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Computation of profit under Section 44BB is unsustainable as, it is not consistent with the position taken on the issue in past AYs.
Vetco Gray Pte. Ltd. Vs DCIT
(2023) TaxCorp(LJ) 31170 (ITAT-DELHI)
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The buying and selling of the NCDs was made for commercial consideration and business exigency, to preserve the business reputation and the primary source of business, thus allowable as business loss.
Deutsche Asset Management India P. Ltd Vs Asst CIT CIR 2(1) (1)
(2023) TaxCorp(LJ) 31169 (ITAT-MUMBAI)
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While computing capital gains arising on transfer of a capital asset received by the Assessee under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset.
Sohrab Fali Mehta Vs Income Tax Officer
(2023) TaxCorp(LJ) 31162 (ITAT-MUMBAI)
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The profit margin foregone by the Assessee cannot be held to be an incurred expenditure in creating intangible or goodwill.
Flipkart India Private Limited Vs The Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31161 (ITAT-BANGALORE)
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In view of the transitional provisions stipulated in ICDS-III, retention money related to the construction contracts commenced before Mar 31, 2016 should be recognized in accordance with the method regularly followed by the Assessee.
Hindustan Construction Company Limited Vs DCIT
(2023) TaxCorp(LJ) 31160 (ITAT-MUMBAI)
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Payments made by Assessee to its parent company in Dubai under general and administrative service agreement is neither business income nor fee for technical services.
ITP Publishing India Pvt. Ltd Vs ACIT
(2023) TaxCorp(LJ) 31159 (ITAT-MUMBAI)
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There is no legal or valid reason to add the alleged loss arising from alleged Ready Forward transactions.
Standard Chartered Bank Vs DCIT
(2023) TaxCorp(LJ) 31158 (ITAT-MUMBAI)
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The deduction of TDS doesn’t give any credence or legalize the payments which are in contravention with the law laid down by the Hon’ble Apex Court.
Boston Scientific India Pvt. Ltd Vs DCIT
(2023) TaxCorp(LJ) 31157 (ITAT-DELHI)
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Appropriate application of the law and correct advise to the concerned officer can save a lot of litigation and burden on the court as well as agony to the citizens.
Lehman Brothers Investments Pte.Ltd Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31150 (HC-BOMBAY) · Section 148
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Once the Assessee discharged the initial burden under Section 179, it was Revenue’s responsibility to show as to how a gross neglect, misfeasance or breach of duty would be attributed to the Assessee, which the Revenue failed to establish in the present case.
Geeta P. Kamat Vs Principal Commissioner of Income-tax
(2023) TaxCorp(LJ) 31149 (HC-BOMBAY)
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In case of any unnecessary adjournment being sought by the Assessee, there is likelihood of vacation of the stay order.
Amazon Web Services, Inc Vs ACIT
(2023) TaxCorp(LJ) 31142 (HC-DELHI)
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The scope of the proceedings under Section 197 is different from assessment proceedings.
ZSCALER, INC Vs DEPUTY COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31141 (HC-DELHI)
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Conditions stipulated in Section 2(11) of the Black Money Act were not fulfilled to hold the alleged investment as undisclosed foreign asset located outside India, thus Revenue was unjustified to make the impugned addition.
Srinjoy Bose Vs A.D.I.T. (Inv.)-3(4)
(2023) TaxCorp(LJ) 31140 (ITAT-KOLKATA)
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Once it is established that ASB exists to provide education and not for profit, the exemption cannot be denied.
Laura Entwistle and others Vs The Union of India
(2023) TaxCorp(LJ) 31139 (HC-BOMBAY)
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A writ petition cannot be entertained where the Assessee has the option to avail the statutory remedy prescribed under the statute.
Tabasum Mir Vs Union of India & Ors
(2023) TaxCorp(LJ) 31132 (HC-J&K)
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The applicants had not made full and true disclosure of income while making application under Section 245(C), thus ITSC should have dismissed the application.
Union of India & Anr Vs Principal Commissioner of Income Tax (Central)
(2023) TaxCorp(LJ) 31131 (HC-ALLAHABAD)
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No addition can be made on the basis of the statement of a third party under Section 153C and based on a dumb document which does not contain name, year and particulars of Assessee.
Kanipakam Hariprasad Reddy Vs ACIT
(2023) TaxCorp(LJ) 31130 (ITAT-HYDERABAD) · Section 65B
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The adjustment of Rs.1.62 Cr made to the book profit under Section 115JB is arbitrary as the Assessee has adequately explained the same.
Bengal Peerless Housing Development Company Limited Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31129 (ITAT-KOLKATA)
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HC - Delhi High Court Rules in Favor of Assessee, Quashes Tax Demand Due to Non-Deposit of TDS by Kingfisher Airlines - Relief to taxpayers who have been subjected to tax demands due to the non-deposit of TDS by their employers.
Sanjay Sudan Vs THE ASSISTANT COMMISSIONER OF INCOME TAX & ANR
(2023) TaxCorp(LJ) 31128 (HC-DELHI)
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There is no proper application of mind both at the stage of sending the information by the Income Tax Department and by the Authorities under BM Act before issuing the notice under challenge.
Jitendra Virwani Vs JOINT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31121 (HC-KARNATKATA)
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