Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Kilara Power Pvt. Ltd. v. ITO (2020) 429 ITR 534/ ( 2021 ) 279 Taxman 437 (Karn.)(HC)

S. 115JB : Book profit-Waiver of part of loan and entire interest- Waiver of interest by IREDA could not be considered as withdrawal of a provision and could not be reduced from the book profits-Order of Tribunal is affirmed.[S. 41(1)]

PCIT v. Scope International Pvt. Ltd. (2020)429 ITR 500 (Mad.)(HC)

S. 115JAA : Book profit-Deemed income-Tax credit includes surcharge and cess-Appellate Tribunal-Monetary limit-Includes surcharge and cess. [S. 2(43), 115WA, 253]

CIT v. Saint Gobain Glass India Ltd. (2020) 429 ITR 505 (Mad.)(HC)

S. 115JAA : Book profit-Deemed income-Tax credit-Includes surcharge and education cess.

CIT v. Hussain Mohideen Ibrahim Sha (2020) 429 ITR 160 (Mad.)(HC)

S. 115BBE : Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Unexplained expenditure- Matter remanded to the Tribunal. [S. 69C]

DIT (IT) v. Intel Capital (Cayman) Corporation (2020) 429 ITR 45 / 195 DTR 382 / 317 CTR 702 / (2021) 276 Taxman 118 (Karn.)(HC)

S. 115AC : Capital gains-Bonds-Global Depository-Foreign currency-Cost of acquisition-Computation of capital gains-Conversion of Foreign currency convertible bonds into equity shares-Order of Tribunal is affirmed.

Models Construction Pvt. Ltd. v. Dy. CIT (2020)429 ITR 605 / ( 2021) 279 Taxman 247(Bom.)(HC)

S. 80IB(10) : Housing projects-Pro rata deduction is eligible. [S. 80IB(10)(c)]

Kamat Constructions Pvt. Ltd. v. CIT (2020) 429 ITR 609 / 277 Taxman 640(Bom.)(HC)

S. 80IB(10) : Housing projects-Condition coming into effect from 19-8-2019-Allotments made prior to that date-Entitled to pro-rata deduction. [S. 80IB(10)(f)]

Devashri Nirman Ltd. v. ACIT (2020) 429 ITR 597 / ( 2021 ) 277 Taxman 408 (Bom.)(HC) PCIT v Devashri Nirman Ltd. (2020) 429 ITR 597 / ( 2021 ) 277 Taxman 408(Bom.)(HC)

S. 80IB(10) : Housing projects-Eligible deduction on proportionate basis.

PCIT v. Pratham Developers (2020) 429 ITR 114 (Guj.)(HC)

S. 80IB(10) : Housing projects-Single approval from local authority for development and construction of residential units more and less than 1500 Sq. Ft. in area-Entitled to deduction. [S. 80IB(10)(c)]

CIT v. Brigade Enterprises Ltd. (No. 2) (2020) 429 ITR 615 / (2021) 197 DTR 319 / 318 CTR 325 / 278 Taxman 81 (Karn.)(HC)

S. 80IB(10) : Housing projects-Proportionate deduction in respect of individual units permissible.