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Since in the instant case services are rendered outside India in respect of which the employees received salary outside India, it cannot be said that the same accrue or arise in India and thus the provisions of Section 40(a)(iii) were not applicable since the salary is not taxable in India.
Ecorys Nederlands B. V. Vs ADIT (International Taxation)
(2020) TaxCorp(LJ) 24607 (ITAT-DELHI) · Section 40(a)(iii)
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ITAT - Foreign exchange gain on redemption of shares at par is a non taxable capital receipt.
Havells India Ltd. Vs ACIT
(2020) TaxCorp(LJ) 24606 (ITAT-DELHI)
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ITAT - Income received from shipping operations in India by a Singaporean Shipping co. exempt under Article 8 of India-Singapore DTAA.
M/s. Bengal Tiger Line Pte Ltd. Vs The DCIT
(2020) TaxCorp(LJ) 24599 (ITAT-CHENNAI)
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ITAT - TDS compliance by licensee has no bearing on taxability of unrealized rent in licensor's hands.
M/s Vishwaroop Infotech Pvt. Ltd. Vs ACIT
(2020) TaxCorp(LJ) 24598 (ITAT-MUMBAI)
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ITAT - No TDS is required on payments made to foreign attorneys based in such countries, that qualify for the benefit of Article on IPS.
Shri Hariharan Subramaniam Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24591 (ITAT-DELHI)
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Providing information regarding an ongoing investigation to its informer is not only inappropriate, but also injurious to the ongoing investigation., and only a broad outcome may be communicated, that too upon culmination of the investigation.
PRINCIPAL DIRECTOR, INCOME TAX Vs RAJIV YADUVANSHI
(2020) TaxCorp(LJ) 24584 (HC-DELHI)
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The stock option being a right to purchase the shares underlying the options is a capital asset in the hands of the assessee under Section 2(14) of the Act.
Chittharanjan A. Dasannacharya Vs The CIT, The ACIT
(2020) TaxCorp(LJ) 24583 (HC-KARNATKATA)
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Section 268A is a declaration of intent of the Union of India not to pursue its right of appeal under the Act under certain conditions, i.e., where the tax-effect of an appeal before an appellate authority does not exceed a specified monetary limit.
Assistant Commissioner of Income Tax Vs Shri Anurag Shrivastava
(2020) TaxCorp(LJ) 24582 (ITAT-JABALPUR)
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The income, being in the nature of hypothetical income did not accrue to the assessee and is not subject to tax in view of Accounting standard 9.
Karnataka Power Transmission Corporation Ltd Vs The CIT
(2020) TaxCorp(LJ) 24571 (HC-KARNATKATA)
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The expression general public utility as a benefit to a section of public distinguished from specified individuals, not necessarily beneficial to the whole of mankind.
ISKCON CHARITIES Vs The Director Of Income Tax
(2020) TaxCorp(LJ) 24570 (HC-KARNATKATA)
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Interest on employee loans & advances, interest of customer outstanding, and miscellaneous income are all eligible for deduction as they all are inextricably linked to profits and gains of eligible undertaking.
Gail (India) Ltd. Vs DCIT-LTU
(2020) TaxCorp(LJ) 24569 (ITAT-DELHI) · Section 80I/IA/HH
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The book profit computation escaped attention, since the tax was paid as per normal computation of total income, and only during scrutiny assessment it came to notice that book profit is more than normal profit.
M/s. Vanshee Builders & Developers Private Limited Vs Deputy Commissioner of Income-tax
(2020) TaxCorp(LJ) 24568 (ITAT-BANGALORE) · Section 271(1)(c)
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Where income is applied to discharge an obligation, after such income reaches assessee, it is not deductible from total income.
M/s. Karnataka State Co-operative Federation Limited Vs Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24567 (ITAT-BANGALORE)
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ITAT - Sec.50 is confined to the computation of capital gains only and cannot be extended beyond that. Capital gains from sale of building should be taxed at LTCG rate.
DCIT Vs Voltas Limited
(2020) TaxCorp(LJ) 24566 (ITAT-MUMBAI) · Section 112
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ITAT - When the income is taxed as remuneration from firm as business income, any expenditure incurred to earn that income is an allowable business expenditure.
Anand Prasad Vs ACIT
(2020) TaxCorp(LJ) 24565 (ITAT-DELHI)
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HC - Mesne profits and interest on it received in lieu of the rent revenue receipt taxable as revenue receipt.
Skyland Builders P. Ltd Vs ITO
(2020) TaxCorp(LJ) 24558 (HC-DELHI) · Section 25B
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ITAT - Where the best judgment reassessment order has been passed u/s 147 accepting the returned income, there is no infirmity in the order so passed in absence of notice u/s 143(2) of the Act as there is no legal necessity as so envisaged.
M/s Bhaval Synthetics (India) Ltd. Vs The DCIT
(2020) TaxCorp(LJ) 24557 (ITAT-JAIPUR) · Section 143(2)
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The assessee though acting as a distributor, is actually making purchases of the software from its AE and is liable to deduct taxes u/s 195.
M/s Kaseya Software India Private Limited Vs DCIT
(2020) TaxCorp(LJ) 24553 (ITAT-BANGALORE) · Section 195
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Held means to possess, own, hold or tenant of property, stock, land, etc. and owner is a distinct term and cannot be equated to a lessee, mortgagee with possession or any person in possession as part performance of the contract.
Jhonson Electric Company Limited Vs The Income Tax Officer
(2020) TaxCorp(LJ) 24548 (ITAT-SURAT)
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While the sale is concluded on the date of registration of transfer, the transfer u/s 2(47)(vi) and receipt u/s 56(2)(vii)(b)(ii) of the property is effected upon execution of instrument of sale, with each party having fulfilled his part of the contract to transfer.
Income Tax Officer Vs Rakhi Agrawal, Jabalpur
(2020) TaxCorp(LJ) 24547 (ITAT-JABALPUR) · Section 56(2)(vii) (b)(ii)
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