Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Baroda Uttar Pradesh Gramin Bank (2023) 294 Taxman 433 (SC) Editorial : Refer, PCIT v. Baroda Uttar Pradesh Gramin Bank (2022) 447 ITR 218/ 138 taxmann.com 449 (All)(HC)

S. 80P : Co-operative societies-Deduction-Notice is issued in SLP filed by the Revenue. [S. 80P(2)(a)(i),80P(4), Regional Rural Development Act, 1976, S. 22]

Tejpal Chaudhary v. CIT (2023) 456 ITR 360 / 294 Taxman 523 / 333 CTR 452(SC) Friends Alloys v. CIT (2023) 456 ITR 360 (SC) Editorial: Tejpal Chaudhary v. CIT (2023) 151 taxmann.com 554 (P& H)(HC), Decision in, Admac Faormulations v. CIT (2018) 409 ITR 661 (P& H) is reversed.

S. 80IC : Special category States-Industraial undertaking-Initial assessment year-Substantial expansion within period of ten years-Eligible deduction-Year of substantial expansion would be initial year for start of 100 Per Cent. deduction. [S. 80IC(8)(ix)]

PCIT (C) v. Punit Chettiar alias Punit Balan (2023) 457 ITR 32 / 294 Taxman 567 / (2024) 337 CTR 753(Bom.)(HC)

S. 80IA : Industrial undertakings-Infrastructure development-Survey-Incumbent on part of Assessing Officer to grant deduction once the Central Government has granted approval. [S. 80IA(4)(iii), 133A, 153A]

PCIT v. Anil Jagannath Tiwari (2023) 153 taxmann.com 539 (Bom)(HC) Editorial : SLP of Revenue is dismissed due to low tax affect, PCIT v. Anil Jagannath Tiwari (2023) 294 Taxman 517 (SC)

S. 69C : Unexplained expenditure-Bogus purchases-No discrepancy between purchases shown and sales declared-Only gross profit ratio can be applied-Order of Tribunal is affirmed. [S.260A]

PCIT v. Yog Oil Traders (2023) 294 Taxman 480 (Bom.)(HC)

S .69C : Unexplained expenditure-Survey-Bogus purchases-Statement retracted-Deletion of addition by the Tribunal is affirmed. [S.131, 133A 260A]

PCIT (C) v. Prabodhchandra Jayantilal Patel (2023) 294 Taxman 440 (Guj.)(HC)

S. 69B : Amounts of investments not fully disclosed in books of account-Sauda Chithhi-Dumb documents-Incriminating documents-Sale of land-Land was not transferred-Deletion of addition by the Tribunal is affirmed. [S. 45, 260A]

PCIT v. Goutam Chakraborty (2023) 294 Taxman 284/ 334 CTR 593 (Cal.)(HC)

S. 69A : Unexplained money-Seizure of gold-Distinctive identification numbers on challans-Deletion of addition by the Tribunal is affirmed. [S. 260A]

Ramakrishna v. Dy. CIT (2023) 154 taxmann.com 40 (Karn)(HC) Editorial : SLP of assessee is dismissed, C. Ramakrishna v. Dy. CIT (2023) 456 ITR 253 / 294 Taxman 609 (SC)

S. 69A : Unexplained money-Loose papers-Admitted by assessee-Order of Tribunal is affirmed. [S. 260A]

C. Ramakrishna v. Dy. CIT (2023) 456 ITR 253 / 294 Taxman 609 (SC) Editorial : C. Ramakrishna v. Dy. CIT (2023) 154 taxmann.com 40 (Karn)(HC)

S. 69A : Unexplained money-Lose papers-SLP is dismissed-Order of High Court is affirmed. [Art. 136]

Rupal jain (Mrs.) v. CIT (2023) 152 taxmann.com 345 (All)(HC) Editorial : SLP of Revenue is dismissed, Rupal jain (Mrs) v. CIT (2023) 454 ITR 813 / 294 Taxman 261 (SC)

S. 68 : Cash credits-Bank deposit-Failure to prove the nature of the source-Addition is confirmed. [S. 260A]