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Premium on redemption of debentures is taxable in the year of redemption and hence there was no exempt income whatsoever warranting invocation of the provisions of Section 14A.
Enzen Global Solutions Pvt. Ltd Vs ITO
(2022) TaxCorp(LJ) 30110 (ITAT-BANGALORE)
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The Revenue wrongly assumed jurisdiction under Section 144C.
Super Brands Ltd [UK] Vs The A.D.I.T
(2022) TaxCorp(LJ) 30107 (ITAT-DELHI) · Section 144c
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Software will be written in binary code and it is intangible and can be used only when loaded onto a compatible hardware, thus hardware becomes an integral part of the exported commodity.
Subex Limited Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30106 (HC-KARNATKATA)
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The imposition of the conditions on FD takes into account the eventuality of the alleged commission of an offence punishable under Section 276C(1)(i) read with Section 278B(1) of the Income Tax Act.
Xiongwei Li Vs DEPUTY DIRECTOR OF INCOME TAX (INV) UNIT
(2022) TaxCorp(LJ) 30105 (HC-DELHI)
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Exceptional losses incurred by the Assessee amounting to Rs.95.69 Cr on account of certain trades of referred clients cannot be allowed as deduction.
Aditya Birla Money Mart Limited Vs DCIT
(2022) TaxCorp(LJ) 30099 (ITAT-MUMBAI)
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The numerical strength of the Judges taking a particular view is not relevant, but the Bench strength is determinative of the binding nature of the Judgment.
Trimurthi Fragrances (P) Ltd Vs GOVERNMENT OF N.C.T. OF DELHI
(2022) TaxCorp(LJ) 30093 (SC)
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No liability under Section 194C can be fastened on Assessee providing transport aggregator platform Ola, acting as a mere intermediary, in respect of payments made to the Drivers, relies on Mumbai ITAT ruling in Uber India.
ANI Technologies Private Limited Vs The DCIT
(2022) TaxCorp(LJ) 30092 (ITAT-CHANDIGARH) · Section 194C
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Services which are ancillary and essentially linked to the purchase of equipment and cannot be provided on stand alone basis would fall outside the purview of fee of included services under India-US DTAA, thus, liability to deduct tax at source shall not arise.
Electronics Corporation of India Ltd. Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 30085 (ITAT-HYDERABAD)
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Order passed by Revenue under Section 154 against the assessment order passed under Section 143(3) is within the period of limitation of 4 years.
Cadila Healthcare Ltd Vs The DCIT
(2022) TaxCorp(LJ) 30084 (ITAT-AHMEDABAD)
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There is no question of any capital gain as all assets and liabilities were transferred at book value and the question of determination of capital gains does not arise.
Univercell Telecommunications India-Pvt. Ltd Vs The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30083 (ITAT-CHENNAI)
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Filing of Form No.67 is not mandatory but a directory requirement and Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form No. 67.
Vinodkumar Lakshmipathi Vs CIT(A) NFAC
(2022) TaxCorp(LJ) 30082 (ITAT-BANGALORE)
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The asset is in the nature of stock-in-trade and the income arising from the sale of asset is taxable as business income in the hands of the Assessee.
Bharat Promoters Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 30081 (ITAT-CHENNAI)
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Assessee is not liable to deduct tax at source under Section 195 since payment made to the foreign AE, Subex Tehcnologies Inc., USA, cannot be regarded as income deemed to accrue or arise in India as per the law applicable in the relevant AY 2008-09, thus deletes the disallowance under Section 40(a)(i).
Subex Technologies Limited Vs The Joint Commissioner of Income-tax
(2022) TaxCorp(LJ) 30080 (ITAT-BANGALORE) · Section 40(a)(i)
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CIT(A) is required to decide additional ground on merits even through the said ground was earlier rejected by PCIT under revisionary jurisdiction stipulated in Section 264.
Granada Investments & Finance Pvt Ltd (Formerly known as M/s Granada Energy Systems Pvt Ltd) Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30079 (ITAT-MUMBAI)
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Serum Institute is eligible for deduction under Section 10AA on sale of vaccine to UNICEF in India, despite not being exported out of India.
Serum Institute Of India Ltd Vs DCIT
(2022) TaxCorp(LJ) 30071 (ITAT-PUNE) · Section 10AA
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All notices proposing to initiate any proceedings against the company in relation to the period prior to the CIRP Commencement Date and pending on that date, shall be considered non-est in law.
Raj Rayon Industries Ltd Vs PCIT-3
(2022) TaxCorp(LJ) 30070 (ITAT-MUMBAI)
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The alienation of the property by an assessee shall not be void if made for adequate consideration and without priorly receiving any notice from the Revenue about the pendency of the assessment proceedings or notice of any tax liability.
Pradeep Alexander Vs The Tax Recovery Officer
(2022) TaxCorp(LJ) 30069 (HC-MADRAS)
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Revenue is liable to pay refund of Rs.21.48 Lacs to Assessee along with the applicable interest and allows Assessee’s petition.
M. Tech Holdings PTE Limited Vs THE ASSISTANT DIRECTOR OF INCOME TAX
(2022) TaxCorp(LJ) 30062 (HC-KARNATKATA)
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Statements recorded during the course of search cannot be used on a standalone basis to make additions in the post-search assessments.
Nilesh M. Agrawal Vs DCIT
(2022) TaxCorp(LJ) 30061 (ITAT-MUMBAI) · Section 132(4)
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Since the Assessee had understated the profit for the relevant AY, the net gain of Rs.4.05 Cr was to be charged and brought to tax under Section 115JB.
Nikhil Refineries Pvt. Limited Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30054 (ITAT-HYDERABAD)
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