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Merely because a particular receipt, which is in the capital field, had been offered to tax by the assessee voluntarily in the return of income while computing book profits u/s 115JB of the Act, it cannot be brought to tax merely on that ground.
Batliboi Limited Vs Dy.CIT
(2022) TaxCorp(LJ) 29619 (ITAT-MUMBAI)
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In the absence of declaration of applicant that receipt of offshore services were not offered to tax, a specific question is respect of offshore services cannot be raised.
Whessoe Engineering Limited Vs CIT (IT)
(2022) TaxCorp(LJ) 29618 (HC-AAR) · Sections 245R(2), 142(1)
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Revenue is directed to maintain status quo on adjustment of pending refunds against outstanding demand in the interim.
Tata Steel Limited Vs ACIT
(2022) TaxCorp(LJ) 29617 (ITAT-MUMBAI)
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Taking into consideration the above factual position in the present case, we grant the extension of stay of demand for a further period of 180 days from the date of this order or till the disposal of present appeal, whichever is earlier.
Sony Pictures Networks India Private Limited Vs Asstt. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29616 (ITAT-MUMBAI)
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If the assessee could not furnish the evidences during the assessment proceedings then it does not preclude the assessee to furnish those evidences to substantiate its claim during the course of penalty.
Giesecke & Dverient India Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29615 (ITAT-DELHI) · Section 271(1)(c)
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Where only money value of partner’s interest in the firm is paid and no specific asset is distributed to the outgoing partner, section 45(4) is not applicable.
M/s. Thirumala Rice Industries Vs Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29614 (ITAT-BANGALORE) · Section 45(4)
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The moment an officer ceases to hold his office he becomes functus officio.
GMR Energy Limited Vs DCIT
(2022) TaxCorp(LJ) 29613 (ITAT-BANGALORE)
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U/s 292C documents found in possession of person is presumed to belong to such person.
Raju P. Mehta Vs The DCIT
(2022) TaxCorp(LJ) 29612 (ITAT-CHENNAI)
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The reason recorded by non jurisdictional Assessing Officer cannot give jurisdiction to the present Assessing Officer.
G.K. Business Centre (P) Ltd. Vs ITO
(2022) TaxCorp(LJ) 29603 (ITAT-DELHI)
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The amount transferred by the domestic broker as reinsurance premium to the correspondent overseas broker is not the income of the overseas broker therefore, no tax is required to be deducted at source for such remittances.
International Reinsurance and Insurance Consultancy & Broking Services Pvt. Ltd Vs ITO(IT)-2(2)(2)
(2022) TaxCorp(LJ) 29595 (ITAT-MUMBAI)
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Expenditure incurred in ordinary course of business on upgradation, improvement, removal of glitches of existing or already developed software to improve its product is to be treated as revenue expenditure.
Claridge Hotels Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29594 (ITAT-DELHI)
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Payment made for discharge of punishment for violation of prohibited acts and/or restriction(s) imposed under the provisions of law, cannot be considered as compensatory in nature and sustains the addition.
Akshay Khetterpal Vs ACIT
(2022) TaxCorp(LJ) 29593 (ITAT-DELHI) · Section 37(1)
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The demand shall remain in abeyance till the disposal of the appeal scheduled for hearing on March 31, 2021.
India Power Corporation Limited & Anr Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29592 (SC)
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The assessee had given loans to other educational society having similar objects, whose President was the brother of the assessee trust, and thus would not amount to an investment or a deposit attracting Sec. 13(1)(d).
Society of Daughters of Mary Immaculate & Collaborators Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 29591 (HC-MADRAS)
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Addition made on the basis of investigation report without further corroboration on the basis of cogent material does not justify the revenue's conclusion that the transaction is bogus.
Uma Shanker Dhandhania Vs Income Tax Officer
(2022) TaxCorp(LJ) 29590 (ITAT-LUCKNOW)
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Assessment proceedings are vitiated owing to non-service of notice u/s 143(2) within the period of limitation by the AO having jurisdiction over the case of the assessee.
Reeta Singhal Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29589 (ITAT-DELHI) · Section 143(2)
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Exception provided in the circular would apply only in respect of quantum assessment proceeding and same cannot be made applicable for penalty proceedings.
Shankheshwar Real Estate Company Vs ACIT
(2022) TaxCorp(LJ) 29588 (ITAT-MUMBAI)
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While the matter is stood over to 28.07.2021, revenue is directed to pay, not only the cost imposed by the Registrar, vide order dated 17.10.2019, but also pay an additional cost of Rs.15,000/- to the petitioner.
Discovery Communications India Vs ADDL. COMMISSIONER OFINCOME TAX
(2022) TaxCorp(LJ) 29587 (ITAT-DELHI)
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If assessee has b/fd loss not set off against profits, eligible profits u/s 80IA would be determined after setting off the business loss/ unabsorbed depreciation in the year the deduction is claimed.
Petronet LNG Ltd Vs DCIT
(2022) TaxCorp(LJ) 29586 (ITAT-DELHI) · Section 80IA
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Once the Rule 8D has been made applicable, the disallowance is automatic and there is no option left with the Assessing Officer except to estimate the disallowance as per rules.
NESTLE R & D, Centre India Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29585 (ITAT-DELHI) · Section 14A
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