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Credit of revalued assets to partner’s capital account shall be construed as transfer, covered within the ambit of otherwise under Section 45(4).
Mansukh Dyeing and Printing Mills Vs THE COMMISSIONER OF INCOME TAX 23
(2023) TaxCorp(LJ) 31518 (SC)
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Right of lessee as to first priority of purchase of leased property does not fall within the ambit of capital asset as defined under Section 2(14) and the compensation received upon settlement of litigation was not taxable as capital gains.
Ishvakoo Grand Plaza Vs DCIT
(2023) TaxCorp(LJ) 31517 (ITAT-DELHI)
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CIT(A) was right in gaining support from coordinate bench order passed in challenge to revisionary proceedings as several factors on merit of the case were taken into consideration.
Shakti Pumps (India) Ltd Vs ACIT
(2023) TaxCorp(LJ) 31516 (ITAT-INDORE) · Section 10AA
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The Assessee incurred average net loss of Rs.187.67 Cr during three immediately preceding FYs, thus, falls out of the ambit of Section 135.
Adani Power Rajasthan Limited Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31515 (HC-GUJARAT) · Section 37(1)
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If the income generated from the transactions arising out of the contract was offered to tax in subsequent years, it is revenue neutral and it cannot be brought to tax in the relevant AYs.
Sahara India Power Corporation Limited Vs ACIT
(2023) TaxCorp(LJ) 31508 (ITAT-DELHI)
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In a situation where deductee is not required to pay any tax on its income, there is no reason to hold the deductor in default under Section 201(1) and 201(1A) of the Act, as deductee is not required to pay any tax on its income, which is, in fact, a loss.
IJM Corporation Berhad Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31507 (SC) · Section 201(1A)
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The consideration paid to the Assessee was brought in by three incoming partners, thus, the amount received by the Assessee is exigible to tax as capital gains under Section 45.
R. F Nangrani HUF Vs THE PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31500 (SC)
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The Assessee was maintaining the books of accounts outside the regular books, which was not at all considered by the HC in the impugned order.
Kantilal Exports Vs ASSISTANT COMMR.OF I.T
(2023) TaxCorp(LJ) 31499 (SC) · Section 69C
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Primary agricultural credit societies cannot be termed as Co-operative Banks under the Banking Regulation Act, thus, the they are be entitled to exemption under Section 80(P)(2).
Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited Vs THE PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31498 (SC) · Section 80P
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The deceased Assessee is eligible for TDS credit, as the income from the Deed of Settlement of the Trust was declared and offered to tax by the Assessee as per Section 199(1) which was duly assessed under Section 143(1).
Late Russi Dinshaw Bahadurji Vs Income Tax Officer
(2023) TaxCorp(LJ) 31497 (ITAT-MUMBAI)
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Admittedly the second show cause notice provided only 13 hours to respond which is clear violation of the principles of natural justice.
Sundaresan Suresh Kumar Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31496 (HC-MADRAS)
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KSPL being a nodal agency, recognized by the Government of Andhra Pradesh for all legal and operational purposes, assessee’s agreement with it cannot be said to be violative of the condition prescribed in Section 80IA(4)(i)(b).
Bothra Shipping Services Pvt. Ltd Vs DCIT
(2023) TaxCorp(LJ) 31495 (ITAT-KOLKATA) · Section 80-IA
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The cash deposited in bank account cannot be treated as unexplained as the Revenue himself in the remand report and on verification accepted that the entire cash deposited was accounted for as sales in the books of the Assessee.
Rajeshkumar Chhanalal Patel Vs ITO
(2023) TaxCorp(LJ) 31494 (ITAT-AHMEDABAD) · Section 69A
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Reassessment proceedings initiated on Singaporean Shipping Co., based on survey conducted on its Indian subsidiary fails on the ground of jurisdiction as well as on merits.
Bengal Tiger Line Pte Ltd Vs DCIT
(2023) TaxCorp(LJ) 31487 (ITAT-CHENNAI)
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Merely on the basis of recording of the inventory in the books of accounts, the transaction in question would not become stock in trade.
Glowshine Builders & Developers Pvt. Ltd Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 31480 (SC)
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In the absence of any incriminating material found during the search, the notices under Section 153C were rightly set aside by Delhi HC.
U.K. Paints (Overseas) Ltd Vs DY. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31479 (SC) · Section 153
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Make available test fails and the services cannot be held to be chargeable to tax as FTS as per India-Singapore DTAA.
Macrotech Developers Limited Vs DCIT-7(3)
(2023) TaxCorp(LJ) 31478 (ITAT-MUMBAI) · Section 43CA
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Unless the accounts of various persons including technicians of the movie was settled, it is impossible to release the movie on the specified date for public audience, thus there was a business expediency in settling of accounts of various parties.
T. Rajendran Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31471 (ITAT-CHENNAI) · Section 40A(3)
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Since the Assessee received the property on account of approval of the scheme of amalgamation in the year under consideration, the income is required to be charged in the year under consideration.
Vertex Projects LLP Vs ACIT
(2023) TaxCorp(LJ) 31465 (ITAT-HYDERABAD) · Sections 47(vi), 56(2)(viia)
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In the light of New Noble Education Society's ruling, the HC judgment in unsustainable.
Baba Banda Singh Bahadur Education Trust Vs UNION OF INDIA & ORS.
(2023) TaxCorp(LJ) 31464 (SC)
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