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The levy of the penalty on impugned undisclosed advances under section 271AAB is not justified.
Mangi Lal Kandoi Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 30310 (ITAT-JAIPUR) · Section 271AAB
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Revenue is directed to verify the taxes paid with reference to the tax residency certificate and adopt the cost of acquisition of Rs.2.13 Cr.
Biplab Adhya Vs The ITO
(2022) TaxCorp(LJ) 30309 (ITAT-BANGALORE) · Section 49(2AA)
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Taxability of IDR dividend fails in terms of provisions of India-Mauritius DTAA and the provisions of DTAA being more beneficial to Assessee will override the provisions of domestic law.
Barclays Capital Mauritius Limited Vs Asstt. Commissioner of Income Tax (IT)
(2022) TaxCorp(LJ) 30308 (ITAT-MUMBAI)
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When the valuation of the property was referred to the DVO, Revenue ought to have waited for the DVO’s report to ascertain the fair market value of the property for the purposes of Section 56(2)(vii)(b).
Sudalaimani Palanivelrajan Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30301 (ITAT-CHENNAI) · Section 56(2)(vii)(b)
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Benefit of Article 4.1 is to be granted to the Assessee.
Herbert Smith Freehills LLP Vs ACIT
(2022) TaxCorp(LJ) 30300 (ITAT-DELHI)
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Payment made to Google Ireland under the Adwords Programme cannot be characterized as royalty under the India-Ireland DTAA.
Google India Private Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30299 (ITAT-BANGALORE)
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Income from providing online auction services to its wholly owned subsidiary in India from its Global Market Operations Centres located outside India, cannot be taxed as royalty under Article 12 of India-USA DTAA.
Ariba Inc Vs DDIT
(2022) TaxCorp(LJ) 30298 (ITAT-DELHI)
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Section 68 is applicable to amounts outstanding on credit purchases by rejecting Assessee’s ‘self-serving statements, based on sweeping generalizations, unverified statements, and without any supporting evidence’ as unacceptable.
Solid Machinery Co Pvt Ltd Vs Income Tax Officer
(2022) TaxCorp(LJ) 30291 (ITAT-MUMBAI) · Section 68
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Just because an assessee has raised a claim by way of an additional ground of appeal before the Tribunal, it does not necessarily mean that the delay is attributable to the assessee.
Grasim Industries Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30290 (ITAT-MUMBAI)
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Despite advancing general public utility, the Trust cannot benefit from exemption offered to entities covered by Section 2(15) where records reveal that income received from advertisements, constituted business or commercial receipts.
Ahmedabad Urban Development Authority Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30283 (SC)
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Having carefully gone through the Review Petition, the order under challenge and the papers annexed therewith, we are satisfied that there is no error apparent on the face of the record, warranting reconsideration of the order impugned.
Wipro Limited Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30282 (SC) · Section 10B
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Issue of treating reimbursement of expenses as FTS is a debatable issue on which no penalty can be imposed.
Shell Global Solutions International B.V. vs DCIT
(2022) TaxCorp(LJ) 30281 (ITAT-AHMEDABAD)
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The education institutions shall solely engage in education or educational activities, and not engage in any activity of profit, means that such institutions cannot have objects which are unrelated to education.
NEW NOBLE EDUCATIONAL SOCIETY Vs THE CHIEF COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30280 (SC)
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DRP can pass order of rectification under Rule 13 of DRP Rules within six months from the end of the month in which the order was passed.
Michael Page International Recruitment Pvt. Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30279 (ITAT-MUMBAI)
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As per Section 131(1) the jurisdictional AO was supposed to issue the summons, however in the present case the summons has been issued by Deputy Director of Income Tax Unit-2(3), who is not having jurisdiction.
Partha Pratim Ghosh Vs The Income Tax Department
(2022) TaxCorp(LJ) 30278 (HC-KARNATKATA)
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Section 148A(d) order and reiterated that it was not necessary for the Revenue to have some fresh tangible material to form a belief that income had escaped assessment where the Assessee’s return was only processed under Section 143(1).
Ernst And Young U. S. LLP Vs ASSISTANT COMMISSIONER OF INCOME TAX & ANR
(2022) TaxCorp(LJ) 30277 (SC)
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The delay in filing the return of income was not willful but occurred on account of financial hardships.
Manyata Projects (P) Ltd Vs The Income Tax Department By its Income Tax Officer
(2022) TaxCorp(LJ) 30270 (HC-KARNATKATA)
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We cannot apply a hybrid method of valuation and valuation of unquoted shares has to be valued as per Rule 11 on standalone basis.
BPL Limited Vs DEPUTY COMMISSIONER OF GIFT TAX
(2022) TaxCorp(LJ) 30269 (SC)
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Assessee did not claim TDS against the undeclared interest income which appears to be bonafide mistake as the Chartered Accountant of Assessee was not able to detect this fact during audit.
Bagaria Trade Impex Vs The ACIT
(2022) TaxCorp(LJ) 30262 (ITAT-JAIPUR)
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The Revenue could not have issued a Section 148A(b) notice where the proceedings under the old regime was issued and served on Mar 31, 2021.
Nagesh Trading Co. Vs INCOME TAX OFFICER
(2022) TaxCorp(LJ) 30261 (HC-DELHI)
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