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It was nowhere disputed by the lower authorities that the transactions of trading in commodity derivatives was chargeable to commodities transaction tax and thus, all requirement of clause (e) to first proviso to Section 43(5) were met.
Ramesh Verma Vs The ACIT
(2022) TaxCorp(LJ) 29179 (ITAT-LUCKNOW)
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The Assessee’s understanding of legal position, even though bona fide is incorrect.
Desmond Savio Theodore Fernandes Vs Income Tax Officer
(2022) TaxCorp(LJ) 29178 (ITAT-MUMBAI) · Sections 270A, 246A(1)(q)
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The power of compounding of offences is a quasi-judicial power, as it definitely entails a judicial element/function and the discretion in compounding is not unfettered.
SKA Infrastructure Pvt. Ltd Vs UNION OF INDIA & ANR
(2022) TaxCorp(LJ) 29177 (HC-DELHI)
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Assessee was not entitled to exemption of profits from turnover of the new unit since approval for the same was granted subsequently.
Quick start Resource Management India Pvt. Ltd Vs The Dy. CIT
(2022) TaxCorp(LJ) 29176 (ITAT-AHMEDABAD)
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Prima facie case for reopening cannot be struck down by going into the sufficiency and correctness of the material relied on by the assessing authority.
Balwinder Singh Vs The ITO
(2022) TaxCorp(LJ) 29175 (ITAT-CHANDIGARH)
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It could not be said that contractors were agents of the Assessee for provision of labour and that Assessee paid to the contractors on principal-to-principal basis and no agency of any sort was involved in the transaction.
Shree Buildcon & Associates Vs JCIT
(2022) TaxCorp(LJ) 29174 (ITAT-PUNE)
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Deduction under Section 80-IC is not available in computation of book profits under Section 115JB.
Chheda Electricals and Electronics Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29173 (ITAT-PUNE) · Section 80-IC
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When an appeal of the Assessee is pending and the same is not disposed of for the reasons beyond his control, the recovery of demand pending appeal will be an act in terrorem.
Rajendra Kumar Chand Vs High Court Rajasthan
(2022) TaxCorp(LJ) 29172 (HC-RAJASTHAN)
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Even if the expenditure does not result in creation of any successful software product/application/tool etc., considering the business nature of the assessee, those expenses shall constitute revenue expenditure in the hands of the assessee.
Wipro Limited Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 29171 (ITAT-BANGALORE)
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If one more opportunity is granted to Assessee and the compounding of offence is permitted, no prejudice would cause to the Revenue.
Nasiruddin Vs PRINCIPAL DIRECTOR OF INCOME TAX
(2022) TaxCorp(LJ) 29156 (HC-KARNATKATA)
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The assessing officer acted in great haste and virtually reduced the procedure under the amended provision to a nullity.
R N Fashion Vs UNION OF INDIA AND ORS.
(2022) TaxCorp(LJ) 29155 (HC-CALCUTTA) · Section 148A(a)
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The Assessee shall fully co-operate in the proceedings without any demur and shall furnish the evidences/documents etc. as called for expeditiously.
Vavasi Telegence P. Ltd Vs ITO
(2022) TaxCorp(LJ) 29154 (ITAT-DELHI)
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Notices issued on or after Apr 1, 2021 under the erstwhile Section 148 were to be treated as notices under Section 148A(b) of the amended provisions.
Ajay Bhandari Vs Union Of India And 3 Others
(2022) TaxCorp(LJ) 29147 (HC-ALLAHABAD) · Section 148
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The legislature in its wisdom has thought about this discrimination and has vide the Finance (No. 2) Act, 2019 has extended the benefit of the proviso to Section 201(1) even to the non-residents.
Shree Balaji Concepts Vs Income-tax officer
(2022) TaxCorp(LJ) 29146 (ITAT-PANAJI) · Section 201(1)
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The legislature in its wisdom has thought about this discrimination and has vide the Finance (No. 2) Act, 2019 has extended the benefit of the proviso to Section 201(1) even to the non-residents.
Grasim Industries Limited Vs JCIT(OSD)-Central
(2022) TaxCorp(LJ) 29139 (ITAT-MUMBAI)
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Ceding commission, being reimbursement of expenses, cannot be considered to be paid for soliciting or procuring insurance business.
AXA France Vie Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29138 (ITAT-DELHI)
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The expressions used in any mode of communication, and particularly in the legal world, have to be interpreted contextually.
Stemade Biotech Private Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29137 (ITAT-MUMBAI)
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Allotment of bonus shares cannot be considered as received for an inadequate consideration and therefore, it is not taxable as income from other sources u/s 56(2)(vii)(c) of the Act.
Bhanu Chopra Vs Jt. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29130 (ITAT-DELHI) · Section 56(2)(vii)(c)
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Education cess is not an allowable expenditure while computing profits and gains from business or profession, which is applicable retrospectively.
Solar Turbines International Company Vs DCIT
(2022) TaxCorp(LJ) 29129 (ITAT-DEHRADUN)
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The Assessee is entitled to carry forwards the brought forward capital loss to the subsequent assessment years without any adjustment.
Bluebay Mauritius Investment Ltd Vs DCIT(IT)-1(2)(2)
(2022) TaxCorp(LJ) 29128 (ITAT-MUMBAI)
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