltd. Vs ACIT
(2022) TaxCorp(LJ) 28320 (ITAT-BANGALORE) · Section 56(2)(viib)
Direct Tax ·ITAT Mumbai · 05 Feb 2022
The expenditure on legal, professional, travelling and boarding expenses will be considered as allowable expenses and it is not open to the Revenue to dictate what expenditure the assessee should incur and under what circumstances.
M/s. Majestic Infracon Pvt. Ltd. Vs ACIT
(2022) TaxCorp(LJ) 28319 (ITAT-MUMBAI) · Section 37(1)
Direct Tax ·ITAT Mumbai · 05 Feb 2022
The fact that bills were raised in the subsequent year did not change the character of expenditure but only the timing to record the bills.
M/s Aricia Construction Vs ACIT
(2022) TaxCorp(LJ) 28318 (ITAT-MUMBAI)
Direct Tax ·ITAT Mumbai · 05 Feb 2022
Discount premium should be claimed evenly over the vesting period and in the instant case the entire discount had to be claimed as expenditure in the year of vesting.
Ambuja Cements Ltd. Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28317 (ITAT-MUMBAI)
Direct Tax ·ITAT Mumbai · 05 Feb 2022
The provisions of Section 50C can be applied in the year in which provisions of Section 45, 48 read with Section 2 (47) of the act are triggered and as the given sections are not triggered in AY 2005-06, but in AY 2004-05, the provisions of Section 50C for AY 2005-06 cannot be invoked.
Standard Chartered Bank Crescenzo Vs The Dy. Director of Incometax (International Taxation)
(2022) TaxCorp(LJ) 28316 (ITAT-MUMBAI) · Section 50C
Direct Tax ·ITAT Allahabad · 04 Feb 2022
CIT(E) will admit all evidences/explanations filed by the assessee in its defense, and then decide on the application of the assessee for registration u/s. 12AA on merits in accordance with law.
THE HIGH COURT BAR ASSOCIATION VERSUS THE COMMISSIONER OF INCOME TAX, EXEMPTIONS, LUCKNOW
(2022) TaxCorp(LJ) 28315 (ITAT-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95383&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Ahmedabad · 04 Feb 2022
A debit balance in an account can either be reflected in the profit and loss account as expense or as an asset in the balance sheet. It cannot be reflected in both the financial statements at the same time.
R.S. STEEL MANUFACTURERS VERSUS THE ACIT, KHEDA CIRCLE NADIAD
(2022) TaxCorp(LJ) 28314 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95385&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Delhi · 04 Feb 2022
The assessee has not furnished any certificate from the Auditor as there was any error or mistake in his audit report. Therefore, in the absence of such certificate by the Tax Auditor, we do not see any reason to interfere in the findings of the authorities.
BINDRA AUTOMOTIVE SYSTEM PVT. LTD., C/O-SSAR AND ASSOCIATES, CA VERSUS ITO, WARD-5 (1) , NEW DELHI.
(2022) TaxCorp(LJ) 28313 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=95389&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Surat · 04 Feb 2022
Since the investments in the FDRs were not made during the year under consideration, the question of taxing the same alleging it as unexplained cash credit does not arise and hence, based on this factual position we delete the addition.
ABDULAZIZ ABDUL RASHID SHAIKH VERSUS THE ITO, WARD-5 (1) , SURAT.
(2022) TaxCorp(LJ) 28312 (ITAT-SURAT) · https://taxcorp.in/FileOpenDT.aspx?ID=95391&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Chennai · 04 Feb 2022
Merely because claim of assessee was not accepted that by itself would not attract penalty u/s.271(1)(c) of the Income Tax Act, 1961.
THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, TRICHY. VERSUS M/S. DALMIA CEMENT (BHARAT) LTD., DALMIAPURAM
(2022) TaxCorp(LJ) 28311 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95393&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Chennai · 04 Feb 2022
When two views are possible in respect of an issue from different High Courts, then view which is in favour of the assessee needs to be followed.
MR. M.V.A. SEETHARAMA RAJU VERSUS DEPUTY COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-2, CHENNAI.
(2022) TaxCorp(LJ) 28310 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95397&Category=ITAT&CategoryType=Zip
Direct Tax ·Calcutta High Court · 03 Feb 2022
Tribunal rightly granted relief to the assessee and the order does not call for any interference.
PRINCIPAL COMMISSIONER OF INCOME TAX - 1, KOLKATA VERSUS M/S. BEEKAY STEEL INDUSTRIES LIMITED
(2022) TaxCorp(LJ) 28309 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=86454&Category=Judgment&CategoryType=Zip
Direct Tax ·ITAT Lucknow · 03 Feb 2022
We deem it appropriate to remit the matter back to ld. CIT(E) who should pass a fresh order in accordance with the provisions of law and after providing sufficient opportunity to the assessee of being heard.
INTERNATIONAL DEVRAHA DIVYA FOUNDATION TRUST VERSUS CIT (EXEMPTION) , LUCKNOW
(2022) TaxCorp(LJ) 28308 (ITAT-LUCKNOW) · https://taxcorp.in/FileOpenDT.aspx?ID=95351&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Chennai · 03 Feb 2022
The complete onus to reconcile the accounts including stock valuation was on the assessee and the assessee has failed to do so.
RAVILLA AEROSPACE INDUSTRIES PVT. LTD. VERSUS INCOME TAX OFFICER, CORPORATE WARD-3 COIMBATORE
(2022) TaxCorp(LJ) 28307 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95353&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Pune · 03 Feb 2022
Assessee is entitled to the depreciation under the provisions of section 32 of the Act inspite of the fact that the vehicle is registered in the name of the director of the appellant company.
SEHGAL AUTORIDERS PVT. LTD. VERSUS DCIT, CIRCLE-10 PUNE
(2022) TaxCorp(LJ) 28306 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=95355&Category=ITAT&CategoryType=Zip

Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.