Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Preeti Singh. v. ACIT (2024) 204 ITD 529 (Delhi)(Trib.)

S. 69A : Unexplained money-Jewellery-Search-Bank Locker-stree-dhan-Jewellery was gifted to her on various occasions such as marriage, birth of children, etc.-Addition is deleted. [S. 132] C

Chandra Pal. v. ACIT (2024) 204 ITD 194 (Delhi) (Trib.)

S. 69A : Unexplained money-Search-Jewellery-Status of family-Addition is deleted.[S. 132]

ACIT v. Gold Rush Sales and Service Ltd. (2024) 204 ITD 421 (Kol)(Trib.)

S. 68 : Cash credits-Share capital-Issue of shares at premium-Identity and creditworthiness of share subscribers are proved-Non-compliance to summons to director-Addition is not justified. [S. 131]

Sunil Bardia v. ITO (2024) 204 ITD 68 (Raipur)(Trib.)

S. 57 : Income from other sources-Deductions-Interest-Income earned was not equal to percentage of interest-Interest expenditure incurred is allowable as deduction. [S. 56, 57(iii)]

PNP Maritime Services (P.) Ltd. v. DCIT (2024)204 ITD 810 /231 TTJ 31 (Mum)(Trib)

S. 56 : Income from other sources-Issue of shares at premium-DCF method-Share premium charged was lower than fair market value of shares determined by auditor-Section 56(2)(viib) could not be applicable. [S. 56(2)(viib)]

DCIT v. Hometrail Buildtech (P.) Ltd. (2024) 204 ITD 154 (Delhi) (Trib.)

S. 56 : Income from other sources-Valuation of shares-DCF method-NAV Method-Once the assessee has exercised an option, Assessing Officer is bound to follow same.[S. 56(2)(viib), R.11UA]

Chandhok Cold Storage (P.) Ltd. v. ITO (2024) 204 ITD 17 / 227 TTJ 744 (SMC)) (Raipur) (Trib.)

S. 56 : Income from other sources-Fair market value-Unquoted equity shares-Valuation date-Value as on date on which assessee company receives property or consideration-Matter remanded. [S. 56(2)(viib), R. 11UA]

Anjali Bhadoo. (Smt.) v. ITO (2024) 204 ITD 124 (Delhi) (Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Sale of immoveable property-Purchase of residential unit/ flat from a builder-Payment by instalments-Possession of flat was received within 3 years from sale of property-Agreement for sale of flat by builder is construed as agreement of construction-Possession is construed as completion of construction-Entitle to exemption. [S. 45]

Arun Tulshidas Kharat. v. DCIT (2024) 204 ITD 618 (Pune) (Trib.)

S. 48 : Capital gains-Mode of Computation-Long term capital gains-Indexation-Cost of improvement-Failure to file necessary documents-Disallowance is affirmed.[S. 45]

Arunima Adcon Services (P.) Ltd. v. ACIT (2024) 204 ITD 146 (Delhi)(Trib.)

S. 45 : Capital gains-Business income-Converted its stock-in-trade of shares into investment in shares-Profits arising from sale of such investment was to be taxed as capital gains, long-term or short-term and not as business income.[S. 28(i)]