Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Rajkamal Stone Metal Works v. ACIT(2024) Chamber’s Journal-December-P.99 (Pune)(Trib)

S. 45 : Capital gains-Transfer of land owned by partnership firm to its partners-Transferred at cost by book entry-Adjusted against capital balance of partner-Not taxable as capital gains. [S. 2(47)]

DCIT v. J.K. Techno Soft Ltd (2024) Chamber’s Journal-June-P. 116 (Delhi)(Trib)

S. 43(5) : Speculative transaction-Forward exchange contract-Loss on cancellation is held to be non speculative in nature.

Egberts India Pvt Ltd (2024) Chamber’s Journal-July-P. 123 (Chennai)(Trib)

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Salaries paid to director cannot be disallowed on the ground that salaries paid in earlier year was less than the relevant year-Burden is on revenue to demonstrate that the remuneration is excessive as per market rate-Disallowance is deleted.

Samkeet Arya Homes LLP v. ITO (2024) Chamber’s Journal-August-P. 170 (Amritsar) (Trib)

S. 37(1) : Business expenditure-Non-Compete fees paid to retiring partner-Allowable as revenue expenditure.

IHHR Hospitality Pvt Ltd v. Add. CIT (2024) Chamber’s Journal-July-P. 122 (Delhi)(Trib)

S. 37(1) : Business expenditure-Capital or revenue-Project cost-Pending capitalisation-Written off-Allowable as revenue expenditure.

PCIT v. Keti Construction Limited (2024) 162 taxmann.com 278 (MP)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Amendment to section 14A by inserting explanation (Amended vide Finance Act, 2022) is applicable prospectively from AY. 2022-23 and not applicable to AY. 2013-14. [R. 8D]

Golden Charitable Trust v. CIT(E) (2024) Chamber’s Journal-June-P. 115 (Pune) (Trib)

S. 12A : Registration-Trust or institution-Lease transactions-Business income-Lease agreement for 50 Years-Violation of Maharashtra Stamp Act, 1958 and Maharashtra Public Trust Act, 1950-Denial of registration is affirmed. [S.12AA(1), Maharashtra Public Trust Act, 1950, S. 36(IA), Maharashtra Stamp Act, 1958, Registration Act, 1908, S. 17]

Pico Deepali Overlay Consortium v. DCIT (2024) Chamber’s Journal-February-P. 94 (Delhi)(Trib)

S. 2(31) : Person-Association of person-Characterization of consortium-Agreement-Terms of the agreement will be the deciding factors-Taxable as an AOP and not as individual members.

JCIT v. Aries Agro Ltd (Mum)( Trib) www.itatonline .org .

S. 68 : Cash credits – Cash deposit – Demoetizaation- Sales – Produced names , address , PAN etc- Parties have responded to the notices u/s 133(6)- Sales are accepted by VAT department – No defects in the books of account – Order of CIT(A) deleting the addition is affirmed .[ S.133(6), 143(3) ]

Srinivasan Jayaprakasam v. CBDT (2025) 171 taxmann.com 101 /473 ITR 245 (Mad)(HC)

Direct Tax Vivad Se Vishwas Scheme, 2024 (2024) 467 ITR 1 (St)(63)
S. 89 : Definitions-Appellant-Benefit of Vivad Se Vishwas Scheme, 2024 extended to those assesses in whose case the time for filing appeal has not expired as on 22 July 2024.[S.89(1)(a)) DTVSV Act, 2020, S. 2(1)(a), Art. 226]