Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Usekiwi Infolabs (P.) Limited v. ITO (2021) 209 TTJ 59 / 197 DTR 66 (Delhi)(Trib.)

S. 56 : Income from other sources-Not applicable where the sum has been received from non-resident-Addition was deleted. [S. 56(2)(viib), 68, Companies Act, 2013, S. 102]

ITO v. Shrilekha Business Consultancy Pvt. Ltd. (2021) 210 TTJ 34 / 202 DTR 361 (Hyd.)(Trib.)

S. 56 : Income from other sources-Money kept in capital reserve account was invested in shares-Entire transactions were only in capital field no incidence of tax. [S. 2(47), 45(3), 45(4), 56(2)(viia), 186]

Chandrakala Shashidhar (Smt.) v. ITO (2021) 89 ITR 67 (SN) (Bang.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Purchased-Constructed-Completion of house within three years is not mandatory-Capital gains Account Scheme-Investment made till date for filing return u/s 139(4) is eligible for exemption. [S. 45, 54F(4), 139(4)]

Rita Chandiok v. ACIT (2021) 89 ITR 30 (SN) (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Failure to follow the direction of CIT(A)-Assessing Officer is directed to give effect to the order of the CIT(A). [S. 45, 250, 254(1)]

Atluri Padma (Smt.) v. ITO (2021) 89 ITR 26 (SN) (Vishakha) (Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Allegation that the amount was withdrawn from sellers bank account-Reply by seller showing receipt of full sum-Denial of exemption was held to be not valid. [S. 45]

ACIT v. Investment trust of India Ltd. (2021) 211 TTJ 777 (Chennai) (Trib.)

S. 45 : Capital gains-Amalgamation-sale of shares prior to transfer of business by way of slump sale and amalgamation-scheme of amalgamation approved by High Court and shareholders-allegation of scheme of amalgamation as an afterthought without any basis-capital gains already offered for tax by the amalgamating company-same cannot be taxed again in the hands of amalgamated company.

R. Venkata Dhana Lakshmi v. ITO (2021) 89 ITR 28 (SN) (Vishakha) (Trib.)

S. 45 : Capital gains-Consideration from sale of land as long term-Transfer of superstructure as short term capital gains-Deposit in specified Bank account and using it only for acquiring new asset Eligible for deduction-Not making claim in return-Appellate Authorities not barred from entertaining fresh claim. [S. 54F, 254(1)]

Armatic Engineering (P.) Ltd. v. Dy. CIT (2021) 89 ITR 10 (Bang.) (Trib.)

S. 45 : Capital gains-Joint development agreement-General power of attorney-Possession and complete control of share of property-Part performance of contract-Transfer complete on handing over possession and not on date of Registration-Exemption for reinvestment of consideration is eligible. [S. 2(47)(v), 50C, 54G, Transfer of Property Act, 1882, S. 53A]

Dy. CIT(IT) v. Schlumberger Asia Services Ltd. (2021) 89 ITR 56 (SN) (Delhi)(Trib.)

S. 44BB : Mineral oils-Presumptive tax-Amount received on account of equipment lost in hole-Reimbursement of service tax-Not to be included in gross receipts for computation of profits for purpose of presumptive tax.

Pawan Hans Helicopters Ltd. v. DCIT (2021) 212 TTJ 1010 / 204 DTR 347 / (2022) 192 ITD 142 (Delhi)(Trib.)

S. 43B : Certain deductions only on actual payment-Interest payable to Government of India is crystalized based on facts, even though not accounted in books due to comments of statutory auditor, and hence is allowed as expense on accrual basis even not accounted for in books. [S. 145]