Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. Conor Granito P. Ltd. (2024)116 ITR 479/ 159 taxmann.com 1209 (Rajkot)(Trib)

S. 143(3): Assessment-Search and seizure-Undisclosed sales-CIT(A) restricted profit element at 8 per Cent of sales-Credit to be given to income surrendered. [S. 132]

BKS Galaxy Realtors LLP v. Dy. CIT (2024)116 ITR 175 (Mum)(Trib)

S. 133A : Power of survey-Income from undisclosed sources-Construction of commercial and residential buildings-Director disowning contents of paper found in the course of survey-Addition is deleted. [S. 133(6)]

Dy. CIT v. MSC Software Corporation India P. Ltd.(2023) 146 taxmann.com 273/(2024)116 ITR 684 (Pune)(Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Functional analysis-Re seller-Performing marketing support service-Foreign exchange gains-Other grounds-Matter remanded to Commissioner (Appeals) for Re adjudication. [S. 251]

Asiatic Colour Chem Ind. Ltd. v. Jt. CIT (2024)116 ITR 7 (SN)(Ahd)(Trib)

S. 92BA : Transfer pricing-Specified domestic transaction-Arm’s length price-Avoidance of tax-Excluded from definition with effect from 1-4-2017-Omission has retrospective effect-Addition is deleted. [S.40A(2)(b)]

Inox India Ltd. v. Dy. CIT(2024)116 ITR 53 (SN)/ 169 taxmann.com 118 (Ahd)(Trib)

S. 80HHC : Export-Manufacturing and letting out vacuum insulated tanks and related products-Lease rent-Business income-Eligible for deduction-Deduction not to be allowed on profits to extent deduction already allowed under Section 8OIA of the Act.

Help for Children in Need Foundation v. CIT (E) (2024)116 ITR 83 (SN) (Pune) (Trib)

S. 80G : Donation-Mentioning wrong section code-Error typographical and inadvertent-Remanded to Commissioner (E) to treat application under proper section code-Circular No. 7 Of 2024, Dated 25-4-2024 (2024) 463 ITR 14(St). [S.80G(5), Form No 10B].

Jindal Drugs P. Ltd. v. ACIT (2024)116 ITR 65 (SN)(Mum)(Trib)

S. 69C : Unexplained expenditure-Information from Investigation Wing-Purchase transaction is duly explained with supporting evidences-Addition is deleted-Reassessment issue is left open. [S. 147, 148]

Surkunti Narayana Reddy v. ITO (2024)116 ITR 75 (SN) (Hyd) (Trib)

S. 69A : Unexplained money-Remand report-Single percentage of Commission for both receipts is not p roper-Matter remanded to Assessing Officer to reconsider issue and apply appropriate rate for estimation of income. [S. 147,148]

Subhash Chand Gupta v. ACIT (2024)116 ITR 14 (SN)/ [2025] 210 ITD 118 (Delhi)(Trib)

S. 69A : Unexplained money-Sales-Demonetisation-Deletion of addition is affirmed.

V. Bhaskaran v. ACIT (2024)116 ITR 135 (Chennai)(Trib)

S. 69A : Unexplained money-Un explained expenditure-Search and Seizure-Fixed deposit receipts in name of wife-Addition is deleted-Amount spent on marriage-Addition on estimate basis-Restricted to 60% per cent of estimated amount-Personal expenditure-No incriminating material is found-Rental payment-Estimation of rent for 18 months-Payment of advance tax-Not able to explain the source-Addition is justified-Overseas Trip expenses and investment in benefit fund-Failure to show the source of investment-Addition is justified-Bank deposits-Seized passbook-Incriminating material-Addition is justified-Payments towards transponder hire, purchase of allied equipment, uplinking facility, and telecom service provider-No evidence of payment-addition is deleted-Bills found in Assessee’s name remanded for re-examination-Imported car-Gift-Denied by alleged gift giver-Matter remanded to determine real owner-Seizure of cash gold and silver article from premises of uncle-Assessment is bad in law [S. 132, 153C, 158BC]