Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Durgesh Chandra Sarkar v. CIT (2023) 293 Taxman 91 (Cal.)(HC)

S. 69A : Unexplained money-Undisclosed purchases and sales-Tribunal reduced the addition to 10 percent towards purchase on undisclosed sales-Order of Tribunal is affirmed. [S. 147, 148, 260A]

Mansukh Dyeing and Printing Mills v. CIT (2023) 293 Taxman 516/ 334 CTR 4799 (SC) Editorial : Refer CIT v. Mansukh Dyeing and Printing Mills (2022) 449 ITR 439 / 220 DTR 189 / 329 CTR 673 / 145 taxmann.com 151/ / (2023) 290 Taxman 354 (SC)

S. 45(4) : Capital gains-Distribution of capital asset-Transfer-Dissolution of firm-Revaluation of assets and credit to capital accounts of partners-Introduction of new partners-Withdrawal of credit from capital account-Otherwise-Firm is liable to pay capital gains tax- Review petition is dismissed . [S. 2(47)(ii), 47(ii), 50]

PCIT v. Dipansu Mohapatra (2023) 293 Taxman 173 / (2024) 463 ITR 678 (Orissa)(HC) Editorial : SLP of Revenue is dismissed , delay is not condoned , leaving the questions of law, if any ,open , PCIT v .Dipansu Mohapatra (2024)463 ITR 681 (SC)

S. 45 : Capital gains-Long term capital gains from equities-Survey-Report from investigation wing-Accommodation entries-Kolkata based companies-Order of Tribunal allowing the claim is affirmed. [S. 10(38), 68, 69, 133A]

Diversified Services v. ITO (2023) 293 Taxman 48 (Guj.)(HC)

S. 43B : Deductions on actual payment-Any sum received from employees-No deduction is available to employer in respect of deposit of employees’ contribution of PF and ESI beyond due date prescribed in relevant Acts. [S. 36(1)(va), 260A)

Sidhant Leather Exports (P.) Ltd. v. CIT (2023) 459 ITR 318 / 293 Taxman 412 (Cal.)(HC)

S. 37(1) : Business expenditure-Repairs and maintenance-Details produced-Disallowance of expenditure is held to be not justified.

CIT v. Jindal India Ltd. (2023) 293 Taxman 478 (Cal.)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Current repairs-Steel rolling mill-Expenditure incurred for replacement of steel rolls is revenue expenditure. [S. 31]

PCIT v. Rajesh Exports Ltd. (2023) 293 Taxman 94 (Karn)(HC)

S. 28(i) : Business loss-Burden of proof-Search-Order of Tribunal allowing the loss is held to be perverse-Order of Tribunal is set aside.[S. 132, 153A, 254(1)]

PCIT v. Century Enka Ltd. (2023) 459 ITR 190/293 Taxman 471 (Cal.)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Own funds-Order of Tribunal deleting the addition is affirmed. [R. 8D (2)(ii)]

CIT v. D.N Memorial Trust (2023) 293 Taxman 735 /335 CTR 601 (J&K and Ladakh)(HC)

S. 12AA : Procedure for registration-Trust or institution-Genuineness of activities-Order of Tribunal directing the Commissioner to grant registration is affirmed. [S. 12A]

CIT (E) v. Anandalok (2023) 293 Taxman 727/(2024) 460 ITR 338 (Cal.)(HC)

S. 11 : Property held for charitable purposes – Hospital – Providing medicines and medical aid to needy and poor people – Free distribution of medicines – Tribunal was justified in allowing application of income on account of free distribution of medicines. [S. 133(6)]