Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


GIIR Communications India (P.) Ltd. v. DCIT (2024) 207 ITD 697 (Delhi) (Trib.)

S. 68 : Cash credits-Additional evidence-Mismatch in receipts between profit and loss account and Form 26AS-Matter remanded back to Assessing Officer for de novo adjudication.[Form No 26AS, ITAT R. 29]

Rama Mittal. v. ITO, NFAC (2024) 207 ITD 336/116 ITR 383 (Amritsar) (Trib.)

S. 68 : Cash credits-Sale of shares-Penny stock-PMC Fin Corp script-Long term capital gains-D-Mat account-Sale through recognized stock exchange-STT paid-Purchasing shares from the stock exchange platform is not unlawful and continuous buying of shares at increased price does not contravene any provisions of SEBI laws-Denial of exemption is not valid. [S.10(38), 45]

Elara India Opportunities Fund Ltd. v. DCIT (IT) (2024) 113 ITR 275 / 207 ITD 330 (Mum) (Trib.)

S. 68 : Cash credits-Foreign portfolio investor-Sale of shares-Holding more than 10 years as investment-Addition is deleted-DTAA-India-Mauritius.[S.9(1)(i), 115BBE, Art. 22]

Dev Darshan Designs (P.) Ltd. v. ITO (2024) 207 ITD 260 (Kol) (Trib.)

S. 68 : Cash credits-Protective basis-Substantive addition is confirmed-Addition is deleted. [S. 45,143(3), Vivad se Vishwas Scheme]

DCIT v. Shree Rupanandham Steel (P.) Ltd. (2024) 207 ITD 115 (Raipur) (Trib.)

S. 68 : Cash credits-Share application money-Substantial turnover-Established genuineness of transaction-Addition is deleted. [S.56(2)(viib), 131]

Saptagiri Pattina Souharda Sahakari Sangha Niyamitha. v. ITO (2024) 207 ITD 41 (Bang) (Trib.)

S. 57 : Income from other sources-Deductions-Interest-Cost of funds on interest income-Matter remanded.[S. 56, 80P(2)(a)(i)]

PRL Developers (P.) Ltd. v. ACIT (2024) 207 ITD 753 (Mum) (Trib.)

S. 56 : Income from other sources-Share premium-Real estate-Assessing Officer had not rejected valuation report duly prepared under rule 11UA-Addition is deleted.[S.56(2)(viib), R.11UA]

Mahesh Ramkrishna Bhingare. v. JCIT (2024) 207 ITD 694 (Nagpur) (Trib.)

S. 56 : Income from other sources-Agricultural lands-Within statutory tolerance margin of 10 per cent-Addition is deleted.[S.56(2)(vii)]

ITO v. Solitaire BTN Solar (P.) Ltd. (2024) 207 ITD 574 (Delhi) (Trib.)

S. 56 : Income from other sources-Deeming provisions of section 56(2)(viib) is not applicable to subscriptions by holding companies-Order of CIT(A) is affirmed. [S.56(2)(viib), R.11UA (1)©]

DCIT v. Weldon Polymers (P.) Ltd. (2024) 207 ITD 517 (Delhi) (Trib.)

S. 56 : Income from other sources-Allotted 5 percent non-cumulative redeemable preference shares-Share premium-DCF Method-Report from Merchant banker-Valuation report deserved to be given status of statutory evidence with burden upon Assessing Officer to rebut same with evidences establishing either report was based on incorrect facts and figures, or otherwise, valuation method lacked sanctity to be considered as statutory evidence-Order of CIT(A) is affirmed. [S. 56(2) (viib), R.11UA]