Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category

Ancon Chemplast P. Ltd. v ITO (2022) 93 ITR 167 (Delhi)(Trib.)

S. 68 : Cash credits-Share application money-Addition was deleted on merits-Reassessment valid. [S. 68, 147, 148]

Dy. CIT v. Acquire Services Pvt. Ltd. (2022) 93 ITR 613 (Delhi)(Trib.)

S. 45 : Capital gains-Transfer-Redemption-Indexation-Redemption of preference shares is a sale and also transfer of relinquishment of asset by share holder-Assessable as capital gains and not as income from other sources. [S. 2(47), 48, 56]

ACIT v. PC Jewellers Ltd. (2022)93 ITR 244 (Delhi)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Bank guarantee commission and credit card commission-Deducted by Banks-No disallowance can be made.

Bekaert Industries P. Ltd. v. Dy. CIT (2022) 194 ITD 201 / 93 ITR 462 (Pune)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Non-Resident rendering services of Information Technology infrastructure-Royalty-Liable to deduct tax at source-Disallowance is justified-DTAA-India-Portugal. [S. 9(1)(vi)]

Mll Logistics P. Ltd. v. ACIT (2022) 93 ITR 513 (Mum.)(Trib.)

S. 37(1) : Business expenditure-Interest-Failure to prove for the purpose of business-Disallowance is justified.

Sandisk India Device Design Centre Pvt. Ltd. v. ITO (2022) 93 ITR 569 (Bang.)(Trib.)

S. 37(1) : Business expenditure-Unrealised export sales and foreign exchange loss-Unbilled revenue brought into India lower than sum reduced b Assessing Officer-Allowable as deduction.

ITO v. MVL Credit Holdings and Leasing Ltd. (2022) 93 ITR 533 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Taxes and rates-Interest on delayed payment of tax deducted at source-Not penalty-Compensatory in nature-cannot be treated as tax-Allowable as deduction-Repairs and maintenance-Ad-hoc disallowance is not justified. [S. 40(a)(ii)]

Emkay Global Financial Services Ltd. v. Dy. CIT (2022) 93 ITR 96 (Mum.)(Trib.)

S. 37(1) : Business expenditure-Capital or revenue-Bad debts-Security deposits to land lord-Written off as revenue expenditure-Allowable as revenue expenditure. [S. 36(1)(vii)]

ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Bogus purchases-Purchase of diamond though commission agent-Identity and genuineness is established-Deletion of addition is held to be proper.

ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.) Sas Research and Development (India) P. Ltd. v. Dy.CIT (No. 2) (2022) 93 ITR 501 (Pune)(Trib.)

S. 37(1) : Business expenditure-Education Cess-Additional grounds admitted-Allowable as deduction. [S. 40(a)(ii), 254(1)]