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By merely transferring funds as unsecured loan or advances towards share capital will not trigger the deeming provision under section 56(2)(viib).
Impact RetailTech Fund Pvt. Ltd Vs ITO -6(2)(4)
(2022) TaxCorp(LJ) 29403 (ITAT-MUMBAI) · Section 56(2)(viib)
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The conclusion of the PCIT that it is necessary to maintain separate books of account is not sustainable.
Virtusa Consulting Services Pvt. Ltd Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 29402 (HC-MADRAS) · Section 263
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Government is directed to decide on the submissions preferred by the Petitioner w.r.t. amendments creating Faceless ITAT as early as possible and practicable.
Praveen Kumar Bansal Vs MINISTRY OF FINANCE & ORS
(2022) TaxCorp(LJ) 29401 (HC-DELHI)
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The preamble of VsV Act provides for resolution of disputed tax and for matters connected therewith. The emphasis is on disputed tax, not income.
Sadruddin Tejani Vs Income Tax Oficer
(2022) TaxCorp(LJ) 29400 (HC-BOMBAY) · Section 264
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Sec.119(2)(b) does not preclude CBDT from passing a special order in any given case from condoning the delay in filing Form No.10B beyond 365 days despite passing a general order.
Little Angels Education Society Vs Union of India and others
(2022) TaxCorp(LJ) 29399 (HC-BOMBAY)
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It cannot be categorically concluded out the demerger scheme does not constitute, directly or indirectly, distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company.
Grasim Industries Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29398 (ITAT-MUMBAI)
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The order passed by Tribunal is bereft of any reasoning and suffers from the vice of non-application of mind. The Tribunal which is a final fact finding authority has to assign reasons in support of its decision.
GMR Sports Pvt. Ltd Vs PR. COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29397 (HC-KARNATAKA)
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Since the provision was either not unworkable nor was inconsistent with other provisions of the Act, therefore applying principle of reading down merely on the basis of hardship or equity are not relevant in the interpretation of the law relating to taxation.
A. Kowsalya Bai Vs UNION OF INDIA
(2022) TaxCorp(LJ) 29396 (HC-KARNATAKA) · Sections 206AA, 139A
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CIT(A) can tax the income which the Revenue had expressly or impliedly held as non-taxable but the CIT(A) cannot tax an item of income whose taxability had not even been considered by the Revenue.
Angel Cement Pvt. Ltd Vs Income Tax Officer
(2022) TaxCorp(LJ) 29395 (ITAT-DELHI)
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Assessment order on non-existent company was without jurisdiction, liable to be set-aside and participation in the assessment proceedings by assessee would not operate as an estoppel against law.
Teleperformance Global Services Private Limited Vs Assistant Commissioner of Income-tax
(2022) TaxCorp(LJ) 29388 (HC-BOMBAY)
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Claim of assessee to characterize the gain arising on sale of land parcels in question to be chargeable under the head capital gain cannot be dislodged and replaced by business income.
Mohanlal Laljibhai Ghodasara Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29387 (ITAT-RAJKOT)
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Sec.2(22)(e) can only be invoked in case of a shareholder who is holding substantial interest.
Petal Motocon Pvt Ltd Vs I.T.O
(2022) TaxCorp(LJ) 29386 (ITAT-AHMEDABAD) · Section 2(22)(e)
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Assessee sold the property on behalf of a non-resident and transferred the money to the non-resident and according to Sec.163, assessee is an agent of the non-resident.
Manish Tyagi Vs ITO
(2022) TaxCorp(LJ) 29385 (ITAT-DELHI)
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When the necessary details and documents are furnished by the assessee to AO and a particular view is taken by AO, it's not open for the CIT u/s 263 to take a different view.
The Peerless General Finance & Investment Company Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29384 (ITAT-KOLKATA) · Section 263
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Income declared by assessee is eligible for assessment of income u/s68 or 69, not Sec. 271AAB which requires the case to fall within the expression undisclosed income.
Shiv Bhagwan Gupta Vs ACIT
(2022) TaxCorp(LJ) 29383 (ITAT-KOLKATA) · Section 271AAB
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CIT(A) cannot touch upon issues which do not arise from the order of assessment and outside the scope of order of assessment.
Trimurty Buildcon Pvt. Ltd Vs I.T.O.
(2022) TaxCorp(LJ) 29382 (ITAT-JAIPUR)
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Revenue, while giving effect to ITAT order cannot go into the question as to whether the expenditure is capital or revenue.
Altair Engineering India Pvt. Ltd Vs The DCIT
(2022) TaxCorp(LJ) 29381 (ITAT-BANGALORE) · Section 154
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In the present case provisions of Sec. 56(2)(viib) would not be applicable since assessee has not charged premium and shares were issued at face value.
Ozone India Ltd Vs DCIT
(2022) TaxCorp(LJ) 29380 (ITAT-AHMEDABAD) · Section 56(2)(viib)
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Non-obstante clause would not exclude the operation of Sec. 153 as a whole since it implies that irrespective of availability of larger time to conclude the proceedings, final orders are to be passed within one month in line with the scheme of the Act.
Roca Bathroom Products Private Limited Vs The Commissioner of Income Tax
(2022) TaxCorp(LJ) 29379 (HC-MADRAS) · Sections 144C, 153, 153(2A), 153(3)
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The contents of the FIR has to be accepted as true at this stage and the Court cannot inquire into the reliability or genuineness or otherwise of the allegations made therein, it cannot be said that no cognizable offence is made out from the contents thereof.
H.D.F.C. Bank Vs The State of Bihar through the Principal Secretary
(2022) TaxCorp(LJ) 29378 (HC-PATNA) · Section 132(3)
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