Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


DCIT v. GBTL Ltd. (2021) 189 ITD 704 / 212 TTJ 526 / 203 DTR 353 (Mum.)(Trib.)

S. 43B : Deductions on actual payment-Provision for leave salary-Not statutory liability-No disallowance can be made-Provision of section 43B(f) is not applicable. [S. 43B(f)]

Ashok Kumar v. DCIT (2021) 189 ITD 687 (Chd.)(Trib.)

S. 43B : Deductions on actual payment-Income from house property-GST-Matter remanded.

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

S. 43A : Rate of exchange-Foreign currency-Business of charter and hire of oil drilling rig and other allied services-Procedure- calculating receipts currency conversion is Explanation 2(c) to rule 115(1) without taking into account proviso to rule 115(1). [Rule. 115]

Electrosteel Castings Ltd. v. DCIT (2021) 189 ITD 183 (Kol.)(Trib.)

S. 43(1) : Actual cost-Subsidy-Depreciable assets-Subsidy cannot be reduced from actual cost. [S. 32]

Gali Subba Raju v. ACIT (2021) 189 ITD 681 (Vishakha)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Transfer of amount for payment to workers at site-All payments are below Rs.20,000 to each individual-No disallowance can be made.

DLF Universal Ltd. v Dy. CIT (2021) 88 ITR 33 (SN) (Delhi)(Trib.)

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Commission-Brokerage-Related party-Comparable with market rate-No disallowance can be made.

BYK Asia Pacific Pte. Ltd. v. ACIT(IT) (2021) 189 ITD 362 (Pune) (Trib.)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Training, printing and staff welfare expenses-Reimbursement of expenses without any profit element-Receipts not chargeable to tax-Not liable to deduct tax at source-Article 7 of OECD Model Convention-DTAA-India-Singapore. [S. 9(1)(i), 195]

Crown International v. ACIT (2021) 190 ITD 132 / 88 ITR 23 (SN) / 212 TTJ 219 / 202 DTR 81 (Delhi)(Trib.)

S. 37(1) : Business expenditure Land acquired by Metro-Commercial obligation-Parking space to shop owners-Cost of land allowable as deduction. [S. 28 (1)]

HSBC Electronic Data Processing India (P.) Ltd. v. ACIT (2021) 189 ITD 312 (Hyd.)(Trib.)

S. 37(1) : Business expenditure-Foreign exchange loss-Hedging-Mark to market on foreign exchange forwards-Allowable as business loss. [S. 28(i)]

DCIT v. GBTL Ltd. (2021) 189 ITD 704 / 212 TTJ 526 / 203 DTR 353 (Mum.)(Trib.)

S. 28(i) : Business loss-Forward contract-Hedging loss-Foreign exchange loss-Allowable as business loss. [S. 37(1)]