Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Bengal Shriram Hitech City Pvt. Ltd. v. ACIT (2021) 86 ITR 719 (Bang.)(Trib.)

S. 56 : Income from other sources-Interest income-Deposits with banks-Assessable as income from other sources. [S. 28(i)]

Ashok Kumar v. ITO (2021) 86 ITR 576 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Possession handed within one year after transfer of second property-Entitled to exemption-CIT (A)-Powers-Revised computation was filed before AO-CIT (A) has to consider the claim. [S. 45, 250]

Jayrajbhai A. Jodhani v. Dy. CIT (2021) 86 ITR 31 (SN) (Surat)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Variation between sale consideration and sale stamp value 5 % to 10%-Amendment curative and thus retrospective-Applicable for earlier years-Determination of land value based on various factors such as water logging, flooding of drainage water, etc. has to be considered-Valuation of assessee accepted. [S. 45]

Radharaman Constructions v. ACIT (2021) 86 ITR 44 (Mum.)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Land situated in green belt-Matter remanded to CIT (A)-Transfer of development rights-Provision of section 50C is not applicable-Issue raised first time before Appellate Tribunal-Matter remanded to the file of CIT(A). [S. 2(47)(v), 45, 250]

ITO v. Sajjan Kumar Bajoria (2021) 86 ITR 29 (SN) (Mum.)(Trib.) ITO v. Sushila Devi Bajoria (Smt) (2021) 86 ITR 29 (SN) (Mum.)(Trib.)

S. 45 : Capital gains-Long term capital gains-Sale of shares-Purchase and sale through online mechanism, banking channels and through Dematerialised account-Exemption cannot be denied merely on the basis of statement of third parties, without giving an opportunity of cross examination. [S. 10(38), 68, 133A]

Jawaad Alam and Fawad Alam v. ITO (2021) 86 ITR 66 (Luck.)(Trib.)

S. 45 : Capital gains-Purchase and sale of shares-Long term capital gains-Penny stock-SEBI Registered broker-Investigation report-Burden is on revenue to disprove the documents-Addition as unexplained money is held to be not justified. [S. 10(38), 69A]

ACIT v. Ashok Radhakishen Mehra (2021) 188 ITD 663/ 86 ITR 19 (SN) (Mum.)(Trib.)

S. 43B : Deductions on actual payment-Interest payable to Bank-Provision that conversion of interest into loan not equivalent to actual payment-Payment through overdraft account or cash credit account-Not disqualified. [S. 43B(d), 43B(e)]

Suresh Chunnilal Sharma v. ITO (2021) 86 ITR 22 (SN) (Pune)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of stock-in-trade-Disallowance is affirmed. [R. 6DD]

Green Valley Tower Pvt. Ltd. v. ACIT (2021) 86 ITR 1 (Delhi)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of land-Amount paid neither debited to profit and loss account nor claimed as deduction.

ACIT v. Arvind Srinivasan (2021) 86 ITR 84 (Chennai)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of capital asset or investment-No disallowance can be made.