-
The MTM loss incurred on currency interest rate arrangements with the bank was non-speculative in nature and deductible from the profits of the business.
Sisecam Flat Glass India Ltd Vs D.C.I.T
(2021) TaxCorp(LJ) 26381 (ITAT-KOLKATA) · Section 195
-
An act which is otherwise valid in law cannot be treated as non est merely on the basis of some underlying motive supposedly resulting in some economic detriment or prejudice to the national interest.
Vikram Reddy Vs COMMISSIONER OF INCOME TAX, ASSISTANT COMMISSIONER OF INCOME TAX
(2021) TaxCorp(LJ) 26380 (HC-KARNATKATA)
-
The orders were passed manually without quoting DIN as mandated by CBDT Circular 19 of 2019, in the absence of which the orders giving effect to the appellate orders would be treated as invalid and non-est.
Salsette Catholic Cooperative Housing Society Limited Vs Assistant Commissioner of Income Tax & Ors.
(2021) TaxCorp(LJ) 26379 (HC-BOMBAY)
-
Order passed by AO by arriving at one of the two possible views cannot be subject to revisions merely because PCIT has a different view.
Tata Motors Ltd Vs Dy. Commissioner of Income Tax
(2021) TaxCorp(LJ) 26378 (ITAT-MUMBAI)
-
Where assessee has been awarded contracts as turnkey projects and has been entrusted with the full responsibility of execution and completion of work for which the assessee has to undertake huge risks the assessee is engaged in development of infrastructure facility.
Iqbal Ismail Virani Vs ITO (International Taxation)
(2021) TaxCorp(LJ) 26377 (ITAT-PANAJI)
-
Where assessee has been awarded contracts as turnkey projects and has been entrusted with the full responsibility of execution and completion of work for which the assessee has to undertake huge risks the assessee is engaged in development of infrastructure facility.
Simplex Infrastructures Ltd Vs ACIT
(2021) TaxCorp(LJ) 26376 (ITAT-KOLKATA) · Section 80IA
-
An appeal would be pending in the context of Sec. 2(1)(a) of the 2020 Act when it is first filed till its disposal, rules that Sec. 2(1)(a) does not stipulate that the appeal should be admitted before the specified date, it only adverts to its pendency.
Shyam Sunder Sethi Vs PR. COMMISSIONER OF INCOME TAX-10 & ORS.
(2021) TaxCorp(LJ) 26369 (HC-DELHI)
-
It cannot be said that, the impugned notice issued under Section 148 of the Act is without jurisdiction and contrary to Section 147 of the Act and/or bad in law.
Cemach Machineries Ltd Vs THE INCOME TAX OFFICER
(2021) TaxCorp(LJ) 26368 (HC-GUJARAT) · Section 151
-
It is not for the revenue to decide how the incentive has to be paid by the assessee and the revenue cannot sit in an armchair of the businessman and to decide as to the manner in which payment has to be made.
Karnataka State Co-Operative Apex Bank Ltd Vs DEPUTY COMMISSIONER OF INCOME TAX
(2021) TaxCorp(LJ) 26367 (HC-KARNATKATA) · Section 37
-
The company was benefitted as the building was let out to it at much lower than market rate and therefore was a commercial transaction, which was outside the purview of Sec.2(22)(e).
Jamuna Vernekar Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2021) TaxCorp(LJ) 26366 (HC-KARNATKATA) · Section 2(22)(e)
-
The expenditure claimed by the assessee on acquisition of the Bank is capital in nature.
NKGSB Co–operative Bank Ltd Vs Asstt. Commissioner of Income Tax
(2021) TaxCorp(LJ) 26365 (ITAT-MUMBAI)
-
S. 90, 91: An Indian taxpayer is not entitled to claim refunds from the Government of India of taxes paid by the said taxpayer outside India, i.e., to the foreign Governments, in respect of the income taxes paid abroad on income earned in the respective tax jurisdictions, if the said income is not taxed in India due to a loss. However, the taxes paid abroad are allowable as a deduction in the computation of the business income of the assessee (Entire law is discussed in detail)
Bank Of India vs. ACIT
(2021) TaxCorp(LJ) 26358 (ITAT-MUMBAI) · Sections 90, 91
-
Nothing has been pleaded before us or before the lower authorities to prove the prejudice caused to the assessee on account of non-specific notice.
Fairyland Hotel & Resorts Pvt. Ltd Vs ACIT
(2021) TaxCorp(LJ) 26351 (ITAT-AGRA) · Section 271(1)(c)
-
In order to bring to tax a receipt an assessee should have unflinching right of ownership and disposition, control and use, and in the impugned case, it seems that everything is belonging to the company.
Yatish Kumar Amarnath Bansal Vs ACIT
(2021) TaxCorp(LJ) 26350 (ITAT-AHMEDABAD)
-
Default in making payment within the time stipulated would lead to revocation of the benefit of restoration of appeal and reconsideration of application under VsV scheme.
Latha Shivanna Vs The Principal Commissioner of Income Tax
(2021) TaxCorp(LJ) 26349 (HC-KARNATKATA)
-
It may be possible that the buyer desired the transfer of title from the owner to avoid any litigation with the owner in future and therefore, IBFSL, after receiving Rs. 3 crores, released the mortgage in favour of the assessee, thus, facilitating the assessee to sell the land with clear title.
WGF Financial Services Pvt.Ltd Vs ACIT
(2021) TaxCorp(LJ) 26348 (ITAT-DELHI)
-
There is no conscious concealment on the part of assessee and holds, An inadvertent omission for error in the original return, particularly when it is corrected by a revised return, or a rectification petition, would not attract penalty under section 271(1) (c ).
R.S. Tradelink Pvt. Ltd Vs The Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 26347 (ITAT-SURAT)
-
Non-compliance by assessee was not intentional and that full compliance could not be made because of large number of parties to whom the payments were made, further enormous work was involved in compilation of the information and due to paucity of time the same could not be furnished.
CL EDUCATE LTD. Vs Additional Commissioner Income Tax
(2021) TaxCorp(LJ) 26346 (ITAT-DELHI)
-
The amendment in 1st proviso would apply to a case where the stay is sought and granted for the first time on or after 01.04.2020 and the 2nd proviso will apply to the case where extension is sought for the stay so granted under the amended provision of 1st proviso.
Maruti Suzuki (I) P. Ltd Vs DCIT
(2021) TaxCorp(LJ) 26339 (ITAT-DELHI) · Section 254(2A)
-
No substantial question of law arises for HC's consideration as the issue is already covered by the decision of the Andhra Pradesh High Court, followed in the present case.
Ambika Cotton Mills Ltd Vs Commissioner of Income Tax
(2021) TaxCorp(LJ) 26338 (HC-MADRAS)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.