Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Toffee Agricultural Farms Pvt. Ltd. v. ITO (2022) 95 ITR 74(SN)/ 217 TTJ 850 / 213 DTR 337 / 141 taxmann.com 429 (SMC) (Delhi)(Trib)

S. 142A : Estimate of value of assets by Valuation Officer-Reference to Department Valuation Officer-Unexplained expenditure-Reference for valuation of agricultural land purchased-Not valid-Commissioner (Appeals)-No power to change section under which Assessing Officer has assessed item of income. [S. 69, 69C 250, 251]

Haryana State Industrial & Infrastructure Development Corpn. Ltd. v. ACIT (2022) 220 TTJ 217 (Chd)(Trib)

S. 142(2A) : Inquiry before assessment-Special audit-Not pointed out any complexity-Reference to special audit, therefore is an invalid reference, contrary to law-Consequently, the assessment order passed in the extended period is barred by limitation and hence void [S. 143(2), 153]

Nitin A. Shah v. Dy. CIT (2022)97 ITR 63 (SN) (Mum) (Trib)

S. 133A: Power of survey-Assessment-Income from undisclosed source-Additions made solely on the basis of statement recorded during survey-Additions not justified. [S. 131, 143(3)]

Ajaz Farooqi v. Dy. CIT(2022)95 ITR 188 (Hyd) (Trib)

S. 132(4) : Search and seizure-Statement on oath-Tax cannot be charged on notional income-Addition was deleted [S. 153A]

Sushil Kumar Singhal v. DCIT (2022) 220 TTJ 119/ 218 DTR 297 (Jabalpur) (Trib)

S. 132 : Search and seizure-Chartered accountant-Illegal search-Excess cash-Evidence can be used against the assessee-Assessee cannot allege search was to be conducted on another person and not him-Cash and balance of gold coins found in excess declared in the return to be added back.[S.69A, 69B, 143(3), 153A]

Dy. CIT v. Jagson International Ltd. (2022) 97 ITR 176 (Delhi) (Trib)

S. 115VD : Shipping business-Qualifying ship-Exemption-Tonnage Tax-Ship not offshore Installation-CIT (A) justified in allowing exemption.

Shipping Corporation Of India Ltd. v. Dy CIT(LTU) (2022)96 ITR 32 (SN) (Mum) (Trib)

S. 115VC : Shipping business-Presumptive tax-Tonnage tax-Core Activity-Income from excess provision written back-To be included in turnover of core activity-Reimbursement from managed vessels-Matter remanded for verification. [S. 115VJ]

ACIT v. Buhari Holdings Pvt. Ltd. (2022)96 ITR 41 (SN) (Chennai) (Trib)

S. 115VC : Shipping business-Presumptive Tax-Tonnage Tax-Assessee Part Owner of Qualifying Ship-Entitled to benefit of tonnage tax claimed according to definite and ascertainable share in terms of agreement with other co-Owners. [S. 115VH]

ACIT v. Vijay Tukaram Raundal (2022) 219 TTJ 641 /218 DTR 129 / (2023) 147 taxmann.com 53 (Pune)(Trib)

S. 115JC : Special provisions for payment of tax by certain persons other than a company-Housing project-Does not excludes its application in respect of housing projects approved under section 80IB(1) prior to its insertion-Appeal was dismissed.[S.80IB(1), 800IB(10)]

Piramal Enterprises v. Addl. CIT (2022) 216 TTJ 802 (Mum)(Trib) Editorial: CIT v. Tainwala Chemicals and Plastics India Ltd. [2013] 215 Taxman 153 (Bom.) (HC) distinguished.

S. 115JB : Book profit-Provision for bad and doubtful debts-Added back while computing book profit. [S.115HB(2)]