Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Ranjana Construction Pvt Ltd v. PCIT ( 2021) BCAJ-March -P. 39 )( Bang) (Trib)

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Stamp valuation – Date of agreement – Date of registration- Possible view – Revision is held to be not valid [ S.43CA ]

Pfzer Heath Care India Pvt Ltd v JCIT ( 2021) The Chamber’s Journal- March – P. 178 ( Mad) (HC)

S. 153 : Assessment –Limitation – Transfer pricing -Reference to dispute resolution panel -Time limit for pass Transfer pricing order- Before 60 days prior to the date on which the period of limitation referred to section 153 expires – Order passed on 1 -11-2019 – Barred by limitation by one day – Alternative remedy is not an absolute bar to entertain the writ petition . [ S.92CA(3) ,144C Art , 226 ]

Shri Tyrone Patrick Lemos v .ITO ( 2021) The Chamber’s Journal – March -P. 184 ( Ahd) (Trib)

S. 147 : Reassessment – No addition was made on reasons recorded – Additions made on any other income which does not form part of reasons recorded cannot be sustained [S.2(22)(e ), 148 ]

Dell India Ltd v. JCIT ( 2021) ( 2021) 432 ITR 212/ 278 Taxman 9/198 DTR 73/ 319 CTR 1 (FB) ( Karn) (HC)

S. 147 : Reassessment –With in four years-Change of opinion- Oversight ,inadvertence or mistake of Assessing Officer discovered on reconsideration of same material – Reassessment is not permissible . [ S.148, Art , 226 ]

Shri Tobby Simon v DCIT ( 2021) The Chamber’s Journal – March -P. 186 ( Mum) (Trib)

S. 45: Capital gains- Advance received -Sale not materialised for gains – Matter remanded to the Assessing Officer for look in to genuineness of the Transaction . [ S.2(47) (v), Transfer of property Act , 1882 , S.53 ]

ACIT v. Manoj Arjun Menda ( 2021) BCAJ- March .P. 38 ( Bang) (Trib)

S. 45 : Capital gains – Valuation of shares – Sale consideration disclosed in the share purchase agreement ought to be adopted for calculating long term capital gains . [ S.48 , 50CA ]

PCIT v. Krishna Devi ( Smt) ( 2021) 431 ITR 361 / 279 Taxman 148 (Delhi) (HC)

S.45: Capital gains- Penny stock- Jump of share price of 1849.2 % The Assessing Officer has neither conducted any enquiry nor brought any clinching piece of evidence to disprove the evidence produced – Addition cannot be made as cash credits [ S.10(38) , 68 , 131, 133(6)]

Remi Securities Ltd v. ACIT ( 2021) The Chamber’s Journal -March -P. 185 ( Mum) (Trib)

S. 36(1)(vii) :Bad debt –Commodity trading – Purchase and sale on the platform of National Spot Exchange Ltd ( NSEL ) -Scam 2013- Profits offered as business income – Write off of 25% of the outstanding amount – Amounts written off in the books of account- Allowable as bad debt [ S.36(2) ]

BRR ( India ) Pvt Ltd v. ITO ( 2021) The Chamber’s Journal -March -P.188 (Bang ) (Trib)

S. 28(i): Business income – AIR information- Addition cannot be made solely on the basis of AIR information . [ S.145, From No .26AS ]

Chalet Hotels Ltd v.DCIT ( 2021) BACJ-March – P. 40 ( Mum) (Trib)

S. 14A : Disallowance of expenditure – Exempt income -Even suo motu disallowance made need to be restricted to the extent of exempt income [ R.8D ]