Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Madurai Power Corporation Private Limited v. Dy. CIT (2020) 428 ITR 117/ ( 2021 ) 323 CTR 533 (AP)(HC)

S. 147 : Reassessment-After the expiry of four years-No failure to furnish material facts-Reply to Audit to drop the proceedings- Purchase and sale of shares disclosed in the course of original assessment proceedings-Reassessment is held to be not valid [ S. 56(2)(vii)(a), 147]

Asian Satellite Broadcast Pvt. Ltd. v. ITO (2020) 428 ITR 327/ 195 DTR 153 / (2021) 276 Taxman 316 /318 CTR 305 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Transfer of shares-Gift-No failure to disclose facts-Change of opinion- Reassessment notice is held to be not valid. [S. 45, 148]

Parappurathu Varghese Mathai v. PCIT (2020) 428 ITR 79 / 316 CTR 833 / 193 DTR 337 (Bom.)(HC) Sarakutty Mathai v. PCIT (2020) 428 ITR 79 / 316 CTR 833 / 193 DTR 337 (Bom.)(HC) Olive Builders v. PCIT (2020) 428 ITR 79 / 316 CTR 833 / 193 DTR 337 (Bom.)(HC)

S.127 : Power to transfer cases-Agreement between two higher authorities-Opportunity to be heard must be provided. [S. 127(2), Art. 226]

Best Trading and Agencies Ltd. v. Dy. CIT (2020) 428 ITR 52 / 275 Taxman 550/ ( 2021 ) 203 DTR 269/ 321 CTR 373 (Karn.)(HC)

S. 115JB : Book profit-Capital gains-Indexed cost of acquisition to be taken into account in calculating capital gains. [S. 45, 48, 112]

Madura Coats Pvt. Ltd. v Dy. CIT (2020) 428 ITR 273 / 199 DTR 228/ 320 CTR 543 (Mad.)(HC)

S. 92C : Transfer pricing-Arm’s length price-Not a question of law to be considered by High Court-Remanding the matter in second round of appeals will be as if it was a shuttle game between the assessee and the Revenue Authorities-Tribunal is directed to decide the issue within six months from today. [S. 37(1), 254(1), 260A]

Hyundai Motor India Ltd. v. Secretary, Income-Tax Department (2020) 428 ITR 545/195 DTR 260/ 317 CTR 603 /(2021) 276 Taxman 453 (Mad.)(HC)

S. 92C : Transfer pricing-Arm’s length price-Direction by Dispute Resolution Panel-Writ Petition is not maintainable against such direction. [Art. 226]

PCIT v. Obulapuram Mining Company Pvt. Ltd. (2020) 428 ITR 322/ ( 2021) 199 DTR 223/ 319 CTR 700/ 278 Taxman 89 (Karn.)(HC)

S. 92C : Transfer pricing-Arm’s Length Price-CBDT Instruction No. 3 of 2003 Mandatory-Precedent. [S. 92CA]

PCIT v. Gulbrandsen Chemicals Pvt. Ltd. (2020) 428 ITR 407(2021 ) 202 DTR 249/ 321 CTR 791 (Guj.)(HC)

S. 92C : Transfer pricing-Arm’s length price-Net margin method-Finding of fact-No question of law. [S. 94B, 260A]

Best Trading and Agencies Ltd. v. Dy.CIT (2020) 428 ITR 52 / 275 Taxman 550/ ( 2021 ) 203 DTR 269/ 321 CTR 373 (Karn.)(HC)

S. 57 : Income from other sources-Deductions-Fixed deposits- Interest payment for earning income is held to be deductible. [S. 56, 57(iii)]

Moturi Lakshmi (Ms.) v. ITO (2020) 428 ITR 462 / 274 Taxman 286 / 194 DTR 417 (2021) 318 CTR 462 (Mad.)(HC)

S. 54F : Capital gains-Investment in a residential house-Purchase or construction need not be made out of sale consideration for capital asset. [S. 45]