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It is not in dispute that the Assessee is a resident in India in the instant case and thus the taxability of capital gains is to be determined in accordance with the provisions of the Act.
Prabhukumar Aiyappa Kullatira Vs ITO
(2022) TaxCorp(LJ) 29561 (ITAT-BANGALORE)
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When an opportunity of presenting the case, through the video conferring in the faceless appeal proceedings, is now available to every taxpayer, on-demand, the same must also be held to be admissible in the proceedings, if so demanded by the assessee, in the old rules as well.
Bank of India Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29554 (ITAT-MUMBAI)
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Expenditure on account of purchase of shares issued as ESOP is revenue in nature, thus, allowable under Section 37(1).
Morgan Stanley Advantage Services Pvt. Ltd. Vs Commissioner of Income Tax (Appeals)
(2022) TaxCorp(LJ) 29548 (ITAT-MUMBAI)
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The sixth proviso to Section 32(1) was not applicable in a case where goodwill is recorded pursuant to a merger on the basis of purchase consideration paid, basis valuation report and no goodwill from the books of the transferor is recorded by the transferee.
I&B Seeds Private Limited Vs DCIT
(2022) TaxCorp(LJ) 29541 (ITAT-BANGALORE)
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Profits of offshore supply cannot be said to be attributable to the PE merely because the sale were directly billed to the Indian Customer.
Clough Projects International Pty. Ltd Vs DCIT(IT)-2(1)(1)
(2022) TaxCorp(LJ) 29540 (ITAT-MUMBAI) · Section 44BB
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Interest payment by PE to HO is a payment by a foreign company's Indian PE to the foreign company itself and cannot give rise to any income in the hands of HO.
Shinhan Bank Vs Deputy Director of Income Tax
(2022) TaxCorp(LJ) 29533 (ITAT-MUMBAI) · Section 90(1)
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Merely because the revisionary authority does not agree with the possible view taken by Revenue, the assessment cannot be the subject matter of revision. Therefore, PCIT erred in invoking revision proceedings.
Learning Curve Edutech Solutions Pvt. Ltd Vs PCIT
(2022) TaxCorp(LJ) 29532 (ITAT-MUMBAI)
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IBC provisions cannot be interpreted in a manner inconsistent with any other law in the time being in force and the approved resolution plan cannot impinge the Revenue’s rights to pass any fresh assessment order under Section 148 read with Sections 147 & 143(3).
Dishnet Wireless Limited Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29531 (HC-MADRAS)
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Finding under Section 195 is tentative and even if Revenue orders that no deduction of tax be made, the question of taxability of recipient still remains to be decided.
Flipkart Internet Private Limited Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29524 (HC-KARNATAKA)
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Issue of reopening was not decided by the CIT(A) and never raised by the assessee before the ITAT, and thus the same cannot be decided by the ITAT presently under any provisions.
Mahalingam Vs The ACIT
(2022) TaxCorp(LJ) 29523 (ITAT-BANGALORE)
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The issue raised in the petition is that on assessee’s appeal before the ITAT against the CIT(A)’s order, the CIT(A)’s order was set aside, and thus the very foundation of the prosecution against the assessee for alleged wilful default and penalty fails.
A.Latha Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29522 (HC-MADRAS)
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Whether corporate death of an entity on amalgamation invalidates a tax assessment order ordinarily cannot be determined on a bare application of Section 481 and will depend on facts of each case.
Dwarka Portfolio Pvt. Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29521 (ITAT-DELHI)
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It could not be said that the business was not set-up since the assessee had procured the land and partially constructed building during the year which was a vital step to commence the business activities for assessee.
RBL Hotels Private Limited Vs ACIT
(2022) TaxCorp(LJ) 29520 (ITAT-CHENNAI)
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Revenue’s appeal before ITAT needs to be restored and considered on its own merits in light of observations made in this order and after considering the documents/orders sought to be placed on record through the rectification application.
Omega Investments and Properties Ltd Vs The Commissioner of Income Tax-3
(2022) TaxCorp(LJ) 29519 (HC-BOMBAY)
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It is a case where the assessment was sought to be reopened on account of change of opinion, which is not permissible in terms of proviso to Section 147.
Virbac Animal Health India P. Ltd Vs Assistant Commissioner of Income-tax-3(3)(1)
(2022) TaxCorp(LJ) 29518 (HC-BOMBAY)
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All the primary facts in connection with the deduction claimed by the Assessee were called for in the original assessment on perusal of which, the deduction was granted.
BIOCON LTD Vs The Joint Commissioner of Income-tax
(2022) TaxCorp(LJ) 29517 (ITAT-BANGALORE) · Section 35(2AB)
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Consultancy charges paid for introduction of client located and engaged in the business in India was in the nature of FTS, making assessee liable to withholding tax.
Hemera India Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29516 (ITAT-DELHI)
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Trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word advance in section 2(22)(e) of the Act.
Today Hotels Pvt. Ltd. Vs Asstt. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29509 (ITAT-DELHI) · Section 2(22)(e)
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Penalty cannot be automatic and every addition in the assessment proceedings cannot be gate way for levy of penalty.
Nabors Drilling International Ltd. Vs DCIT
(2022) TaxCorp(LJ) 29508 (ITAT-MUMBAI)
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Sufficient cause under the Limitations Act should be construed liberally to advance substantial justice.
Inscribe Graphics Ltd. Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29507 (ITAT-CHENNAI)
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