Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


IY TEE CEE Trading Company v. ACIT (2021) 276 Taxman 116/199 DTR 110/ 319 CTR 710 (Ker.)(HC)

S. 143(3) : Assessment-Mismatched PAN-Demonetised notes- Assessment order was passed without considering material produced by assesse-Court directed to redo the assessment after considering the materials on record. [Art. 226]

V.V. Minerals v. PCIT (2021) 276 Taxman 279 (SC) Editorial: Affirmed the Judgment in V.V. Minerals v. PCIT (Mad.)(HC) (WAMD No. 417/2020 dt 30 -6 -2020)

S. 127 : Power to transfer cases-Search and Seizure-Show cause notice had clearly spelt out reasons for proposed transfer of case of assesse-Dismissal of petition by High Court is affirmed. [S. 132 Art. 226]

DIT (IT) v. IBM World Trade Corporation (2021) 436 ITR 641 / 276 Taxman 211 (Karn.)(HC)

S. 115A : Foreign companies-Tax-Dividends-Royalty-Technical services fees-Rates prevailing during different periods under DTAA and under section 115A which were more beneficial to assessee, had to be applied-DTAA-India-USA. [S. 90(2), Art. 12]

Hyundai Motor India Ltd. v. Dy. CIT ( 2021) 432 ITR 306/ 276 Taxman 156 / 199 DTR 124 /320 CTR 106 ( Mad) (HC)

S. 92C : Transfer pricing-Arm’s length price-TPO passing the order without following the Direction of the Appellate Tribunal-Alternative remedy is available-Writ is not maintainable-Order of single judge rejecting the Writ petition is affirmed. [S. 92CA, 143, 144C, 148, Art. 226]

CIT v. Borkar Packaging (P.) Ltd. (2021) 276 Taxman 131 / 199 DTR 526/ 320 CTR 792(Bom.)(HC)

S. 80IC : Special category states-Consumption of electricity-Mismatch of production-Denial of exemption is held to be not justifies.

CIT v. Borkar Packaging (P.) Ltd. (2021) 276 Taxman 131 / 199 DTR 526/ 320 CTR 792 (Bom.)(HC)

S. 80IB : Industrial undertakings-Failure to provide details of number of workmen working in each units in form No. 10CCB-Denial of exemption is held to be not valid. [Form no. 10CCB]

TVS Motor Company Ltd. v. ACIT (2021) 276 Taxman 25 (Mad.)(HC)

S. 70 : Set off loss-One source against income from another source- Same head of income-Could be set off against income of assessee under same head from other unit not eligible for deduction under said section- Matter remanded to the Tribunal. [S. 10B, 71, 80B(5), 80IC]

Express Infrastructures (P.) Ltd. v. Dy. CIT (2021) 276 Taxman 22 (Mad.)(HC)

S. 56 : Income from other sources-Interest-Short term deposits-Pre -operative period before commencement of business-Assessable as income from other sources.

CIT v. Vinay Mishra (2021) 276 Taxman 68 (Karn.)(HC)

S. 54F : Capital gains-Investment in a residential house-investment in a residential house in USA prior to 1-4-2015-Entitled to claim exemption. [S. 45]

V. Dwarakanathan v. ACIT (2021) 276 Taxman 78 (SC) Editorial : Affirmed, Judgement in V. Dwarakanathan v. ACIT (Mad)(HC) (TCA No. 308/2019 dt. 19-6-2019)

S. 49 : Capital gains-Previous owner-Cost of acquisition-capital asset not having become property of assessee-Gift not proved by registered document-SLP of assessee is dismissed. [S. 45]