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Interest on delayed TDS remittance under Section 201(1A) is not an expenditure wholly and exclusively incurred for business purpose, ineligible for deduction under Section 37(1).
Premier Irrigation Adritec (P.) Ltd. Vs ACIT
(2023) TaxCorp(LJ) 30961 (ITAT-KOLKATA) · Section 37(1)
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The definition of Sikkimese and the reference to Sikkim Subjects Regulations, 1961 and Sikkim Subject Rules, 1961 though repealed, are relevant for the purpose of the Explanation to Section 10(26AAA) of the Income Tax Act only.
Association of Old Settlers of Sikkim and Ors Vs UNION OF INDIA MINISTRY OF FINANCE
(2023) TaxCorp(LJ) 30956 (SC)
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If the reply of the secretary of the DRP is to be believed, then the DRP passes the direction not based on the assessment records and transfer pricing records but on the names mentioned in form number 35A filed by the assessee.
Hindustan Unilever Ltd (As Legal Successor of Glaxo Smithkline Consumer Healthcare Ltd) Vs DCIT
(2023) TaxCorp(LJ) 30955 (ITAT-MUMBAI)
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The interest earned out of temporary investments made out of borrowed funds not immediately required for utilization in business is to be treated as business income as the commercial production started in Aug 2009.
Cairn Energy Hydrocarbon Ltd Vs DCIT
(2023) TaxCorp(LJ) 30948 (ITAT-DELHI) · Sections 80-IB(9), 40(a)(ia)
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Benefit of deduction under Section 32AC is available to only manufacturing sector and not the service sector, thus Infosys is ineligible for Section 32AC deduction.
Infosys Ltd Vs The Joint Commissioner of Income Tax
(2023) TaxCorp(LJ) 30936 (ITAT-BANGALORE) · Section 32AC
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Revenue is directed to examine the documents and relevant papers for rendering fresh findings within four months.
Servants of People Society Vs PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 30929 (SC)
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The grounds of the present appeal did not emanate from the FAO, rather emanated from the order dated 21.01.2022, which is ultimately traceable to the order of the Tribunal dated 2013.
IBM India Private Limited Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 30909 (ITAT-BANGALORE)
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Recorded cannot evolve or be allowed to grow with age and ingenuity. The reasons which are recorded cannot be supplemented by affidavits.
Blackstone Capital Partners (Singapore) VI FDI Three Pte. Ltd Vs THE ASSISTANT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 30898 (HC-DELHI)
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Merely mentioning the status as resident in the original return of income cannot be the ground for treating the Assessee as resident.
Ananya Ajay Mittal Vs DCIT
(2023) TaxCorp(LJ) 30893 (ITAT-MUMBAI)
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The provision of the Section 115JC cannot be applied retrospectively to the project which was approved prior to the introduction of Section 115JC.
Vikram Developers and Promoters Vs The DCIT
(2023) TaxCorp(LJ) 30892 (ITAT-PUNE) · Sections 80-IB(10), 115JC
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Donations received without a specific direction of forming part of corpus of trust would fall within ambit of income of a trust derived from property and includible in total income.
Akshay Educational & Social Welfare Charitable Trust Vs DCIT
(2023) TaxCorp(LJ) 30891 (ITAT-PATNA) · Section 12A
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Delayed payment in respect of employees’ contribution to PF and ESI is not allowable.
Sunila Sahu Vs ACIT
(2023) TaxCorp(LJ) 30890 (ITAT-CUTTACK) · Section 37
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When it is probable that total contract costs will exceed total contract revenue, the expected loss should be recognised as an expense.
L&T MHPS Generators Pvt. Ltd Vs DCIT
(2023) TaxCorp(LJ) 30889 (ITAT-MUMBAI)
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Since the material referred to in the ‘reasons to believe’ was not supplied to the Assessee, the entire proceedings for the reopening of the assessment and leading to the consequential assessment stand vitiated in law.
Micro Marbles Private Limited Vs Office of the Income Tax Officer Ward-1
(2023) TaxCorp(LJ) 30888 (HC-RAJASTHAN)
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ITAT - Delhi ITAT Rules: Use of 'Make Available' in Agreement Not Sufficient to Classify as Fees for Technical Services (FTS).
TSYS Card Tech Ltd Vs DCIT
(2023) TaxCorp(LJ) 30881 (ITAT-DELHI)
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ITAT - Non execution of a registered document of transfer of title may have civil consequences in regard to his title, qua rights between the seller and purchaser but for the purpose of benefits of Section 54/54F, the assessee shall be deemed to have ‘purchased’ the properties.
Sanjay Choudhary Vs ACIT
(2023) TaxCorp(LJ) 30873 (ITAT-DELHI) · Section 54F
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In respect of a similar matters, the online gaming services was held not in the nature of betting/gambling and the said views were not disturbed by the SC by dismissing the SLPs against said decisions.
Myteam11 Fantasy Sports Pvt Ltd vs UOI
(2023) TaxCorp(LJ) 30865 (HC-RAJASTHAN)
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The upkeep and maintenance expenses do not result in bringing into existence a new capital asset or substituting a capital asset but upkeeps and maintains a capital asset and over years enables the capital asset to generate business income.
Rehabilitatipon Plantations Limited Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 30864 (HC-KERALA)
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Once the lessors are held to be the owners and are entitled to depreciation, the Revenue thereafter cannot be permitted with respect to the same transaction, the Respondent being the lessee are the owners and are entitled to depreciation.
Narmada Chematur Petrochemicals Ltd. (Now Known As Gujarat Narmada Valley Fertilizers Company Ltd.) Vs THE COMMISSIIONER OF INCOME TAX-III
(2023) TaxCorp(LJ) 30863 (SC)
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Once the assessee satisfies the threshold conditions of section 10(23C)(iv) of the Act, the approval granted cannot be withdrawn, that too, with retrospective effect, alleging violation of certain compliance conditions.
Population Services International Vs CIT (E)
(2023) TaxCorp(LJ) 30856 (ITAT-DELHI) · Section 10(23C)
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