Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


CIT v. Shriram Chits (Karnataka) Pvt. Ltd. (2021) 430 ITR 414 (Karn.)(HC)

S. 28(i) : Business loss-Chit business-Bid loss-Mercantile system of accounting-Remanded to the Assessing Officer. [S. 37(1), 145]

CIT v. Continuum Wind Energy (India) Pvt. Ltd. (2021) 430 ITR 52 / 276 Taxman 286 (Mad.)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Investment in subsidiary companies-When there is no exempt income-No disallowance can be made. [R. 8D]

Soundaram Chokkanathan Educational and Charitable Trust v. ITO (2021) 430 ITR 440 / 197 DTR 440/ 279 Taxman 210 (Mad.)(HC)

S. 12A : Registration-Trust or institution-Trust deed amended and registration granted with effect from 1-4-2015-Application filed on 23-02 2016-Registration would not have retrospective effect and be applicable from assessment Year 2013-14.

Philips Foods India Pvt. Ltd. v. ACIT (2021) 430 ITR 199 (Mad.)(HC)

S. 10B : Export oriented undertakings-Manufacture or Processing-Marine product-Pasteurized crab meat-Processing and exporting of Crab meat-Remanded to the Assessing Officer to examine the nature of activity. [S. 10B(2)(ii), 10B(2)(iii), 80IB(11A) Special Economic Zone Act, 2005, S. 2(r)]

CIT v. Ramacanta Velingkar Minerals (2021) 430 ITR 161/ 277 Taxman 299 (Bom.)(HC)

S. 10B : Export oriented undertakings-Manufacture-Conversion of crude ore into iron ore concentrate fines amounts to manufacture-Entitle to benefit. [S. 2(29BA)]

PCIT v. Jeans Knit Pvt. Ltd. (2021) 430 ITR 476 (Karn.)(HC)

S. 10B : Export oriented undertakings-Formed not by reconstruction-Entitle to exemption-Enhancement of claim during assessment proceedings-Direction of Tribunal is held to be justified- Deemed dividend-No accumulated profits- Deletion of addition is held to be justified. [S. 2(22)(e), 254(1)]

Allu Arvind Babu v .ACIT (NO. 1) (2021) 430 ITR 172/ 277 Taxman 622/ 320 CTR 444 / 200 DTR 169(Mad.)(HC)

S. 10(10D) : Life insurance policy-Keyman insurance policy-Assignment of policy to employee-Amount received by employee on surrender or encashment taxable as perquisite. [S. 17(2)]

G. Srinivasan v .UOI (2021) 430 ITR 189/197 CTR 1/318 CTR 167 / 279 Taxman 273 (Mad.)(HC)

S. 10(10) : Gratuity-Increase in ceiling by amendment of payment of Gratuity Act with effect from March 29, 2018-Amendment not violative of provisions of constitution-Provision not applicable with retrospective effect. [S. 10(10)(ii), Payment of Gratuity Act, 1972, S 4(3), Art. 14, 226]

ITO v. A. Shihabudeen (2020) 182 ITD 91/79 ITR 280 (Cochin) (Trib.)

S. 271(1)(c) : Penalty-Concealment-Show cause notice-Charge not specified-Concealment of income or inaccurate particulars of income-Levy of penalty is not justified-Monetary limit less than 50 lakhs-Appeals of revenue was dismissed. [S. 253, 268A, 274]

Shantananda Steels (P.) Ltd. v. ITO (2020) 182 ITD 434 / 195 DTR 417/ 208 TTJ 672 (Chennai)(Trib.)

S. 254(2A) : Appellate Tribunal-Stay-Cash credits-No case has been made for stay of recovery-Stay application is rejected. [S. 68, 220, 226]