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Mere change of opinion does not furnish a justification for formation of reason to believe that income chargeable to tax has escaped assessment.
ORACLE FINANCIAL SERVICES SOFTWARE LIMITED VERSUS DEPUTY COMMISSIONER OF INDIA TAX CIRCLE 13 (1) (1), ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 13 (1) (1), MUMBAI
(2022) TaxCorp(LJ) 28189 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86368&Category=Judgment&CategoryType=Zip
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Power u/s 263 of the Act can be exercised only when twin conditions of the order of assessing officer being erroneous and prejudicial to the interest of revenue are satisfied.
COMMISSIONER OF INCOME TAX, EXEMPTION, JAIPUR. VERSUS MANNA TRUST
(2022) TaxCorp(LJ) 28188 (HC-RAJASTHAN) · https://taxcorp.in/FileOpenDT.aspx?ID=86370&Category=Judgment&CategoryType=Zip
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To grant or not to grant approval under Section 151 of the said Act to re-open an assessment is coupled with a duty and the Commissioner was duty bound to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the Assessing Officer. Such power cannot be exercised casually, in a routine and perfunctory manner.
GODREJ AND BOYCE MANUFACTURING CO. LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 14 (1) (2) & ORS.
(2022) TaxCorp(LJ) 28187 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86371&Category=Judgment&CategoryType=Zip
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Assessee sufficiently discharged its onus under Section 68 by producing all the relevant documents and thus CIT(A)’s order is being upheld.
Adarsh Capital Finstock Ltd Vs DCIT
(2022) TaxCorp(LJ) 28186 (ITAT-AHMEDABAD) · Section 68
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No value accrues or passes to the farmer, for whom all that matters is the delivery of potatoes – in good, marketable condition, at the time of the sale season, i.e., the onset of winter.
A.K. Cold Storage Pvt. Ltd Vs Income Tax Officer-6(1)
(2022) TaxCorp(LJ) 28185 (ITAT-LUCKNOW)
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Assessee had disclosed the details of international transactions and details regarding royalty paid and lump sum fees for know-how paid to Skoda Auto and fees for technical services paid to Volkswagen in Form 3CEB.
Skoda Auto Volkswagen India Private Limited Vs Asistant Commisioner of Income Tax
(2022) TaxCorp(LJ) 28184 (HC-BOMBAY)
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The transaction is of transfer of technical know-how and profit on sale of technical know-how cannot be brought to tax as capital gain u/s 45.
ABB Ltd Vs THE COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28183 (HC-KARNATKATA)
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Assessing Officer is directed to allow the claim of accumulation u/s.11(2) of the Act. Accordingly, grounds raised by the assessee are allowed.
SETH DAMJI LAXMICHAND JAIN VERSUS ITO (EXEMPTION) -1 (1) MUMBAI
(2022) TaxCorp(LJ) 28182 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95044&Category=ITAT&CategoryType=Zip
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As per the provisions of the Act, notional gain or profit cannot be taxed unless it has crystalized.
BRAMHANI INDUSTRIES LIMITED VERSUS DCIT, CIRCLE-1 (3) , HYDERABAD. AND (VICE-VERSA)
(2022) TaxCorp(LJ) 28181 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95045&Category=ITAT&CategoryType=Zip
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Funds which were not used for objects of the Trust, can be brought to tax under section 13(3) of the Act.
ACIT, CIR. 6 (1) , AHMEDABAD. VERSUS ARMEE INFOTECH AND (VICE-VERSA)
(2022) TaxCorp(LJ) 28180 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95053&Category=ITAT&CategoryType=Zip
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As income generated out of earlier release of State Government for its project would have to be converted into State’s equity towards the project and the same cannot be counted as income of BMRCL.
THE COMMISSIONER OF INCOME TAX BANGALORE, THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11 (2) BANGALORE VERSUS M/S BANGALORE METRO RAIL CORPORATION LTD.
(2022) TaxCorp(LJ) 28179 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86362&Category=Judgment&CategoryType=Zip
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The guidance value of the land or the guidance value of the building would be appropriate mode to determine the full value of consideration in the case of a transfer where consideration for the transfer of a capital asset is not attributable or determinable.
THE PR. COMMISSIONER OF INCOME TAX, THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1 (1) VERSUS M/S. CPC LOGISTICS LTD., (FORMERLY KNOWN AS CPC (INDIA) LTD.) , M/S. SHANKAR VITTAL MOTOR CO. LTD.
(2022) TaxCorp(LJ) 28178 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86364&Category=Judgment&CategoryType=Zip
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The word 'may' in Section 144B(viii) should be read as 'must' or 'shall' and requirement of giving an assessee a reasonable opportunity of personal hearing is mandatory.
BHARAT ALUMINIUM COMPANY LTD. VERSUS UNION OF INDIA & ORS.
(2022) TaxCorp(LJ) 28177 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=86367&Category=Judgment&CategoryType=Zip
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Explanations A(a)(ii) and A(b) to the Notifications dated 31 Mar, 2021 and 27 Apr, 2021, respectively, are ultra vires and therefore are null and void.
Manoj Jain Vs Union of India & Ors.
(2022) TaxCorp(LJ) 28176 (HC-CALCUTTA)
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It is settled law that where exercise of a power results in civil consequences to citizens, unless the statute specifically rules out the application of natural justice, the rules of natural justice would apply.
Bharat Aluminium Company Ltd Vs UNION OF INDIA & ORS
(2022) TaxCorp(LJ) 28175 (HC-DELHI) · Section 144B(7)(viii)
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No expenditure has been incurred for development of land, thus a non-agricultural land cannot be regarded as a trading asset without anything more.
M/s. Shalibhadra Developers Vs The ACIT
(2022) TaxCorp(LJ) 28174 (ITAT-AHMEDABAD)
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Once the entities are governed by the co-operative principles under the law in force and registered under state enactments, by implication or otherwise, shall only have the meaning of a Co-operative Society.
KARNATAKA STATE SOUHARDA FEDERAL CO-OPERATIVE LTD Vs THE PR. CHIEF COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28173 (HC-KARNATKATA) · Sections 2(19), 80P
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The CIT(A) was not justified in confirming the Revenue's action. Therefore, AO is directed to delete the addition.
Amal Allana Vs Income Tax Officer
(2022) TaxCorp(LJ) 28172 (ITAT-DELHI) · Section 23
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Since the software product itself was not fully functional and there was no possibility of its sale, the expenses could not have been capitalized and treated as part of the fixed assets for claiming depreciation on the same.
iGNIS Technology Solutions Pvt. Ltd Vs The Income Tax Officer
(2022) TaxCorp(LJ) 28171 (ITAT-BANGALORE)
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CAM charges were in the nature of contractual payment made to a person for carrying out the work in lieu of a contract and thus, the same would clearly fall within the meaning of work as defined u/s 194C.
Connaught Plaza Restaurants P. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28170 (ITAT-DELHI) · Sections 194C, 194-I
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