Category: Tax Laws

Archive for the ‘Tax Laws’ Category


Fomento Resorts and Hotels Ltd. v. ACIT (2023)452 ITR 248 (SC) Editorial: SLP of the assessee is dismissed, Fomento Resorts and Hotels Ltd. v. ACIT ( T.A. No. 64 of 2007 dt 30 -8 -2019 ( Bom)( HC )

Expenditure Tax Act, 1987

S. 2(6): Hotel – Dual occupancy room in Hotels — Expenditure-Tax chargeable where room charges “Per Individual” Less than Rs. 1,200 — Exemption not allowable .[ S. 2(8),2(10) , 3 , 4(a) , Art 136 ]

PCIT v. Aditya Saraf (HUF) (2023) 452 ITR 87/ 330 CTR 321/ 221 DTR 241 (Cal)(HC)

Direct Tax Vivad Se Vishwas Scheme, 2020

S.4: Filing of declaration and particulars to be furnished — Delay in filing appeal – Delay of 958 days was condoned – Delay was condoned – Directed to accept the declaration filed by the assessee. [ S 2(1)(a) ITACT , S. 250, 260A ]

Jitendra Virwani v. JCIT (2022) 220 DTR 433 /(2023) 330 CTR 34 (Karn)(HC)

Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015.
S. 10:Assessment – Notice issued based on information received from IT authorities – Order passed under IT Act based on same information was earlier set-aside by the Tribunal on the ground of non-application of mind – Notice issued under BMA was quashed. [ S. 132 153A , Art , 226 ]

Bhaskari Madhavan (Mrs.) v. ITO (2022) 196 ITD 85 (Chennai) (Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Property purchased in the name of married daughter-Exemption from capital gains tax is not available. [S. 45]

K. Raheja (P.) Ltd. v. DCIT (2022) 196 ITD 607 (Mum.)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Option deposit-Option agreement for sale of twenty (20) flats in its residential project with its group entity-Addition on sale of those flats to third parties to sales value declared were unjustified. [S. 28(i)]

JP Morgan Funds v. DCIT(IT) (2022) 196 ITD 114 / 219 TTJ 364 / 217 DTR 225 (Mum.)(Trib.)

S. 48 : Capital gains-Computation-Debentures of company-Bonus debentures-Reinvested-Reinvested out of dividend would be considered as cost of acquisition of debentures. [S. 2(22)]

Spandana Sphoorty Financial Ltd. v. DCIT (2022) 196 ITD 217 / 217 TTJ 837 / 214 DTR 121 (Hyd.)(Trib.)

S. 37(1) : Business expenditure-Fees-ROC-Capital or revenue-Debt restructuring-Increase in authorised capital and annual remuneration paid to monitoring institution under CDR-Allowable as revenue expenditure.

Jitendra Virwani v. JCIT (2022) 220 DTR 445 (Karn)(HC)

Black Money [Undisclosed Foreign Income and Assets] and Imposition of Tax Act, 2015
S.10: Assessment – AO must issue notice within thirty days from the end of the financial year in which he became aware of the foreign assets. If issued beyond 30 days, it must be with prior approval by the Pr. DIT or Pr. CIT [ S. 11(1) ]

Tabasum Mir v. UOI (2022) 218 DTR 1/328 CTR 737 / 142 taxmann.com 343 (J & K )(HC),Abdul Rashid Mir v. UOI (2022) 218 DTR 1 / 328 CTR 737 (J & K)( HC) Amir Mir v .UO (2022) 218 DTR 1 / 328 CTR 737 (J & K)( HC)

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

S.10: Assessment – Denial of liability – Foreign assets claimed to be acquired out of income not taxable in India – Income not taxable in India – Alternative remedy – Writ is not maintainable- Directed to pursue alternative remedy of appeal . [ S.14, 15, Art , 226 ]

Celerity Infrastructure (P.) Ltd. v. DCIT (2022) 289 Taxman 262 / 216 DTR 321/ 327 CTR 765 /( 2023) 456 ITR 175 (Delhi)(HC)

Direct Tax Vivad Se Vishwas Act, 2020
S. 4: Filing of declaration and particulars to be furnished – Depositing the challan under minor head ‘200’ instead of ‘400’ -Directed to give credit and issue revised Form No 3 [ Art , 226 ]