Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Prithvi Consultants Pvt. Ltd. v. Dy. CIT (2024)470 ITR 37 (Bom) (HC)

S. 45 : Capital gains-Transfer-Part performance of contract-Joint development agreement-No accrual-Not registered-Ownership is retained-Possessing is parted for limited purpose of development-Not liable to be assessed as capital gains.[S. 2(47)(v),153A, 153C, Registration Act, 1908, S.17(IA), 49, Transfer of Property Act, 1882, S 53A]

PCIT v. Shantilal Khushaldas and Brothers Pvt. Ltd. (2024) 470 ITR 73 (Bom) (HC)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Business expenditure-Commission paid to foreign agents on export of goods-Services rendered out side India-Not liable to tax in India-Not liable to deduct tax at source-No disallowance can be made [S. 9(1)(i), 37(1), 195, 260A]

PCIT v. Gujarat State Fertilizers And Chemicals Ltd. (2024)470 ITR 363 (Guj) (HC)

S. 37(1) : Business expenditure-Expenses incurred on repairs and maintenance of stores-Allowable as revenue expenditure-Donation to Trust-Sardar-Allowable as deduction-Amount written off of new project, the question of law is admitted. [S.80G, 260A]

PCIT v. Green Environment Services Co-Operative Services Ltd. (2024)470 ITR 249 (Guj) (HC)

S.37(1): Business expenditure-Solid waste disposal-Not contingent-Allowable as deduction.[S. 145, 260A]

Asian Hotels Ltd. v. CIT (2024) 470 ITR 1 (Delhi)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Renovation of hotel-Repairs-Expenditure on pressurisation of lift silafts-fees paid to interior decorator-Allowable as revenue expenditure-Additional ground-Matter remanded to the Assessing officer-Entries in the books of account cannot be the basis for determining whether the expenditure are capital or revenue. [S. 30(a)(ii)), 145]

CIT v. (E) v. Ahmedabad Urban Development Authority (2024)470 ITR 164 (Guj) (HC)

S. 11 : Property held for charitable purposes-The advancement of objects of general public utility-Entitle to exemption.[S. 2(15), 12, 260A]

CIT (IT) v. Relx Inc (2024)470 ITR 611 / 160 taxmann.com 109 (Delhi)(HC) Editorial: Order in Relx Inc v. ACIT (2023) 103 ITR 54(SN) (Delhi)(Trib) is affirmed.

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Business connection-Subscription fee-Access to data base pertaining to legal and law related information-Business profits-No permanent establishment in India-Not taxable in India-DTAA-India-USA. [S.9(1)(1), Art. 5, 7, 12]

ITO v. SDN Company (Mum)( Trib) www.itatonline .org .

S. 56 : Income from other sources -Transactions between partners and firm-Will – Family settlement –Brothers and sisters -Changes in the profit sharing ratio- Colourable device – Transfer – Capital contribution- The provisions of Section 56(2)(viia) of the Act is not applicable – Order of CIT(A) deleting the addition is affirmed . [ S. 2(31)(iv), 2(47), 14, 56(2)(viia), R. 11UA ]

Dedhia Music Foundation v. CIT( E) (Mum)( Trib ) www.itatonline.org .

S. 12AB: Procedure for fresh registration – The object of the company is to promote Indian heritage art such as Indian Classical music, organize regular concerts and performances by renowned and emerging Indian etc -Renewal of registration cannot be denied on the ground that the objects of the trust may contain clauses, which may enable a charitable trust or institution to apply its income for activities carried outside India – Denial of registration and 80G exemption is set aside – On merit the matter is remanded to the CIT( E) to examine the genuineness of the activists. [ S. 2(15) , 11(1)( c), 12A, 12AB , 80G , Companies Act, 2013 , S.8 ]

Vijapurapu Sudha Rao L/R Of Vijapurapu Suryanarayana Rao (Smt.) v. ITO [2023] 157 taxmann.com 669 /(2024) 228 TTJ 131 / 234 DTR 276 / 38 NYPTTJ 47 (Vishakha) (Trib)

S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of property-Distress sale constitute reasonable cause-Cash deposited in the bank-Levy of penalty is deleted.[S. 269SS, 273B]