Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Asian Paints Ltd. v. ACIT (2024) 205 ITD 680 (Mum.)(Trib.)

S. 4 : Charge of income-tax-Subsidy-Capital or revenue-Subsidy received by assessee from State Government under Package Scheme of Incentives, 2007 to encourage setting up of industries in less developed areas of State and not for purpose of running business more profitably is capital in nature.[S.28(i)]

Piramal Enterprises Ltd. v. DCIT (2024) 205 ITD 636 / 116 ITR 261(Mum.)(Trib.)

S. 4 : Charge of income-tax-Capital or revenue-Premature payment of deferred sales tax at present value of certain amount against total liability and credited balance amount to its capital reserve account-Amount credited amount is a capital receipt. [S. 28(i)

Piramal Enterprises Ltd. v. DCIT (2024) 205 ITD 636 /116 ITR 261 (Mum.)(Trib.)

S. 4 : Charge of income-tax-Insurance claim-Capital or revenue-Interim order-Matter remitted back to Assessing Officer to decide a fresh. [S. 28(i)]

Apeejay Surrendra Management Services (P.) Ltd. v. DCIT (2024) 205 ITD 737 (Kol.)(Trib.)

S. 2(22)(e) : Deemed dividend-Loans and advances-From group company (APL)-Beneficial shareholder was KSWPL under whose controlling interest and influence, APL had given loan/advance to assessee-Deeming provisions of section 2(22)(e) under second limb were attracted on KSWPL and not on assessee-loan amount was not taxable in hands of assesse. [S. 5 (1)(b)]

Block Resources Coordinator Rajiv Gandhi Siksha Mission. v. ITO (TDS) (2024) 204 ITD 408 (Raipur) (Trib.)

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Additional evidence-Matter remanded to the file of the Assessing Officer.[S.194C, 272A(2)(k)),R.18(4)]

Societe Generale Securities India (P.) Ltd. v. PCIT (2024) 204 ITD 796 (Mum) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-CSR expenses-Donations-Business income-Explanation 2 to section 37(1) which denies deduction for CSR expenses by way of business expenditure is applicable only to extent of computing’ business income’ under Chapter IV-D and; there would be no bar for assessee to claim benefit under section 80G, falling in Chapter VIA.[S. 37(1), 8OG]

Shri Shamjibhai Harjibhai Talavia Charitable Trust. v. PCIT (2024) 204 ITD 583/227 TTJ 489 (Rajkot) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Educational institutions (Approval)-New institute which was not included in list of institutes run by assessee-trust which was granted approval under section 10(23C)(vi)-Revision is held to be valid.[S. 10(23C)(vi),11, 12A]

Joshi Technologies International Inc. v. CIT (IT & TP) (2024) 204 ITD 496 (Ahd)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Scientific research expenditure-Donation-Approval granted was expired-Claim of weighted deduction was incorrect-Order is erroneous. [S. 35(1)(ii)]

GMM Pfaudler Ltd. v. PCIT (2024) 204 ITD 522 (Ahd.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Employment of new workmen-There was proper verification and application of mind by Assessing Officer-Report in Form 10DA for claiming deductions under section 80JJAA was filed-Revision is not valid. [S.80JJAA, 143(3)]

Trimex Sands (P.) Ltd. v. PCIT (2024) 204 ITD 435 (Chennai) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Not earned any exempt income-Additional depreciation-Allowed in earlier year-Manufacture-Extraction of minerals from beach sand involved change in non-living physical object/article into a new and distinct object/article having different name and use-Activities amounts to manufacture-Revision is not valid. [S. 14A, 32(1)(ii), 32AC]