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The assessment order as invalid and deemed to have never been issued as it failed to mention DIN in its body.
Brandix Mauritius Holdings Ltd Vs The Dy. C.I.T
(2022) TaxCorp(LJ) 30164 (ITAT-DELHI)
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Even if Assessee’s income remained Nil after the adjustments, such adjustments constitutes as requisite variation in the income returned by Assessee under Section 144C.
J. P. Morgan India Investment Company Mauritius Limited Vs ACIT-3(1)(1)
(2022) TaxCorp(LJ) 30157 (ITAT-MUMBAI)
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Receipt from domain name registration received by GoDaddy.com LLC is in the nature of royalty under Section 9(1)(vi) read with Section 115A.
Godaddy.com LLC Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30156 (ITAT-DELHI)
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The book value of the liability shown in the balance sheet has to be reduced for the purpose of valuation and determination of FMV of unquoted equity shares.
Mystical Infaratech Pvt. Ltd Vs Income Tax Officer
(2022) TaxCorp(LJ) 30155 (ITAT-MUMBAI) · Section 56(2)(viia)
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Danish Tax Council: The MD does not have any operative role in the subsidiary nor any premises in the subsidiary, thus it can be safely concluded that the MD would not be directly involved in the Assessee’s activities in Denmark.
NA Vs Foreign Court Denmark
(2022) TaxCorp(LJ) 30148 (HC-Forein)
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Wherever the date of despatch or issuance is determined to be on or after Apr 1, 2021, the reassessment notices shall be deemed to be show cause notices under Section 148A(b) of the new regime.
Suman Jeet Agarwal & Ors Vs INCOME TAX OFFICER
(2022) TaxCorp(LJ) 30147 (HC-DELHI) · Section 13
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In the absence of any definition of 'debenture' in the Act, reliance can be placed on the definition given in the Companies Act which provides that 'bond' is covered under the expression debenture.
Heidelberg Cement AG Vs ACIT
(2022) TaxCorp(LJ) 30146 (ITAT-DELHI)
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When the requisite materials and the intervening decision of the jurisdictional high court was available for deciding the issue urged by the Assessee, the Tribunal ought to have arrived at a conclusion rather than remanding the matter back.
Vedanta Limited Vs ASSISTANT COMMISSIONER OF INCOME TAX & ANR
(2022) TaxCorp(LJ) 30145 (HC-DELHI)
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Settlement of dispute under Vivad se Vishwas Act (VsV Act) does not amount to conceding to the dispute for AYs not subject matter of declaration under VsV Act.
Phadnis Clinic Pvt. Ltd Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30144 (ITAT-PUNE)
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Mere projections by the assessee and accepted by the auditors with qualifications cannot be considered as a proper valuation and especially when the auditors have qualified the report.
Quark Enterprises Private Limited Vs ITO
(2022) TaxCorp(LJ) 30136 (ITAT-HYDERABAD) · Section 56(2)(viib)
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The Assessee is not entitled for depreciation on plant & machinery as the assets had not been put to use in its business.
PVP Ventures Ltd. Vs The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30130 (ITAT-CHENNAI)
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Asssessee is directed to show the identity and creditworthiness of the subscribers of the share capital to examine the genuineness of the transaction.
Glowshine Builders & Developers Pvt. Ltd Vs ITO
(2022) TaxCorp(LJ) 30129 (ITAT-MUMBAI) · Section 68
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Rule 128(9) provides that the statement in Form No. 67 and shall be furnished on or before the due date specified for furnishing the return of income under Section 139(1).
Sonakshi Sinha Vs Commissioner of Income- tax (Appeals), National Faceless Appeal Centre (NFAC)
(2022) TaxCorp(LJ) 30128 (ITAT-MUMBAI)
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Revenue is directed to decide the matter on its own merits without being influenced by any observation made in the present order except the issue of limitation.
Salil Gulati Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30127 (HC-DELHI)
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The assessment of long term capital gains pertaining to receipts for compulsory acquisition of land under Tamil Nadu Highways Act, 2001, should have been done in exact proportion of the land belonging to each of the co-owner and remits the matter back to the file of Revenue for fresh adjudication.
E. Murugan Vs The Income Tax Officer
(2022) TaxCorp(LJ) 30126 (ITAT-CHENNAI)
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Any ambiguity in a taxing statute should enure to the benefit of the Assessee, however, any ambiguity in the exemption clause must be conferred in favour of Revenue.
Karnataka Grameena Bank Vs Assistants Commissioner of Income Tax
(2022) TaxCorp(LJ) 30125 (ITAT-BANGALORE) · Section 234E
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Assessee to be eligible to the benefits of indexation on entire cost of acquisition from the date of allotment of flats despite the fact that the payment was made in instalments subsequent to the date of allotment.
Nitin Parkash Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30124 (ITAT-MUMBAI)
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Payment made by Cadila Healthcare to a Mexico-based entity for clinical trials is in the nature of FTS, liable for tax deduction at source since the payments are not covered under the exception to Section 9(1)(vii)(b) and there is no ‘make available’ clause in India-Mexico DTAA.
Cadila Healthcare Ltd Vs DCIT
(2022) TaxCorp(LJ) 30117 (ITAT-AHMEDABAD)
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Revenue is bound to apply value of goods declared for central excise purpose, because central excise authorities are competent to determine value of product for the purpose of duty levy.
Kamivisa Products Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30116 (ITAT-CHENNAI)
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Since the impugned addition made towards the unaccounted sales and disallowance u/s.10B is not based on any incriminating material found during the course of search, the additions are liable to be deleted.
M G Anand Reddy Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 30111 (ITAT-BANGALORE) · Section 132A
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