Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Katerra Technology Services LLP v. ACIT (2024)113 ITR 576 (Pune)(Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Selection of ccomparables-Company functionally dissimilar from assessee-company is to be excluded from final set of comparables.

Golden Agri Resources (India) P. Ltd. v.Asst. CIT (OSD) (2024)113 ITR 496 (Delhi)(Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Most appropriate method-Variation is not a ground to reject assessee’s Transfer Pricing analysis.[S.92CA]

Bundy India Ltd. v. Dy. CIT (2024)113 ITR 505 (Ahd)(Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Transfer pricing study report must be reliable and correct-Functional asset and risk analysis required to be done-Rejection of transfer pricing study report is proper-Benchmarking of transactions-Selection of comparable companies-Working capital adjustment allowed in subsequent years-Matter remanded for verification [S. 92CA]

Leapfrog Financial Inclusion India (Ii) Ltd. v. ACIT (2024)113 ITR 370 (Delhi)(Trib)

S. 90 :Double taxation relief-Capital gains-Sale pf shares-Tax Residency certificate issued by Mauritius tax authority is unquestionable-Not shell or conduit company-Beneficial owner of capital gains-Capital gains is exempt from taxation-The Assessing Officer is directed to factually verify the aspect, if the shares were acquired after April 1, 2017 and sold prior to March 31, 2019, the benefit under article 13(3B) could be given to that extent. [Art, 13(3A) 27A]

Ashok Tower “D” Co-Operative Housing Society Ltd. v. ITO (2024)113 ITR 31 (SN)(Mum)(Trib)

S. 80P : Co-operative societies-Interest earned on deposits with Co-Operative Banks-Eligible for deduction. [S.2(19), 80P(2(d), Banking Companies Act, 1949, 5(1), Co-operative society registered under the Co-operative Societies Act, 1912, Maharashtra Co-Operative Societies Act, 1960, S.2(10)]

Sri Bhageeratha Pattina Sahakara Sangha Niyamitha v. ITO (2024)113 ITR 180 (Trib)(Bang) (Trib)

S. 80P : Co-operative societies Credit facilities to its members-Nominal members-Issue restored to Assessing Officer to examine claim following the decision of Supreme Court in Mavilayi Service Co-Operative Bank L td. v. CIT (2021) 431 ITR 1 (SC)-Interest earned from deposits kept with bank-Income from other sources-Corresponding expenditure incurred in earning interest income should be allowed as deduction-Issue restored to Assessing Officer-Cash credits-Demonetisation-Money deposited by its members towards repayment of loans and pigmy deposits-Stopped collection after receipt of Notification Dated 14-11-2016 issued by Reserve Bank Of India-Cash deposits can not be treated as unexplained money-Addition is deleted [S. 56,68, 80P(2)(a)(i), 80P(2)(d)]

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]