Year: 2020

Archive for 2020


ACIT v. Oil India Ltd. (2019) 179 ITD 455 / 182 DTR 25 / 201 TTJ 545(Guwahati)(Trib.)

S. 80IB : Industrial undertakings–Eligible undertaking-Each oil well can be treated as a separate eligible undertaking–Not required to maintain separate account for each undertaking. [S. 80IC]

DCIT v. Regency Property Investments (P.) Ltd. (2019) 179 ITD 584 (Mum.)(Trib.)

S. 72 : Carry forward and set off of business losses–Discontinued business-Entitle to set off the loss against business income of the current year. [S. 28(i), 71, 72(1), 176(3A)]

Mayankkumar Natwarlal Soni v. ACIT (2019] 179 ITD 444 /(2020) 189 DTR 456/ 204 TTJ 761 (Ahd.) (Trib.)

S. 69A : Unexplained money–Survey–Jangad stock–Stock register is supported by confirmation letter–Addition is held to be not valid.

DCIT v. ATC Realtors (P.) Ltd. (2019) 178 ITD 293/ 184 DTR 1 (Guwahati) (Trib.)

S. 68 : Cash credits-Share application money–Premium-Confirmation filed-Mode of investment is explained–Addition is held to be not justified.

ITO v. Axisline Investment Consultants (P.) Ltd. (2019) 178 ITD 402 (Kol.)(Trib.)

S. 68 : Cash credit-Share application money–Share premium-Name, address, PAN of share applicants together with copies of their balance sheets and returns and, amount received by account payee cheques out of sufficient bank balances maintained-Addition is held to be not valid.

Lalithaa Jewellery Mart (P.) Ltd. v. ACIT (2019) 178 ITD 503 / 73 ITR 532/ 182 DTR 337 / 201 TTJ 1123 (Chennai)(Trib.)

S. 56 : Income from other sources–Shares at premium-Valuation of shares–FMV of shares was estimated after considering intangible assets like goodwill, know-how, patents, copyrights, trademarks, licences, franchises, etc-Re valuation of shares by the AO is held to be not justified. [S. 52(viib)]

Kapil Kumar Agarwal v. DCIT (2019) 178 ITD 255 / 72 ITR 353 (Delhi)(Trib.)

S. 54F : Capital gains-Investment in residential house-Purchase– Constructed in phased manner and payments was linked to stage of construction, it is a purchase and not construction of new asset-Exemption is allowable. [S. 45]

DCIT v. ATC Realtors (P.) Ltd. (2019) 178 ITD 293/ 184 DTR 1 (Guwahati)(Trib.)

S. 37(1) : Business expenditure-Parking fees–Ad hoc disallowance of 20% disallowance–Books of account not rejected– Disallowance is held to be not valid. [S. 143(3)]

ACIT v. CEC Soma CICI JV (2019) 72 ITR 570 (Bang.) (Trib.)

S. 37(1) : Business expenses-Provision-Provision for expense was based on scientific and reasonable basis and the liability to incur the same was certain, deduction is allowable.

ACIT v. HAL Offshore Ltd. (2019) 178 ITD 272 / 202 TTJ 308/( 2020) 185 DTR 392(Delhi)(Trib.)

S. 37(1) : Business expenditure-Festival expenditure–Books of account not rejected-Disallowance of 25% of festival expenses cannot be disallow when books of accounts were duly audited and no discrepancy was found. [S. 145]