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Interest on employee loans & advances, interest of customer outstanding, and miscellaneous income are all eligible for deduction as they all are inextricably linked to profits and gains of eligible undertaking.
Gail (India) Ltd. Vs DCIT-LTU
(2020) TaxCorp(LJ) 24569 (ITAT-DELHI) · Section 80I/IA/HH
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The book profit computation escaped attention, since the tax was paid as per normal computation of total income, and only during scrutiny assessment it came to notice that book profit is more than normal profit.
M/s. Vanshee Builders & Developers Private Limited Vs Deputy Commissioner of Income-tax
(2020) TaxCorp(LJ) 24568 (ITAT-BANGALORE) · Section 271(1)(c)
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Where income is applied to discharge an obligation, after such income reaches assessee, it is not deductible from total income.
M/s. Karnataka State Co-operative Federation Limited Vs Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24567 (ITAT-BANGALORE)
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ITAT - Sec.50 is confined to the computation of capital gains only and cannot be extended beyond that. Capital gains from sale of building should be taxed at LTCG rate.
DCIT Vs Voltas Limited
(2020) TaxCorp(LJ) 24566 (ITAT-MUMBAI) · Section 112
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ITAT - When the income is taxed as remuneration from firm as business income, any expenditure incurred to earn that income is an allowable business expenditure.
Anand Prasad Vs ACIT
(2020) TaxCorp(LJ) 24565 (ITAT-DELHI)
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HC - Mesne profits and interest on it received in lieu of the rent revenue receipt taxable as revenue receipt.
Skyland Builders P. Ltd Vs ITO
(2020) TaxCorp(LJ) 24558 (HC-DELHI) · Section 25B
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ITAT - Where the best judgment reassessment order has been passed u/s 147 accepting the returned income, there is no infirmity in the order so passed in absence of notice u/s 143(2) of the Act as there is no legal necessity as so envisaged.
M/s Bhaval Synthetics (India) Ltd. Vs The DCIT
(2020) TaxCorp(LJ) 24557 (ITAT-JAIPUR) · Section 143(2)
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The assessee though acting as a distributor, is actually making purchases of the software from its AE and is liable to deduct taxes u/s 195.
M/s Kaseya Software India Private Limited Vs DCIT
(2020) TaxCorp(LJ) 24553 (ITAT-BANGALORE) · Section 195
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Held means to possess, own, hold or tenant of property, stock, land, etc. and owner is a distinct term and cannot be equated to a lessee, mortgagee with possession or any person in possession as part performance of the contract.
Jhonson Electric Company Limited Vs The Income Tax Officer
(2020) TaxCorp(LJ) 24548 (ITAT-SURAT)
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While the sale is concluded on the date of registration of transfer, the transfer u/s 2(47)(vi) and receipt u/s 56(2)(vii)(b)(ii) of the property is effected upon execution of instrument of sale, with each party having fulfilled his part of the contract to transfer.
Income Tax Officer Vs Rakhi Agrawal, Jabalpur
(2020) TaxCorp(LJ) 24547 (ITAT-JABALPUR) · Section 56(2)(vii) (b)(ii)
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In the present case the source & destination (i.e. investment) are business income/assets, thus as a fortiori, such an income will be considered as Business income covered under Chapter IV-D of the Act forming part of book-profit for the purposes of allowing remuneration to partners.
Sagar Samrat Vs ACIT
(2020) TaxCorp(LJ) 24546 (ITAT-PUNE) · Sections 69, 69A
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The income of the foreign branch from the credit given to its card holders outside India cannot be taxed in the hands of the Indian branch since it has not arisen in India and also it cannot be attributed to the assets and activities of the Indian branch, as is required by Article 7 of the DTAA.
Standard Chartered Grindlays Vs Asstt. Director of Income Tax (International Taxation)
(2020) TaxCorp(LJ) 24539 (ITAT-DELHI) · Sections 37(1), 44C
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As per notice issued by the AO u/s. 274 r.w.s. 271 of the Act, the allegation of the AO is specific that the assessee has concealed the income and furnished inaccurate particulars of such income and there is no ambiguity on this aspect as to whether the allegation is for concealment of income or for furnishing inaccurate particulars of income.
Shri. Mallikarjun H. Meti Vs The Income Tax Officer
(2020) TaxCorp(LJ) 24538 (ITAT-BANGALORE)
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In the impugned order, there is no trace of patent, manifest and self-evident error which can be said to be an error apparent on the face of the record. What the applicant wants is a review of the order passed by the Tribunal, which is not permissible under the Act.
Dorf Ketal Chemical India Pvt. Ltd. Vs Dy. CIT, CC-8
(2020) TaxCorp(LJ) 24537 (ITAT-MUMBAI)
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HC - Interest received by bank in advance on discounting of bills against letter of credit is taxable on accrual basis and not on receipt, i.e. mercantile system of accounting.
M/s.The Karur Vysya Bank Ltd. Vs The Additional Commissioner of Income Tax
(2020) TaxCorp(LJ) 24528 (HC-MADRAS)
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The expression land or building in its coverage is quite distinct from the expression any right in land or building. The legislature, in its wisdom, has used the expression land or building or both in Section 50C(1) of the Act, and not the expression any right in land or building.
Noida Cyber Park Pvt. Ltd. Vs Income Tax Officer
(2020) TaxCorp(LJ) 24527 (ITAT-DELHI)
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After introduction of the electronic filing of the return of income as well as all other documents, there is no debate available that even if the audit report is filed before the assessment is made, same is acceptable and the deduction cannot be denied to the assessee.
Pradeep Kumar Batra Vs DCIT
(2020) TaxCorp(LJ) 24526 (ITAT-DELHI) · Section 80- IB(11A)
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The entire findings of the DRP are based on erroneous appreciation of wrong facts and on such erroneous appreciation of wrong facts, the DRP held that BTIN is the PE of the appellant in India without appreciating the true facts that the appellant has no place of disposal in India in the office of BTIN from where the appellant could have conducted its business in India.
Bombardier Transportation Sweden AB Vs The D.C.I.T
(2020) TaxCorp(LJ) 24525 (ITAT-DELHI)
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Despite the fact that the assessee has given the complete details of agreement vide which tangible and intangible assets of running business of KPIT Cummins were purchased as per valuation report, AO has disallowed the depreciation ignoring the settled principle of law.
DCIT Vs M/s. Infrasoft Technologies Ltd.
(2020) TaxCorp(LJ) 24524 (ITAT-DELHI)
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Non-mentioning of the charge against the assessee in the show cause notice cannot be considered as a mistake, omission or defect.
Shri Mahendra B. Chowhan Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24523 (ITAT-BANGALORE) · Section 292B
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