Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Indian Oil Corporation Ltd. v. Dy. DIT (IT) (2024)113 ITR 403 (Mum)(Trib)

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty Deduction at source-Non-resident-Sponsorship agreement-Payment for right to use and display event marks-Having non-exclusive right to use footage relating to events or matches which recipients owned-Not royalty-Allowed refund of excess tax-DTAA-India-Singapore. [S. 195 , Art. 7(1), 12(3)]

Rajpath Club Ltd. v. Asst. CIT (2024)113 ITR 45 (SN)(Ahd)(Trib)

S. 4 : Charge of income-tax-Doctrine of mutuality-Club-Complete identity between contributors and participators of funds-Letting out Air-conditioned hall and lawns to non-members-Member was only a name lender-Usage of Air-conditioned hall and lawns facility by non-members are not covered by principle of mutuality-Income from such activity is not exempt. [S.143(3)]

ACIT v. Karnataka Renewable Energy Development Ltd. (2024)113 ITR 9 (SN)(Bang)(Trib)

S. 4 : Charge of income-tax-A Government undertaking, nodal agency for propagation of non-conventional energy sources-Grants-in-aid from Government-Unutilised grants-in-aid placed in fixed deposit with banks-Interest earned is not income as unutilised grant-in-aid was also a part of grant-in-aid-Precedent-High Court-Fact that judgment of High Court is under challenge before Supreme Court is cannot be a ground for Tribunal not to follow it. [S. 260A Art. 136]

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

S. 4 : Charge of income-tax-Central excise subsidy from Central Government-Subsidy granted for setting up new unit in Sikkim-Capital receipt-Not liable to tax. [S. 28(i)]

Vijay Vasant Kulkarni v. ACIT (Bom)(HC) www.itatonlinee .org

S. 143(3):Assessment – Reassessment – After the expiry of four years -Rental income – Capital gains- Investment in a residential house – Change of opinion – Audit objection – TOLA – Disputed facts cannot be adjudicated in writ jurisdiction -Availability of alternate remedy – Writ petition is dismissed with liberty to file an appeal. [S. 23, 45, 54F, 144B , 147148, 151, 250, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA), Art. 226]

Prashant Jaipal Reddy v. ITO ( Bom)( HC) www.itatonline.org

S.2(14)(iii): Capital asset-Agricultural land-Land is not used for agricultural purposes – Self- serving ledger entries- Property was sold before starting agricultural activity – Failed to file affidavit under Rule 10 of the Income Tax (Appellate Tribunal) Rules, 1963, pointing out that none of the Commissioner’s findings were contrary to the evidence on record or that the Commissioner or other authorities had grossly misread the documents on record- No substantial question of law – Order of Tribunal is affirmed . [ S. 45 , 260A , ITAT Rules , 1963 R. 10 .]

DCIT v. Lakhani Arman Shoes (P.) Ltd. (2024) 209 ITD 497 (Delhi) (Trib.)

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Penalty order is quashed.

Anjuman-E-Shiateali. v. CIT (2024) 209 ITD 539 (Mum) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Full value of consideration-Stamp valuation-Property is transferred to Trust in assessment year 2017-18-Revenue has accepted the valuation-No addition can be made on account of stamp valuation in the assessment year 2018-19. [S. 11(IA), 45, 50C]

Industrial Investment Bank of India Ltd v. PCIT(2024) 209 ITD 117 (Kol) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Company-Book profit-Voluntary liquidation-Section 115JB is applicable even to a company under voluntary liquidation.[S.115JB]

Amitkumar Dhirajlal Joshi v. ITO (2024) 209 ITD 21 (Rajkot) (Trib.)

S. 250 : Appeal-Commissioner (Appeals)-Procedure-Ex-parte order-Principles of natural justice-Matter remanded to CIT(A). [S. 250(6)]