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When assessee itself has classified its shares into investment portfolio, and had sold the shares in the relevant year itself after making substantial gain, then it cannot be held that assessee was not an investor but a share trader.
Divya Shakti Trading Services Ltd Vs DCIT
(2022) TaxCorp(LJ) 29250 (ITAT-DELHI)
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Under these circumstances, there seems to be no basis, except for surmises and conjectures, to suggest that the company is not wholly managed or controlled from the UAE.
Interworld Shipping Agency LLC Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29249 (ITAT-MUMBAI)
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TDS could not contemplated by the Assessee at the time of share purchase and interest u/s 201(1A) could not be charged as interest need be given same treatment as given to the principal sum.
WNS Capital Investment Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29248 (ITAT-MUMBAI)
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If the disallowance is to be restricted to the amount of exempt income, the sequitur is that there can never be any disallowance u/s 14A in the absence of positive exempt income for the year.
Kumar Properties and Real Estate Private Limited Vs DCIT
(2022) TaxCorp(LJ) 29247 (ITAT-PUNE) · Section 23(5)
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Revenue had tangible material to reopen the income tax assessment and the same was legally done as per the provisions of Section 147 of the Income Tax Act by issuing a notice under Section 148 of the Income Tax Act.
Thriveni Earthmovers Pvt. Ltd Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29246 (HC-MADRAS)
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Assessee has rightly deducted the tax @ 10% as per provisions contained under DTAA and Sec. 206AA cannot have overriding effect on DTAA, and therefore, no demand is payable by the assessee.
Air India Limited Vs ITO
(2022) TaxCorp(LJ) 29245 (ITAT-DELHI)
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Revenue failed to prove that the alleged surrender for Rs.225 lakh was given with regard to a specific transaction.
Virasha Infrastructure Vs ACIT
(2022) TaxCorp(LJ) 29244 (ITAT-INDORE)
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AO is directed to allow exemption to assessee u/s 11 and delete the addition made on account of unaccounted FDs and disallowance made u/s 40(a)(ia).
Nalgonda Diocese Social Service Society Vs Income-tax Officer
(2022) TaxCorp(LJ) 29243 (ITAT-HYDERABAD) · Section 11
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HC - If the revenue has not challenged the correctness of the law laid down by the High Court and has accepted it in the case of one assessee, then it is not open to the revenue to challenge its correctness in the case of other assessee without just cause.
Tata Teleservices Ltd Vs COMMISSIONER OF INCOME TAX (TDS) -2
(2022) TaxCorp(LJ) 29236 (HC-DELHI)
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ITAT - Prior period expenses are duly allowable in the hands of assessee as settled during the year and in any case, there are no changes in the tax rates and thus, no prejudice is caused to the revenue.
Soni Hospitals Pvt. Ltd. Vs ACIT
(2022) TaxCorp(LJ) 29235 (ITAT-JAIPUR)
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HC - Section cannot be interpreted to mean that for the Pr. CIT to exercise powers of revision u/s 264, not only that the time for filing the appeal should have expired but also that the assessee should have waived his right of appeal - Thus, once assessee chooses not to file appeal and time limit expires, waiver of right to file is not required for Pr. CIT to accept the application.
Aafreen Fatima Fazal Abbas Sayed Vs Asistant Commisioner of Income Tax
(2022) TaxCorp(LJ) 29234 (HC-BOMBAY) · Section 264
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ITAT - Penalty u/s 271AAA levied on ad-hoc addition based on average gross profit rate unsustainable.
Ace Steel Fab (P) Ltd Vs Dy.CIT
(2022) TaxCorp(LJ) 29233 (ITAT-DELHI) · Section 271AAA
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ITAT - New unit set up to expand business by manufacturing identical goods, enter new markets, and benefit from new tax regime, not to be termed as established by splitting or reconstructing of existing unit of the Assessee - Eligible for deduction u/s 80IC.
Pool Thevar Marimuthu Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29232 (ITAT-CHENNAI) · Section 80IC
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ITAT - Levy of penalty by no means could be construed as an addition within the meaning of clause 10(e) of the CBDT circular no.3 of 2018 - Revenue’s appeal not maintainable, as the tax effect was below the monetary limit prescribed by CBDT Circular No.17/2019.
Stripco Springs Pvt Ltd Vs ITO- 13(2)(4)
(2022) TaxCorp(LJ) 29231 (ITAT-MUMBAI)
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ITAT - Since rental income, both from property as well as equipment let out are separately identifiable in the lease agreements, rentals from letting out factory building is taxable under the head house property and not under IFOS.
Vectra Advanced Engineering Private Limited Vs The Dy. Commissioner of Income-tax
(2022) TaxCorp(LJ) 29230 (ITAT-BANGALORE)
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ITAT - Since the year-end provision created was unquantifiable, failure to deduct tax there on will not attract penalty u/s 271C.
Wipro GE Healthcare Pvt. Ltd Vs The Additional Commissioner of Income Tax, TDS
(2022) TaxCorp(LJ) 29229 (ITAT-BANGALORE) · Section 271C
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Assessee is entitled to stay of demand even though it exceeds the period beyond 365 days as assessee has no fault for the delay in disposal of the pending appeal.
Vodafone Idea Ltd Vs DCIT
(2022) TaxCorp(LJ) 29228 (ITAT-MUMBAI)
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Growing mango fruits and selling the same in South East Asian countries is an agricultural activity.
Prabhu Dhananjayan Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29227 (ITAT-CHENNAI) · Section 10
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Since the assessee has made payment for purchase of another agricultural land and took possession of land therefore he is entitled to take deduction under section 54B.
Suresh Dhulabhai Patel Vs The ITO
(2022) TaxCorp(LJ) 29226 (ITAT-SURAT) · Section 54B, 50C
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When an issue is debatable and if two views can be taken on the issue, then the AO cannot deny beneficial deductions allowed under income-tax provisions to deny deductions by taking one of the views.
Handy Waterbase India Pvt. Ltd Vs The DCIT
(2022) TaxCorp(LJ) 29225 (ITAT-CHENNAI) · Section 10B
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