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The interest on enhanced compensation received through an arbitration award is to be treated as part of the said compensation and the same is taxable under the head of long term capital gain and not under income from other sources.
The Baranagar Jute Factory PLC Vs Principal CIT-1
(2023) TaxCorp(LJ) 31821 (ITAT-KOLKATA)
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If there was no commercial expediency, there was no reason for the Assessee to incur these amounts or participate in the rehabilitation scheme of MMC, thus expenditure is deductible under Section 28.
Mahindra and Mahindra Ltd Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 31820 (HC-BOMBAY) · Section 28
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Obligation to deduct tax at source under Section 195 arises only when such remittances is a sum chargeable to tax under section 4, 5 and 9 of the Act.
Trusted Aerospace Engineering Pvt. Ltd Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31819 (ITAT-CHENNAI)
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Once a particular asset, forms a part of particular block of assets in respect of depreciation was allowed, even when that particular asset is not used in the relevant assessment year, the depreciation on that particular block of asset on WDV of that particular block of asset in which this asset falls is still allowable.
Bilcare Limited Vs DCIT
(2023) TaxCorp(LJ) 31812 (ITAT-PUNE)
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Section 80 by a non obstante clause prohibits claim of carry forward of losses unless determined under Section 139(3) which, in turn, mandates, the loss return must be filed within time limit prescribed under Section 139(1).
RRPR Holding Private Limited Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31811 (ITAT-DELHI)
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ITAT - Pune ITAT Quashes Revisionary Order on Share-Premium Taxability, CIT failed to point out where the Revenue went wrong in allowing the claim.
Indospace Park Chakan 1 Phase 2A Private Limited Vs Pr.CIT (Central)
(2023) TaxCorp(LJ) 31810 (ITAT-PUNE)
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HC - Delhi HC Rescues Assessee from Appeal-Filing Error, Though ignorance of the law is no excuse but still not everyone knows the law, Directs Admission of VsV Declaration
Ardent Info Systems Pvt. Ltd Vs PR COMMISSIONER OF INCOME TAX -1 & ORS
(2023) TaxCorp(LJ) 31803 (HC-DELHI)
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Ruling does not give to a general principle that, a notice under Section 143(2) which is couched in general terms would lose veracity under the Act and would compromise the fate of an assessment that follows.
Angusamy Gounder Subbu Rathinamun Vs The Assistant Commissioner
(2023) TaxCorp(LJ) 31802 (HC-MADRAS) · Section 143(2)
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It would be a dichotomy, if the ROI filed by the assessee in the name of non existing entity is considered as valid return and assessment order passed by the LD AO on such nonexistent entity on the basis of such ROI is held to be invalid. Rules of the assessment cannot be different for the assessee and AO.
Star India Pvt. Ltd. (Successor of Star Sports India Pvt. Ltd.) Vs ACIT
(2023) TaxCorp(LJ) 31795 (ITAT-MUMBAI)
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Section 195 has no application once the nature of payment is determined as salary and deduction has been made under Section 192.
Ernst & Young U.S. LLP Vs The A.C.I.T.
(2023) TaxCorp(LJ) 31794 (ITAT-DELHI)
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The interest-meter continues to tick, which, sadly, is having no impact on the officers who are required to ensure that once determination is made, money by way of refund, inclusive of interest, should be remitted to the assessee at the earliest.
Peoplestrong Technologies Private Limited Vs ASSISTANT COMMISSIONER OF INCOME-TAX & ORS.
(2023) TaxCorp(LJ) 31793 (HC-DELHI)
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In the absence of finding that non-recovery of the tax due from the company can be attributed to any gross- negligence, misfeasance or breach of duty on the part of the directors, no order could have been made under Section 179(1) for recovering the same from the directors.
Prakash B. Kamat Vs Principal Commissioner of Income-tax
(2023) TaxCorp(LJ) 31785 (HC-BOMBAY) · Section 179
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When the supply of plant and equipment has been treated as sale transaction completed outside India, hence, not taxable in India, the sale and supply of drawings and designs being inextricably linked to sale and supply of plant and equipment has to be considered cumulatively and as a part of sale and supply of plant and equipment.
SMS Concast AG Vs DDIT
(2023) TaxCorp(LJ) 31780 (ITAT-DELHI)
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The onus to establish the existence of PE is entirely on the Revenue and Existence of a PE is to be determined year-to-year.
Nuovo Pignone International Vs DCIT
(2023) TaxCorp(LJ) 31779 (ITAT-DELHI)
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If show cause notice issued under Section 274 does not specify the limb of Section 271(1)(c) i.e., ‘concealment of income’ and ‘furnishing of inaccurate particulars’ for which the penalty proceedings were initiated is bad in law.
South Eastern Coalfields Ltd Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31772 (ITAT-RAIPUR) · Section 271(1)(c)
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Powers under Article 226 of the Indian Constitution cannot be fettered by any statutory limitation, however, a writ court does not ordinarily invoke its jurisdiction in case adequate and efficacious remedy is available in the statute subject.
HSBC Holdings PLC Vs Income Tax Department
(2023) TaxCorp(LJ) 31771 (HC-AP)
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Section 253(5) provides that ITAT may admit an appeal after the expiry of relevant period if it is satisfied that there was sufficient cause for not presenting it within that period and the term ‘sufficient cause’ has to be construed liberally.
Monitor Vincom Pvt. Ltd Vs ITO
(2023) TaxCorp(LJ) 31770 (ITAT-KOLKATA)
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Assessee failed to discharge the onus since the phenomenal and fanciful rise in share was not supported by the financial statements of the company and the onus could not be said to be discharged by filing mere documentary evidences of sale and purchase of shares.
Hemil Subhashbhai Shah Vs DCIT
(2023) TaxCorp(LJ) 31769 (ITAT-AHMEDABAD) · Section 68
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Violation of Section 13(1)(d) cannot lead to denial of complete exemption under Sections 11 and 12.
Gujarat Industrial Development Corporation Vs The ACIT
(2023) TaxCorp(LJ) 31768 (ITAT-AHMEDABAD)
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Once the expenditure has been accepted to be for the community development, and environment health & safety expenses, the same cannot be held to be not incurred wholly and exclusively for the purpose of business in the year under consideration.
GMR Warora Energy Ltd Vs Dy. Commissioner of Income Tax
(2023) TaxCorp(LJ) 31761 (ITAT-MUMBAI) · Section 37(1)
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