Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Asif Khaleel (Individual) v. ITO (2021) 85 ITR 26 (Bang.)(Trib.) Ismail Khaleel (Individual) v. ITO (2021) 85 ITR 26 (Bang.)(Trib.) Mustafa Khaleel (Individual) v. ITO (2021) 85 ITR 26 (Bang.)(Trib.)

S. 45 : Capital gains-Cost of acquisition-Fair market value-Joint Development Agreement-Sale of flats subsequently-Fair market value of constructed area becomes cost of acquisition and Indexed cost to be deducted in order to arrive at capital gains-Matter remanded for verification. [S. 2(22B), 48]

Advik Hi-Tech Pvt. Ltd. v. Dy. CIT (2021) 85 ITR 535 (Pune) (Trib.)

S. 45 : Capital gains-Sale of shares-Maintaining separate accounts for investment and stock in trade-Profit assesable as short term capital gains. [S.28 (i)]

Nitesh Estates Ltd. v. Dy.CIT (2021) 85 ITR 421 (Bang.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Where recipient has declared payment in return and paid tax thereon-Proviso has retrospective effect-No disallowance can be made. [S. 201 (1)]

Nitesh Estates Ltd. v. Dy. CIT (2021) 85 ITR 421 (Bang.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Recipient has declared the payment in return and paid tax thereon-No disallowance can be made-Matter remanded.

Advik Hi-Tech Pvt. Ltd. v. Dy. CIT (2021) 85 ITR 535 (Pune)(Trib.)

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Educational cess-Allowable as deduction.

Kaka Rayon v. ACIT (2021) 85 ITR 32 (Mum.)(Trib.)

S. 37(1) : Business expenditure-Bogus purchases-Failure to fie quantitative details-Matter remanded to Assessing Officer to give an opportunity of cross examination and to file quantity details.

Michelin India P. Ltd. v. JCIT (2021) 85 ITR 86 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Management support services-Valuation of stock-cost or net realisable value-Sales promotion expenses-Allowable as deduction. [S. 145]

ITO v. Elegant Buildhome P. Ltd. (2021) 85 ITR 239 (Jaipur)(Trib.)

S. 28(i) : Business loss-Sales return-Allowable as business loss-Failure to challenge the revision order is not a bar for filing an appeal against the order passed pursuant of revision. [S. 250, 263, 254(1)]

Nitesh Estates Ltd. v. Dy.CIT (2021) 85 ITR 421 (Bang.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Investment made from own funds-Interest cannot be disallowed-Matter remanded-Disallowance cannot exceed exempt income. [R. 8D]

Nitesh Estates Ltd. v. Dy. CIT (2021) 85 ITR 421 (Bang.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-Investment from own funds-No disallowance can be made. [R. 8D]