Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ITO v. SJLT Textiles (2024)112 ITR 37 (SN) (Chennai)(Trib)

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Market value of goods-Generating power from windmills for captive consumption-Initial year-Electricity purchased from Tamil Nadu Electricity Board and other Private power producers is proper.

Asst. CIT v. RD Tata Trust (2024)112 ITR 61 (SN)(Mum)(Trib)

S. 80G : Donation-Deductions to be restricted to 10 Per Cent. of gross total income-Entitled to deduction in respect of donations to institute registered under section 80G(2)(a)(iiif)-Claim shown separately in computation of total income-No infirmity in Commissioner (Appeals) directing Assessing Officer to verify claim and grant it-Not claimed benefit of sections 11 and 12 of the Act, there was no question of granting the benefit of carrying forward the deficit of this year to the next year. [S.11, 12, 80G(2)(a)(iiif), 80GGA]

ITO v. Hari Steel Industries Ltd. (2024)112 ITR 26 (SN)(Mum)(Trib)

S. 69C : Unexplained expenditure-Bogus purchases-Trading in Iron and steel scrap-Sales not disputed-Regular transaction with supplier-Ledger confirmation of supplier-Order of CIT(A) deleting the addition is affirmed. [S. 143(3)]

Aishwarya Publication P. Ltd. v. ITO (2024)112 ITR 14 (SN)(Mum)(Trib)

S. 69C : Unexplained expenditure-Income from undisclosed Sources-Survey-Accommodation entries-Bogus purchases-Addition to the extent of 12.5 Per Cent is affirmed-Reassessment is affirmed. [S.133(6) 139, 147, 148]

Bhartiya International Ltd. v. Dy. CIT (2024)112 ITR 207/227 TTJ 897 // 158 taxmann.com 239 / 38 NYPTTJ 18 (Delhi)(Trib)

S. 69C : Unexplained expenditure-Bogus purchases-Sales accepted-Disallowance of purchases are deleted.[S. 37(1)]

Diwan Saheb Fashions P. Ltd. v. ACIT (2024)112 ITR 12 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Cash Deposits-Demonetisation period-Cash sales explained-Basis of cash sales made in earlier financial year can not be adopted as a parameter for accepting cash sales made during year.

Arcil Retail Loan Portfolio 004 B Trust v. ITO (2024)112 ITR 65 (SN)(Mum) (Trib)

S. 61 : Revocable transfer of assets-Trust-Association Of Persons-Stressed Assets Of Banks And Financial Institutions Acquired By ARCIL by setting up Trusts and formulating schemes-Trust is not an Association of persons-No discretion is given to trustee to decide allocation of income every year, nor right given to beneficiary to exercise option to receive income or not-Income liable to be assessed in hands of beneficiaries-Respective shares known since inception-Assessee could not be considered as an indeterminate trust. [S. 63, Indian Trusts Act, 1882, S. 7, 9, Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002]

City Union Bank Ltd. v.Dy. CIT (2024)112 ITR 337 /229 TTJ 139 (Chennai)(Trib)

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Excess cash, stale drafts and branch suspense account-Transferred to depositors’ education and awareness fund-Cannot be treated as income-Deletion of addition is affirmed. [S.28 (iv)]

Tech Mahindra Business Services Ltd. v.ACIT (2024)112 ITR 21 (SN)(Mum)(Trib)

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess-Not an allowable deduction.

ACIT v. NRB Bearings Ltd. (2024)112 ITR 17 (SN)(Mum) (Trib)

S. 40(a)(ia): Amounts not deductible-Deduction at source-Making Provision for expenses at end of accounting year-No tax deducted at source-Deducting tax at source in subsequent year and depositing it before due date for filing of return of income.[S.139(1)]