Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Ishtiaq Ahmad Rather v. ITO (2024) 115 ITR 27 (SN) (Amritsar)(Trib)

S. 44AD : Presumptive basis-Cash credits-Unexplained money-Books of account not maintained-Cash deposits and withdrawals-Telescoping is applicable-Addition is deleted-Delay of 33 days in filing of an appeal is condoned. [S. 68]

Dy. CIT v. Sushil Tyagi (2024) 115 ITR 90 (SN)(Delhi)(Trib)

S. 44AD : Presumptive basis-Trading business-Order of CIT(A) estimate of profit based on earlier year is held to be justified.[S. 132, 153A]

Golden Moment P. Ltd. v. ACIT (2024) 115 ITR 87 (SN)/(2025) 210 ITD 484 (Delhi)(Trib)

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Summons issued through Inspector is unserved-No party existing at address provided-Confirmation filed-Amounts shown as outstanding in the balance sheet-Addition is deleted. [S.133(6)]

Cadila Pharmaceuticals Ltd. v. ACIT (2024)115 ITR 428/ 162 taxmann.com 229 (Ahd)(Trib)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Payment of legal professional fees-Additional evidence is filed before the ITAT-Matter remanded. [S.9(1)(vii)]

Dy. CIT v. Aspire Systems India P. Ltd (2024) 115 ITR 26 (SN) (Chennai)(Trib)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Installation and testing service-Fees for technical services-Not liable to tax in India-Not liable to deduct tax at source.[S.9(1)(vii)(b), 195]

Cadila Pharmaceuticals Ltd. v. ACIT (2024) 115 ITR 51 ((SN)/)/ 162 taxmann.com 229 (Ahd)(Trib)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Fes for technical services-Legal and consultancy services for registration of product in foreign country-Not fees for technical services-Not taxable in India-Not liable to deduct tax at source-DTAA-India-USA.[S.9(1)(vii),195 Art.12]

Cadila Pharmaceuticals Ltd. v. ACIT (2024) 115 ITR 51 ((SN)/ 162 taxmann.com 229 (Ahd)(Trib)

S. 37(1) : Business expenditure-Foreign exchange fluctuation losses-Hedging-Foreign exchange risks in respect of exports and imports-Loss is not speculative-Allowable as business loss.[S.28(i)]

Cadila Pharmaceuticals Ltd. v. ACIT (2024) 115 ITR 51 ((SN)/ 162 taxmann.com 229 (Ahd)(Trib)

S. 37(1): Business expenditure-Capital or revenue-Product registration expenditure-Revenue expenditure.

Aerotech Enterprise v. ITO (2024) 115 ITR 78 (SN)/ 168 taxmann.com 557 (Ahd)(Trib)

S. 37(1) : Business expenditure-Huge expenses of purchases, job-work payment, petrol and transport expenses Compared to preceding year-Failure to discharge the onus-Addition is affirmed.

HDFC Securities Ltd. v. CIT (Appeals) (2024)115 ITR 179/ 169 taxmann.com 365 (Mum)(Trib)

S.37(1): Business expenditure-Capital or revenue-Stock brokerage-Expenditure on broadband, lease rent, software customisation, facility management, repair and maintenance-Allowable as revenue expenditure. [S. 32, 40(a)(ia)]