Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Gujarat State Energy Generation Ltd. v. ACIT (2020) 183 ITD 590 (Ahd.)(Trib.)

S. 80IA : Industrial undertakings-Infrastructure development-Positive income on account of disallowances-Entitle to deduction. [S. 80IA (4)]

ACIT v. Padma Logistics & Khanij (P.) Ltd. (2020) 81 ITR 61 / 183 ITD 891 / 208 TTJ 67 (Kol.)(Trib.)

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Demerger-Demerged company would be allowed to be carried forward and set off in hands of resulting company. [S. 2(19AA)]

Harbans Singh Bawa v. ACIT (2020) 183 ITD 682/194 DTR 127/207 TTJ 804 (Mum.)(Trib.)

S. 71 : Set off of loss-One head against income from another-Set-off loss against under the head salaries-Not permissible-Depreciation loss is allowed to subsequent year. [S. 32, 71(2A) 72]

ITO v. Singhal General Traders (P.) Ltd. (2020) 183 ITD 397 (Mum.)(Trib.)

S. 68 : Cash credits-Shares at high premium-Genuineness of transaction and identity and creditworthiness of share applicants were proved-Addition is held to be not justified-Income from other sources-Provisions of section 56(2)(viib) inserted by Finance Act, 2012 with effect from 1-4-2013 to examine justification of share premium would apply prospectively from assessment year 2013-14. [S.56(2)(viib)]

Antariksh Softtech (P.) Ltd. v. ITO (2020) 183 ITD 577/192 DTR 145/206 TTJ 612 (Bang.)(Trib.)

S. 56 : Income from other sources-Non-resident-Additional evidence filed first time before Appellate Tribunal-Matter remanded. [S. 6, 56(2)(viib), 254(1)]

Flutura Business Solutions (P.) Ltd. v. ITO (2020) 183 ITD 446/80 ITR 33 (SN) / 207 TTJ 257 (Bang.)(Trib.)

S. 56 : Income from other sources-Shares allotted in lieu of purchase consideration for an acquired asset-May adopt either NAV method or DCF method-Assessing Officer can determine fresh valuation but cannot change method of valuation opted by Assessee. [S. 56 (2)(viib), Rule 11UA(2)(b)]

Arpit Khairari v. ITO (2020) 183 ITD 737 (Jaipur)(Trib.)

S. 54F : Capital gains-Investment in a residential house-No evidence to show that investment in house property-Denial of exemption is held to be valid-Reassessment is held to be valid [S. 45, 147, 148]

ACIT v. Devi Sea Foods Ltd. (2020) 183 ITD 341 /191 DTR 1/206 TTJ 503 (Vishakha)(Trib.)

S. 50B : Capital gains-Slump sale-Windmills-Separate undertaking-Sale along with liabilities-Capital gains to be computed as capital slump sale. [S. 2(19), 2(42C), 45, 50, 80IA]

ACIT v. Ijyaraj Singh. (2020) 183 ITD 237 /207 TTJ 953 (Jaipur) (Trib.)

S. 48 : Capital gains-Cost of improvement-Development expenses incurred on land before its sale was required to put property in saleable condition would be allowable-Transfer of land along with wells, baories, road, boundary wall etc. as these were attached to land, proportionate cost of these structures against full value of consideration in terms of sale deed so executed would be allowable-Legal expenses incurred for filing of two court cases in respect of invalid sale deeds-Not allowable as deduction. [S. 45]

Suresh Kumar Agarwal v. ACIT (2020) 183 ITD 463 (Delhi) (Trib.)

S. 45 : Capital gains-Sale of shares-Long term capital gains-Purchase and sale of shares through security broker by online portal and, Securities transaction tax was also paid-Addition cannot be made as cash credits-Denial of exemption is not justified-Reassessment is held to be valid. [S. 10(38), 68, 147, 148]