Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Jayant Agro Organics Ltd. v. Addl. CIT 214 TTJ 368 (Mum.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Cup method-Rate at which the distribution company sells the electricity to the customers has to be adopted the transactions relating to transfer of electricity to other units-Purchase made from AE are at arm’s length price and non AE transactions are considered under CUP method.

Dow Agrosciences India (P) Ltd. v. ACIT (2021) 214 TTJ 1064 / 126 taxmann.com 240/(2022) 214 DTR 291 (Mum.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Royalty-Net margin is higher than the margin of the comparables, addition was deleted-It is not obligatory for the assessee to demonstrate as to whether or not the international transaction has resulted into economic benefit. [S. 92BF(ii)]

Bank of India v. ACIT (2021) 209 TTJ 301 / 197 DTR 134 (Mum.)(Trib.)

S. 90 : Double taxation relief-Tax credit-Assessing Officer will examine the provisions of the respective tax treaty and compute thee admissible tax credit separately for each jurisdiction-Matter remanded. [S. 37(1), 90(3), 280Z, A297(2)(k), General Clauses Act, S 24]

Shri Shankarling Co-Operative Credit Souharda Sahakari Niyamit v. ITO (2021) 91 ITR 57. (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Interest and dividend income-Directed the Assessing Officer to consider de novo and to verify whether assessee had deducted tax at source on interest payment to non-members exceeding Rs. 10,000 per annum. [S. 80P(2)(a)(i), 80P(4)]

ITO v. Pavagada Souharda Multi Purpose Co-Operative Ltd. (2021) 91 ITR 16 (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Souhardasahakari Registered Under Karnataka Souharda Co-Operative Act, 1997-Eligible For Deduction [S. 2(19), 80P(2)(a)(i)]

ITO v. Pavagada Souharda Multi Purpose Co-Operative Ltd. (2021) 91 ITR 16 (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Souhardasahakari Registered Under Karnataka Souharda Co-Operative Act, 1997-Eligible For Deduction [S. 2(19), 80P(2)(a)(i)]

Shree Datta Prasad Sahakari Patsanstha Ltd. v. ITO (2021) 213 TTJ 617 / 205 DTR 337 / (2022) 193 ITD 285 (Mum.)(Trib.)

S. 80P : Co-operative societies-Return filed in the status of firm-Rectification application moved to change the status as an AOP and for allowing the claim u/s. 80P of the Act-Conditions of section 80A(5) is not satisfied-Denial of deduction is valid. [S. 80A(5), 80P(2)(a)(i), 143(1), 154]

Sheo Shakti Coke Industries v. ACIT (2021) 91 ITR 231 / (2022) 192 ITD 463 (Kol.)(Trib.)

S. 80IC : Special category States-Estimate of GP at 40 percent of total turnover as against GP disclosed at 57-01 percent-Taxed difference of 17.01 as income from other sources and denied the exemption-Order of CIT(A) is affirmed. [S. 56, 145 (3)]

Samrat Plywood Ltd. v. ACIT 210 TTJ 743 (Chd.)(Trib.)

S. 80IC : Special category States-Set off loss-Initial assessment year-Assessment year 2007-08 is held to be initial assessment year-loss could be set off against profit of the eligible unit in the assessment year 2008-09-Reassessment was quashed. [S. 80IA(5), 8OIC(7), 147, 148]

DCIT v. Pool Thevar Marimuthu (Prop: M/s. Arun Enterprises), (2021) 213 TTJ 804 (Chennai)(Trib.)

S. 80IC : Special category States-Splitting up or reconstruction of business-Diversified its business to new products and product line-Eligible for deduction. [S. 800IA(3)]