Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Kolhapur District Central Co-Operative Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd. v. ITO (2024)113 ITR 269 (Pune)(Trib)

S. 80P : Co-operative societies-Deposits made out of surplus funds with Co-Operative Banks and scheduled Banks-Entitled to deduction of interest.[S.80P(2)(a)(i), 80P(2(d), Maharashtra Co-operative Societies Act, 1960,]

Dy. CIT v. Symbiosis Pharmaceuticals P. Ltd. (2024)113 ITR 468 /228 TTJ 201 (Chd) (Trib)

S. 80IC : Special category States-Delay in filing return-Mistake of Auditor-Delay condoned-Fall in gross profit-Books of account not rejected-Addition is deleted. [S.80AC, 139, 145]

IPCA Laboratories Ltd. v. Dy. CIT (2024)113 ITR 53/230 TTJ 409 (Mum)(Trib)

S. 80IC : Special category States-Eligible profits-Disallowance of sales promotion expenses-Freebies-Enhancement of profits of eligible business-Directed to recompute eligible profits and allow deduction-Profit derived from sale of scrap-Eligible for deduction-Central Board Of Direct Taxes Circular No. 37 Of 2016, Dated 2-11-2016.]

Taxation Consultants Association v. CIT (E) (2024)113 ITR 30 (SN)(Pune)(Trib)

S. 80G : Donation-Time-limit for application for approval-Dismissed on ground that application was made beyond time-Limit Board circular extending time-Matter remanded to the CIT(E) to decide in accordance with law.[S.80G(5), Form No 10B]

Seva Bharati v. CIT (E) (2024)113 ITR 74 (SN)(Kol)(Trib)

S. 80G : Donation-Application for registration dismissed on ground Form 10AB was filed beyond time prescribed-Central Board Of Direct Taxes Circular No. 7 Of 2024, Dated April 25, 2024 (2024) 463 ITR 14 (St)-Directed Commissioner (E) to consider Assessee’s application and grant exemption-Delay of 243 days in filing of appeal is condoned.[S.12A,80G(5)(iii), 253(5), Form No 10A, 10AB]

Rita Gupta v. Dy. CIT (2024)113 ITR 1 (Kol) (Trib)

S. 70 : Set off of loss-One source against income from another source-Same head of income-Loss incurred on sale of shares on Stock exchange platform-Securities transaction tax paid-Eligible to be set off against long-term capital gains earned from sale of unlisted shares. [S. 10(38), 45, 71 74]

Kailash Gahlot v. Dy. CIT (2024)113 ITR 62 (SN)(Delhi)(HC)

S. 69C : Unexplained expenditure-Search and seizure-Seizure of diary entries of cash payment to vendors-Names of relatives also mentioned-Affidavit is rejected-Addition is justified. [S.115BBE, 132(4)

Durga Fire Work v. ITO (2024)113 ITR 53 (SN)(Delhi)(Trib)

S. 69A : Unexplained money-Trading in firecrackers-Cash deposited-Demonetisation-Cannot be assessed as undisclosed income. [S. 145]

Madan Lal v. ITO (2024)113 ITR 636 (Jodhpur)(Trib)

S. 69 : Unexplained investments-Unexplained money-Agricultural activities-Mistakenly reported as gross instead net income-Affidavit explaining the facts-Not cross examined-Content is proved to be correct unless rebutted by evidence-Addition is deleted-Delay in filing of appeal is condoned. [S,69A 115BBE]

Subhojit Paul v.ACIT (2024)113 ITR 3 (SN)(Kol)(Trib)

S. 68 : Cash credits-Cash deposit-Demonetisation period-Business of retail trading in medicine-Books of account not rejected-Addition is deleted. [S. 145]