Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


K.P. Johny v.ACIT (2023) 157 taxmann.com 31 /37 NYPTTJ 1636 (2024) 227 TTJ 305 / 235 DTR 85 (Cochin)(Trib)

S. 69 :Unexplained investments-Cash deposits-Investment in company is not explained-Investment is property-Not substantiated-Addition is affirmed-Sale of shares-Less than fair market value-Income from other sources-Difference in market value is taxed-Deduction is allowed to the extent addition confirmed of unexplained bank deposits. [S. 45, 56(2)(vii)(c)]

ITO v. Rajshree Integrated Cold Chain (P) Ltd. (2024) 227 TTJ 513 / 38 NYPTTJ 20 (Kol)(Trib)

S. 68 : Cash credits-Share application-Substantial creditworthiness-Mere non-appearance of directors addition is not justified.

Anirudh Venkata Ragi v.ITO [2023] 156 taxmann.com 608 /(2024) 227 TTJ 333 / 233 DTR 201 (Hyd)(Trib)

S. 68 : Cash credits-Capital gains-Penny stock-Information from Investigation Wing-Purchase of shares of LLDP Ltd at Rs. 6 per share-Sold at Rs 283 per share after 19 months-Non genuine-Exemption denied-Assessed as income from undisclosed source. [S. 10(38) 45, 69]

Idana Pet Industries (P) Ltd. v. ITO (2023) 37 NYPTTJ 1672 / (2024) 227 TTJ 887 / 234 DTR 73 (Jodhpur)(Trib)

S. 56 : Income from other sources-Shares at premium-DCF method-Assessing Officer cannot choose the method of his choice-Addition is deleted. [S.56(2)(viib), R.11UA]

ACIT v. Iqbal Ali Khan (2024) 227 TTJ 730 / 239 DTR 233 / 38 NYPTTJ 50/ 158 taxmann.com 377 (Hyd) (Trib)

S. 54F : Capital gains-Investment in a residential house-Investment in non-residential property-Mosque, Orphanage School and Staff quarters-Not entitle to deduction-No pro rata deduction is permissible.[S. 45]

Abdul Rahim Suleman Ghaswala v. Dy.CIT (2024) 227 TTJ 392 / 233 DTR 297 / 38 NYPTTJ 12 (Mum) (Trib)

S.54F : Capital gains-Investment in a residential house-Jointly owning 16-67% rights in six flats-Own does not include partly owned-Exemption cannot be denied [S. 32, 45]

Sharp Aluminium v ACIT (2023) 37 NYPTTJ 1635 / (2024) 227 TTJ 361 / 233 DTR 235 / 162 taxmann.com 74 / (Pune)(Trib)

S.43B: Deductions on actual payment-Payment of GST before filing of return under section 139(4)-Matter remanded to the Assessing Officer in accordance with law. [S.139(1), 139(4), 143(1) ]

ITO v. K. Murugan (2023) 37 NYPTTJ 861 / (2024) 227 TTJ 121 / 233 DTR 72 (Chennai)(Trib)

S.37(1): Business expenditure-Cash payments-Distributor of milk products-The AO is directed to disallow 4 percent of cash expenses.

Shri Parnami Panchayat v. ITO (E) (2023) 37 NYPTTJ 1278 / (2024) 227 TTJ 603 / 234 DTR 313 / 161 taxmann.com 438 / (SMC) (Jaipur)(Trib)

S. 11 : Property held for charitable purposes-Registered under section 12AA-Applied once again-Directed to allow the exemption. [S. 12A(2), 12AA]

Rastogi Education Society v. ITO (2024) 227 TTJ 478 / 233 DTR 225 / 38 NYPTTJ 11 /161 taxmann.com 220 (Raipur)(Trib)

S. 11 : Property held for charitable purposes-Advance for purchase of land in earlier year-Proposal for cancellation of registration is dropped-Addition as notional interest is deleted-Exemption cannot be denied. [S. 12AA, 13(1)(c), 13(2)(a) 13(3)]