Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category

Wholesale Trading Services (P) Ltd. v. ICAI (2022) 285 Taxman 216 (Delhi)(HC)

S. 21 : Professional misconduct-Scheme of Merger-Report was subject to judicial proceedings before High Court-Once the scheme of merger was sanctioned there would be no reason for Disciplinary Committee of ICAI to adjudicate the correctness of the report. [S. 22, Negotiable Instruments Act, 1881, S. 138, Criminal Procedure Code,1973, S. 482]

Ambethraj v. Gowthaman (2022) 285 Taxman 159 (Mad.)(HC)

S. 3(2)(a) : Prohibition of benami transactions-Son cannot claim share in property allegedly purchased by his deceased father benami in his mother’s name as section 3(2)(a) of Benami Act presumes that any property purchased in name of one’s wife is for her benefit.

Ambula Ammal v. Anbumani (2022) 285 Taxman 27 (Mad.)(HC)

S. 2(a) : Benami Transaction-Property purchased in the name of wife before decree in suit-Attachment of property is held to be not valid.

Sudhir Kumar Hasija v. ACIT (2022) 285 Taxman 482 (Mad.)(HC)

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Two PAN Numbers-Surrendered second PAN number-Filed return regularly in one PAN number-Launching of prosecution is not valid. [S. 139(1)]

CIT v. Assanar & Sons (2022) 285 Taxman 521 (Ker.)(HC)

S. 271E : Penalty-Repayment of loan or deposit-Documents which was before the Tribunal which was not brought on record-Matter remanded to the Tribunal for for fresh examination. [S. 269T, 273B]

PCIT v. Giesecks & Devrient (India) (P.) Ltd. (2022) 285 Taxman 408 / 210 CTR 197 / 325 CTR 117 (Delhi)(HC)

S. 271(1)(c) : Penalty-Concealment-Transfer pricing-Adjustment for software development services-Deletion of penalty is held to be justified. [S. 92C]

PCIT v. Denisha Rajendra Keshwani. (2022) 285 Taxman 107 (Guj.)(HC)

S. 268A : Appeal-Application-Reference-Instructions-CBDT Circular No. 23/2019, dated 6-9-2019 and Office Memorandum No. 279, dated 16-9-2019 both providing that cases involving organized tax evasion scam through bogus long-term capital gain/short-term capital loss on penny stocks are not subject to monetary limits prescribed for filing appeals, would apply prospectively to appeals filed on or after 16-9-2019. [S. 260A]

PCIT v. LG Electronics India (P) Ltd. (2022) 134 Taxman 329 (Delhi)(HC) Editorial : SLP of the assessee is dismissed; LG Electronics India (P) Ltd v. PCIT (2022) 285 Taaxman 88 (SC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Subsidy-Capital or revenue receipt-Order of Tribunal set aside and the Assessing Officer is directed to pass a fresh order based upon his independent analysis whether the anount received by way of subsidy is a capital or revenue nature. [S. 4]

Coursera Inc. v. ITO TDS (2022) 285 Taxman 6 / 210 DTR 101 / 325 CTR 237 (Delhi)(HC)

S. 197 : Deduction at source-Certificate for lower rate-Education service-American university-e-platform operator-Equalisation levy at rate of 2 per cent on receipts from its Indian customers-Directed to pass a denovo order-DTAA-India-USA [S. 9(1) 10(5) Art. 12(5)(c)]

Celestial Aviation Trading 64 Ltd v. ITO (IT) (2022) 285 Taxman 43/ 209 DTR 377/ 324 CTR 567 (Delhi) (HC)

S. 197 : Deduction at source-Certificate for lower rate-Shipping, inland waterways transport and air transport-Nil rate of with holding tax certificate-DTAA-India-Ireland. [S. 9(1)(i), Art. 8]