Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


CIT v . Banjara Developers and Constructions Pvt. Ltd. (2020) 425 ITR 673/ 272 Taxman 438 (Karn)(HC)

S. 145 : Method of accounting – Completed contract method- Consistently followed and accepted by revenue —Method cannot be rejected .

FCI OEN Connectors Ltd. v Dy. CIT (2020) 425 ITR 128 / 185 DTR 228 / 314 CTR 847 / 268 Taxman 107 (Ker) (HC)

S. 144C : Reference to dispute resolution panel -Draft assessment order — Limitation for filing objections – Draft assessment order served through Electronic mode on an earlier date but assessee opting for manual proceedings — Limitation to be calculated from date of receipt of draft assessment order manually. [ S.144C(2) Art , 226 ]

PCIT v. National Stock Exchange (2020)425 ITR 588/ ( 2021) 277 Taxman 196 / 323 CTR 1025 (Bom)(HC)

S.143(3): Assessment – Stock Exchange — Duty only to ensure tax collected, Determined In Accordance with Act and Rules – Stock Exchange Cannot Collect Securities Transaction Tax Beyond Client Code — Addition to income of Stock Exchange on the ground that higher Securities Transaction Tax ought to have been collected — Held to be not Justified .[ Securities Transaction Tax Act, 2004. ]

PCIT v. Ghanshyam Dungarbhai Sutaria (2020) 425 ITR 601 (Guj)(HC)

S.143(3) : Assessment- Survey- Telescoping and reducing the addition – Income from undisclosed sources — Additions deleted by Tribunal on facts — No substantial question of law .[ S. 133A, 260A, 292C ]

Ericsson India Private Ltd v. Add. CIT (2020) 425 ITR 186/ 194 DTR 121/ 316 CTR 861/ 275 Taxman 227 (Delhi)(HC) Editorial : SLP of revenue is dismissed Add.CIT v. Ericsson India Private Ltd ( 2021 ) 281 Taxman 298 ( SC)

S. 143(2) : Assessment – Notice – Refund – Issue of notice does not prevent Assessing Officer from processing return — Assessing Officer must apply his mind and decide whether refund can be given. [ S.241A ]

Enanalloor Service Co-Operative Bank Ltd. v. ITO(Int) (2020) 426 ITR 180 / 194 DTR 189/(2021) 276 Taxman 368 (Ker) (HC)

S. 133 : Power to call for information – Survey – Notifications Dt. 19-8-2011 and 1-11-2011 -ITO (Intelligence) has power to issue notices to Co-Operative Banks [ S.120, 133(6) ]

Enanalloor Service Co-Operative Bank Ltd. v. ITO(Int) (2020) 426 ITR 180 / 194 DTR 189/(2021) 276 Taxman 368 (Ker) (HC)

S. 133 : Power to call for information – Survey – Notifications Dt. 19-8-2011 and 1-11-2011 -ITO (Intelligence) has power to issue notices to Co-Operative Banks [ S.120, 133(6) ]

V. V. Minerals (NO. 2) v. PCIT (2020) 426 ITR 36 / 315 CTR 685/ 272 Taxman 207/ 191 DTR 127 ( Madurai) (Mad) (HC) Editorial: Order of Single judge is affirmed V. V. Minerals (NO. 1) v. PCIT (2020) 426 ITR 23 / 315 CTR 696 /191 DTR 139( Madurai) (Mad) (HC)

S. 127 : Power to transfer cases – Order of transfer not challenged till Issuance of notice- Delay not explained — Opportunity given to file objections not utilised – Transfer of case for centralisation of cases to facilitate investigation — Order need not be interfered with. [ S.127(2) 132 , 153A ]

Yokogawa India Ltd. v. Dy. CIT (LTU) (2020) 425 ITR 648/ 273 Taxman 520 (Karn)(HC)

S. 115JB : Book profit – Brought forward loss or unabsorbed Depreciation —Non-consideration of claim for deduction- Matter Remanded Tribunal [ S.10A ]

CIT v . GMR Industries Ltd. (2020) 425 ITR 504/ 194 DTR 52 (Karn) (HC)

S. 115JB : Book profit – Prior period expenditure not deductible — Assessing Officer has limited power to make changes — Deletion of addition was held to be not justified . [ S.115J ]