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Applicability of Section 50 is limited for working out the cost of acquisition under Sections 48 and 49 for the depreciable asset but the capital gain has to be treated as long term capital gain if the period of holding is more than 3 years.
Reliance Transport & Travels Pvt. Ltd Vs ACIT
(2022) TaxCorp(LJ) 29828 (ITAT-MUMBAI)
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The time-limit for filing appeal would start running only from the the date of receipt of the order and not the date of order and any other interpretation would result in incongruity and absurdity and ought to be avoided.
Anuttam Academic Institutions Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29827 (HC-MADRAS)
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Section 206AA cannot override the provisions of India-Netherland DTAA.
Air India Ltd Vs COMMISSIONER OF INCOME TAX INTERNATIONAL
(2022) TaxCorp(LJ) 29821 (HC-DELHI) · Section 206AA
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The additional depreciation is allowable under Section 32(1)(iia) for assets acquired during the prior period and installed during the relevant financial year.
Bosch Limited Vs The Commissioner of Income Tax
(2022) TaxCorp(LJ) 29820 (ITAT-BANGALORE) · Section 32AC
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Payments made by Deloitte to its group company in respect of global brand, global communications and global technology/knowledge management is not royalty under Article 12 of India-UK DTAA and thus, not liable for TDS under Section 195.
Deloitte Haskins & Sells LLP Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29819 (ITAT-MUMBAI)
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Property developer is not liable for deducting tax at source under Section 194A on payment of subvention charges or pre-EMI charges to housing finance company on behalf of buyer.
Ozone Urbana Infra Developers Pvt. Ltd Vs ACIT
(2022) TaxCorp(LJ) 29812 (ITAT-BANGALORE)
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Rs.121.15 Cr received by a Singapore-based company from its Indian AE for rendering certain business support services is not taxable under India-Singapore DTAA as the services did not make available any technical knowledge or skill to the AE.
NTT Asia Pacific Holdings Pte Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29811 (ITAT-MUMBAI)
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Order under Section 241A cannot be passed in a mechanical and routine manner and refunds cannot be withheld just because Section 143(2) notice has been issued and the Revenue wants verify the claim for deduction under Section 10AA.
Trueblue India LLP Vs DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29810 (HC-DELHI) · Section 241A
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It is not for CIT(E) to decide as to when and how should cancellation of the registration be made, at the point of time of granting the registration and specific provisions are in place for cancellation of registration.
Bai Navajbai Tata Zoroastrian Girls School Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 29809 (ITAT-MUMBAI)
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The question whether registration granted can be cancelled with retrospective effect was never an issue, as the Assessee in that case never challenged or contended that registration cannot be cancelled with retrospective effect.
Jeevan Jyoti Charitable Trust Vs Pr. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29808 (ITAT-ALLAHABAD) · Section 12A
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Mere usage of facility provided by Facebook does not render the payments as royalty, since copyright attached to the facility is not parted with.
Interactive Avenues Private Limited Vs DCIT
(2022) TaxCorp(LJ) 29807 (ITAT-MUMBAI)
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Recovery of demand against issues which have been decided in favour of Assessee is wholly unwarranted.
Expeditors International Of Washingtion, INC Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29800 (HC-DELHI)
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A Company cannot be allowed to set off losses arising from trading in shares conducted by the Directors under their unique client code by using the money lent by the Company.
Nekkanti Systems Private Limited Vs Income Tax Officer
(2022) TaxCorp(LJ) 29799 (ITAT-HYDERABAD)
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When at the first instance in the original assessment proceedings, no opinion is formed, the principle of change of opinion does not apply.
Sunil Jain Vs INCOME TAX DEPARTMENT THROUGH NATIONAL FACELESS ASSESSMENT CENTRE
(2022) TaxCorp(LJ) 29798 (HC-DELHI)
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Payment made by the Assessee for advertisement in connection with their business falls within the ambit of section 194C and not section 194J.
Cowtown Software Design Pvt. Ltd., (Formerly known as Nabhiraja Software Design Pvt.Ltd.,) Vs DCIT
(2022) TaxCorp(LJ) 29791 (ITAT-MUMBAI) · Sections 194C, 194J
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The approach of the AO as well as PCIT to determine jurisdiction after completion of assessment is contrary to Section 124(4).
UV Realtors Private Limited Vs PR. COMMISSIONER OF INCOME TAX-7, DELHI
(2022) TaxCorp(LJ) 29790 (HC-DELHI) · Section 124(4)
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Revenue cannot examine the taxability of income merely on the suspicion that the scheme of amalgamation approved by HC is floated with the sole object of avoidance of income tax.
Purbanchal Power Company Limited Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29789 (HC-CALCUTTA) · Section 68
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No disallowance can be made by invoking the provisions of Section 14A read with Rule 8D(2) where the Assessee had not earned any exempt income.
Maxivision Eye Hospital Pvt. Ltd Vs The DCIT
(2022) TaxCorp(LJ) 29788 (ITAT-CHENNAI) · Section 14A
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Explanation 2(c) of Section 147 squarely applies to wherein the income is subject to excess relief or excessive allowance during the original assessment.
The Dharmapuri District Central Co-operative Bank Ltd Vs JCIT
(2022) TaxCorp(LJ) 29787 (ITAT-CHENNAI)
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Satisfactory explanation under Section 68 would not save Assessee for excess premium taxability under Section 56(2)(viib).
Bigfoot Retail Solution Pvt. Ltd Vs ACIT
(2022) TaxCorp(LJ) 29786 (ITAT-DELHI) · Section 56(2)(viib)
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