Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Ashok Kumar. v. ITO (2021) 189 ITD 634 (SMC) (Chd.)(Trib.)

S. 68 : Cash credits-Bank deposits-Cash was deposited without the authority-Account was misused by bank personnel-Matter remanded.

Bini Builders P. Ltd. v. Dy. CIT (2021) 88 ITR 15 (SN)/ 211 TTJ 869 (Mum.) (Trib.)

S. 68 : Cash credits-Share capital-Primary onus on assessee-No addition can be made on the basis of allegation, suspicion, conjectures or surmises.

DCIT v. Ozone India Ltd. (2021) 189 ITD 476 / 211 TTJ 477/ 203 DTR 161 /( 2022) 94 ITR 609 (Ahd.)(Trib.)

S. 56 : Income from other sources-Share premium-Amalgamation-Issue of shares in pursuance of scheme of amalgamation legally recognized in Court of Law does not fall within scope of section 56(2)(viib) of the Act. [S. 56(2)(viib)]

Talluri Vijay Rahul v. ITO (2021) 189 ITD 221 (Hyd.)(Trib.)

S. 56 : Income from other sources-Agricultural income-False documents-Justified in treating alleged agricultural income as income from other sources. [S. 2(IA)]

DCIT v. GBTL Ltd. (2021) 189 ITD 704 / 189 ITD 704 / 203 DTR 353 (Mum.)(Trib.)

S. 56 : Income from other sources-Amount received as grant from holding company for paying remuneration to directors beyond limits prescribed by Companies Act-Payment was claimed as deduction-Amount received was taxable as income from other sources. [S. 37(1)]

ITO v. Nabinagar Power Generating Co. Pvt. Ltd. (2021) 88 ITR 5 (SN) (Delhi)(Trib.)

S. 56 : Income from other sources-Interest income-Pre-operative expenses-Income required to be capitalised and to be set off against the pre-operative expenses. [S. 4]

ITO v. Nabinagar Power Generating Co. Pvt. Ltd. (2021)88 ITR 5 (SN) (Delhi)(Trib.)

S. 56 : Income from other sources-Interest income-Pre-operative expenses-Income required to be capitalised and to be set off against the pre-operative expenses. [S. 4]

Dy. CIT(IT) v. SBS Marine Ltd. (2021) 189 ITD 621 (Dehradun) (Trib.) Dy. CIT(IT) v. Swiber Offshore Marine Pte. Ltd. (2021) 189 ITD 616 (Dehradun)(Trib.)

S. 44BB : Mineral oils-Computation-Non-Residents-Vessels-Services in connection with prospecting, extraction or production of mineral oils-Cannot be assessed as fees for technical services. [S. 9(1)(vii), 44D]

DCIT v. Global Santafe Drilling Company (2021) 189 ITD 416/ (2022) 216 TTJ 519 (Mum.)(Trib.)

S. 44BB : Mineral oils-Non-resident-Business for prospecting / exploration, mineral oil, etc-Service tax is to be excluded.

Salzgitter Hydraulics (P.) Ltd. v. ITO (2021) 189 ITD 676 (Hyd.) (Trib.)

S. 43B : Deductions on actual payment-Employee’s contribution to ESI/PF has been deposited before due date of filing section 139(1)-No disallowance can be made-Finance Act, 2021 to this effect and CBDT has issued Memorandum of Explanation that same applies with effect from 1-4-2021 only. [S. 2(24)(x), 36(1)(va), 139(1)]