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The addition of a trading liability which had ceased can only be made in the previous year in which some benefit in respect of such trading liability by way of remission or cessation thereof, is obtained by the Assessee.
Milroc Good Earth Property and Developers LLP Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29027 (ITAT-PANAJI)
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There is no reason to deprive the assessee of the normal entitlement which would flow out of the provisions of section 70 of the Act.
TVS Motor Company Ltd. Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29026 (ITAT-CHENNAI) · Section 80-IC
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The fee received by the Assessee under the Centralized Services Agreement cannot be treated as FIS either under Article 12(4)(a) or 12(4)(b) of the India-USA DTAA and in absence of PE in India, cannot be taxable as business income as well.
Starwood Hotels & Resorts Worldwide Inc. Vs ACIT
(2022) TaxCorp(LJ) 29019 (ITAT-DELHI)
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Aditional time of fifteen days should be counted from Mar 17, 2022.
Interglobe Aviation Limited Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29018 (HC-DELHI)
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There was nothing on record to suggest that DHR Holding was acting as an agent wholly and exclusively for the Assessee and not in its regular course of business to make it a PE under Article 5(9) of the Treaty.
AB Sciex Pte. Ltd. Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29011 (ITAT-DELHI)
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The amount reimbursed by the Assessee to the overseas entity cannot be subjected to tax in India as there does not involve any element of income embedded in it.
Goldman Sachs Services Pvt. Ltd Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29010 (ITAT-BANGALORE)
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Interest awarded by the MACT is not taxable under the Income-tax Act.
The Oriental Insurance Co. Ltd Vs CHIEF COMMISSIONER OF INCOME TAX (TDS)
(2022) TaxCorp(LJ) 29004 (HC-GUJARAT) · Section 145A(b)
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Exclusion of ‘other income’ in only one leg of the computing net income and effective rate of tax in Ghana is not the right approach. The comparison of the rate thus computed with the Indian rate of tax will not be correct in the interest of justice.
Invendis Technologies India Private Limited Vs The Asst. Commissioner of Income tax
(2022) TaxCorp(LJ) 29003 (ITAT-BANGALORE)
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Assessee should comply with the directions in SCN and intimate the AO accordingly within a period of 3 weeks.
Magick Woods Exports Private Limited Vs Additional/Joint/Deputy/Assistant Commissioner of Income Tax/Income Tax Officer, National e-Assessment Centre
(2022) TaxCorp(LJ) 28996 (HC-MADRAS)
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On perusal of agreement that payment on cost to cost basis did not involve any profit element, the reimbursement would not be liable to TDS.
TS-345-ITAT-2021DEL-Airports_Authority_of_India
(2022) TaxCorp(LJ) 28995 (ITAT-DELHI)
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Income Tax Officer is not only an adjudicator but also an investigator it is his duty to ascertain the truth of facts stated in return when the circumstances of the case are such as to provoke an inquiry.
Mehulbhai Durlabhjibhai Vithalani Vs The ACIT
(2022) TaxCorp(LJ) 28994 (ITAT-SURAT) · Section 263
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It is evident that the CIT(E) while granting registration was satisfied about charitable nature of Assessee’s activities.
Jawaharlal Nehru Technological University Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28993 (ITAT-HYDERABAD) · Section 12A
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The tax u/s 115-O is a tax on dividend.
ITD Cementation India Ltd Vs DCIT
(2022) TaxCorp(LJ) 28992 (ITAT-MUMBAI)
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Assessee would not be entitled to deduction of payment made in contravention of law or opposed to public policy or of unlawful nature.
Eyegear Optics India Pvt. Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28991 (ITAT-HYDERABAD) · Section 37
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Revenue is directed to recompute the long term capital gain by adopting the value determined by the DVO in terms of section 50C.
G.Sampath Vs The Income Tax Officer
(2022) TaxCorp(LJ) 28990 (ITAT-CHENNAI) · Section 50C
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Commercial expediency of a businessman's decision to incur a particular expenditure cannot be tested on the touchstone of strict legal liability to incur such expenditure.
Deloitee Haskins and Sells Vs D.C.I.T.
(2022) TaxCorp(LJ) 28989 (ITAT-AHMEDABAD)
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Speculative transactions are eligible to be set off against the loss of share transactions.
Cascade Holdings Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28988 (ITAT-MUMBAI)
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In the absence of reliable and irrefutable evidence failing to call forth and making necessary enquiries, the tax officials have failed to live up to the trust reposed in them by the citizen and the State.
Ashok Kumar Vs The ITO
(2022) TaxCorp(LJ) 28987 (ITAT-CHANDIGARH) · Section 69
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Compounding of offences cannot be taken as the matter of right, it is for the law and authorities to determine as to what kind of offences should be compounded, if at all, and under what conditions.
Maspar Industries Private Limited & Ors Vs CHIEF COMMISSIONER OF INCOME TAX TDS & ANR.
(2022) TaxCorp(LJ) 28980 (HC-DELHI)
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In the instant case it was axiomatic that the AO considered Section 56(2)(vii)(c) not to be attracted at all, rather than being unaware of the market price of the shares as alleged.
Azim Premji Trustee Company Pvt. Ltd Vs DEPUTY COMMISSIONER OF INCOME-TAX
(2022) TaxCorp(LJ) 28979 (HC-KARNATKATA)
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