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As much as the nexus is required to be between salaries and wages vis-à-vis the employment, the nexus is also required between other similar benefits vis-à-vis the employments.
Unnikrishnan V S Vs Income Tax Officer
(2021) TaxCorp(LJ) 26010 (ITAT-MUMBAI)
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Acquainting someone in a formal manner with techniques to boost sales does not stand at par with rendering marketing services. Simply equipping or enabling the others for doing an activity is a step anterior to rendition of such services.
M/s. Sandvik AB Vs DCIT (IT)
(2021) TaxCorp(LJ) 26009 (ITAT-PUNE)
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Extension of due date for filing ROI: (i) The CBDT has vide order dated 11.01.2021 decided not to grant further extension of time. The Court cannot go into the issues which weighed with the CBDT in taking the decision and substitute the same with its own view. Interference by the Court, at this point of time, in matters relating to the Revenue may have far reaching implications. It may upset the entire functioning of the Government and may lead to undesirable results. (ii) However, the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided u/s 271B of the Act. We leave it to the better discretion of the CBDT.
The All Gujarat Federation Of Tax Consultants vs. Union Of India
(2021) TaxCorp(LJ) 25000 (HC-GUJARAT)
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Merely non maintenance on books of account cannot lead to higher NP.
SANTOSH KUMAR AGRAHAI vs. INCOME TAX OFFICER
(2021) TaxCorp(LJ) 24999 (ITAT-ALLAHABAD)
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The petition for seeking an extension of Due date for Tax Audit Reports & Income Tax Returns has been rejected.
THE ALL GUJARAT FEDERATION OF TAX CONSULTANTS
(2021) TaxCorp(LJ) 24993 (HC-GUJARAT) · 271B
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The giving of loans by a primary agricultural credit society to non-members is not illegal.
THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS.
(2021) TaxCorp(LJ) 24992 (SC) · 80P
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Though the CBDT has extended the due dates for filing the ITR & TAR to 10.01.2021 & 15.02.2021 due to the Covid-19 pandemic situation, it should look into the question of further extension bearing in mind that the time period for the officials of the tax department has been extended upto 31.03.2021. Some extension deserves to be considered in accordance with law.
The All Gujarat Federation Of Tax Consultants vs. Union Of India
(2021) TaxCorp(LJ) 24991 (HC-GUJARAT)
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Powers of CBDT are beneficial in nature to be exercised for proper administration of fiscal law so that undue hardship may not be caused to the taxpayers the purpose is of just, proper and efficient management of the work of assessment and the public interest.
THE ALL GUJARAT FEDERATION OF TAX CONSULTANTS Vs UNION OF INDIA
(2021) TaxCorp(LJ) 24984 (HC-GUJARAT)
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The expenditure incurred for the purpose of CSR is not deemed to have incurred for the purpose of business and hence cannot be allowed u/s 37(1).
M/s. FNF India Private Ltd. Vs The Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 24983 (ITAT-BANGALORE) · Section 80G
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The rental income derived out of sub- leasing activity may get taxed under the head income from house property as per certain provisions of the Act and judicial precedents.
M/s. Prolific Consultancy Services (Mumbai) Pvt. Ltd. Vs Income Tax Officer
(2021) TaxCorp(LJ) 24982 (ITAT-MUMBAI)
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Receipt of software licence fees by assessee from its Indian subsidiary, constitutes reimbursement of software licence fees paid by assessee to a third party, and, therefore, it cannot constitute income taxable in the hands of the assesse.
SCA Hygiene Products AB Vs Deputy Commissioner of Income Tax International Taxation 4(2)(1)
(2021) TaxCorp(LJ) 24975 (ITAT-MUMBAI)
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The answer lies in the provisions of section 56 (2) (vii) second proviso which states that clause (vii) was not apply to any some of money or any property received from (g) any trust or institution registered u/s.12 AA.
Maninder Singh Vs ACIT
(2021) TaxCorp(LJ) 24974 (ITAT-DELHI) · Section 56(2)(vii)
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If a unit does not qualify for deduction u/s 35AD but fulfills the criteria for being a specified business u/s 35AD(8)(c), then the loss of any specified business can be set-off against the profits of unit eligible for deduction u/s 35AD.
Sarovar Hotels Pvt. Ltd. Vs DCIT
(2021) TaxCorp(LJ) 24973 (ITAT-MUMBAI) · Section 35AD
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Since assessee did not know the payee or liability, provisions of Sec. 40(a)(ia) do no apply.
DCIT Vs M/s Sonata Information Technology Ltd.
(2021) TaxCorp(LJ) 24972 (ITAT-MUMBAI)
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Loss on account of error trade conducted on behalf of the clients is to be viewed as an integral part of carrying on share broking business and accepted as business loss, not speculation loss.
CLSA India Private Limited Vs ACIT
(2021) TaxCorp(LJ) 24971 (ITAT-MUMBAI)
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It is well settled principles of law that consistency is the hallmark of judicial proceedings. Moreover, public policy requires consistency. Therefore, fair market value declared by the assessee for computing the capital gain cannot be disturbed.
Shri Vinod Kumar Guru Vs Income Tax Officer
(2021) TaxCorp(LJ) 24970 (ITAT-JABALPUR)
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Nothing was brought on record by the assessee to establish that the agricultural operations were carried on prior to his purchase and after purchase.
Commissioner of Income Tax Vs M/s GRK Reddy & Sons (HUF)
(2021) TaxCorp(LJ) 24969 (HC-MADRAS)
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Assets u/s 2(ea) of the Wealth-tax Act, 1957, does not cover offshore assets of an offshore trust. Therefore, assessee is not liable for wealth-tax.
Yashovardhan Birla Vs Dy. Commissioner of Wealth Tax
(2021) TaxCorp(LJ) 24958 (ITAT-MUMBAI)
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Assessee is not entitled for exemption u/s.54F of the Act for purchase of two residential houses at two different locations on two different dates. The position remains same even after amendment to section 54F by the Finance Act, 2014 w.e.f. 01.04.2015.
Mr. M.S.Amaresan Vs The Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 24957 (ITAT-CHENNAI) · Section 54F
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During pendency of assessment on remand, assuming that loss was incorrectly determined for AY 2014-15 is premature and uncalled for.
Shelf Drilling Ron Tappmeyer Limited Vs Deputy Commissioner of Income Tax International Taxation
(2021) TaxCorp(LJ) 24956 (ITAT-MUMBAI) · Section 240
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