Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. Incredible India Projects P. Ltd. (2024)116 ITR 57 (SN)(Hyd) (Trib)

S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-Cash payment-Recorded in balance sheet-Cannot be held to be undisclosed-Additional ground-Legal issue-Matter remanded to the CIT(A). [S. 270A,274, ITAT R. 27]

Versatile Card Technology P. Ltd. v. PCIT (2024)116 ITR 11 (SN)(Chennai)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Additional depreciation-Revision order is quashed.[S. 32, 115JB, 147, 148]

United Brothers Multiplast LLP v. PCIT (2024)116 ITR 66 (SN)(Mum)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Conversion firm to limited liability partnership-Firm dissolving on date of conversion-Income earned recorded in hands of Limited Liability Partnership-Tax deducted at source appearing in Firm’s name only allowed to firm and not limited liability partnership-No double grant of credit-Revision is not valid. [S. 142(1) 143(2)]

Sanjjay Saumyha (Mrs.) v. PCIT (2024)116 ITR 17 (SN)/ [2025] 210 ITD 33 7 (Chennai)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Income from other sources-Interest-Debentures redeemed after nine years-Conversion of debentures into equity shares-Entire interest deemed to be received by debenture holder upon conversion of debentures into equity shares in year of conversion–Assessing Officer accepted the return-Revision is justified.[S. 2(24)(iv),47(x),49(2A),56,143(1)]

Paradip Port Authority v.Dy. CIT (2024)116 ITR 1 / [2025] 170 taxmann.com 713 (Cuttack)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Granted registration and income is applied for designated purposes-Exercise of revisional jurisdiction is not valid. [S. 11, 12A, 12AA]

PPK Newsclick Studio P. Ltd. v. Dy. CIT (2024)116 ITR 505 (Delhi)(Trib)

S. 254(2A): Appellate Tribunal-Stay-Cash credits-Failure to prove genuineness of transaction-Rejection of stay application is justified. [S. 68, 133A, 254(1)]

Satish Bandapelly v. ITO (2024)116 ITR 77 (SN)(Hyd)(Trib)

S. 254(1) : Appellate Tribunal-Powers-Delay of 551 days in filing an appeal before CIT(A) is condoned-Directed to pay cost of Rs 1000 to each appeal to be paid to Prime Minister’s National Relief fund with in a period of 30 days form the date of the order. [S. 147 246A, 250(6), 271AAC(1), 271B 271F]

Pramila Keshav Dalvi v. ITO (2024)116 ITR 81 (SN)(Pune)(Trib)

S. 254(1) : Appellate Tribunal-Powers-Delay of two years in filing an appeal before CIT(A) is condoned-CIT(A) is directed to decide on merits. [S.45, 133(6), 148]

West Bengal State Co-Operative Agriculture And Rural Development Bank Ltd. v. ACIT (2024)116 ITR 610 (Kol)(Trib)

S. 254(1) : Appellate Tribunal-Powers-Rejection of claim in first round of litigation-The Tribunal cannot decide the claim-Power of review is not permitted. [S. 56, 80P]

Sri Sumeru Housing P. Ltd. v. Dy. CIT (2024)116 ITR 5 (SN) (Bang)(Trib)

S. 253 : Appellate Tribunal-Appeals-Delay of three days is condoned-Penalty concealment of income-Ex parte order of CIT(A) is set aside with the direction to decide on merits. [S. 253(5), 254(1), 250 271(1)(c), 274]