Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Ashish Sood v. DCIT (2024) 229 TTJ 693 / 237 DTR 247 / 38 NYPTTJ 512 (Chd)(Trib)

S. 90 :Double taxation relief-Credit for tax paid abroad-Directory-Form No. 67 was filed and uploaded on portal on 18th Oct., 2021 on two months prior to intimation-Matter remanded to the CIT(A) to give credit to the USA income of the assessee and FTC as claimed after due verification.[S. 91, 13991), 143(1), Form No 67. R. 128(9)]

JCIT v. Sonu Handicrafts (2024) 229 TTJ 52 (UO) (Jodhpur)(Trib)

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Adjustment of loss of other units-Separate books of account-Adjustment of loss of other units are not justified. [S.80IA(5),Form No. 10CCB]

Jayeshkumar Gopalbhai Akbari v. DCIT (2024) 229 TTJ 449 / 237 DTR 113 / 38 NYPTTJ 399/ 162 taxmann.com 395 (Surat)(Trib)

S. 80GGC : Contribution-Any person-Political parties-Rashtriya Komi Ekta party-Unrecognised political party-No certificate is furnished in the form of verification of list of documents, etc-Genuineness of the donation is not proved-Not allowable as deduction. [S. 133(6 )]

Vision Sansthan v. ITO (2024) 229 TTJ 816 / 238 DTR 25 / 38 NYPTTJ 605 / 162 taxmann.com 359 (Jaipur)(Trib)

S. 80G : Donation-Inability of file fresh application owing to technical glitches in the portal-Assessee is entitled to file fresh application under cl. (iii) of first proviso to sub-s. (5) of s. 80G before the CIT(E), in view of Circular No. 7 of 2024, dt. 25th April, 2024 even manually, in case technical glitches continues to disallow filing thereof-CIT(E) is directed to dispose of the application in accordance with law.[S.80G(5), Form No 10AC]

Ramesh v. ITO (2024) 229 TTJ 746 / 238 DTR 57 / 38 NYPTTJ 547 (Jodhpur) (Trib)

S. 69A : Unexplained money-Income from undisclosed sources-Cash deposits in banks-Demonetization-Sale of goods-Deposited by customers-Addition is deleted. [s. 133(6)]

Kolaparthy Suvarna Lakshmi v. DCIT (2024) 229 TTJ 320 / 237 DTR 286 / 38 NYPTTJ 400 (Hyd)(Trib)

S. 69A : Unexplained money-Disclosure of unexplained jewellery in the course of search-Income offered in the return of income-Assessing officer is justified in assessing the income as income from undisclosed sources and assessing the income at per section 115BBE of the Act.[S.155BE, 132]

G.T.S. Exports (P) Ltd. v. ACIT (2024) 229 TTJ 70 (UO) (Delhi)(Trib)

S. 69 : Unexplained investments-Cash deposit-Bank-Demonetization period-Sales-Addition is deleted.

Sanjaykumar Damjibhai Gangani v. ACIT (2024) 229 TTJ 97 (UO)/ 161 taxmann.com 606 (Surat) (Trib)

S. 68 : Cash credits-Long term capital gains-Allegation by SEBI-Price manipulation-Contract note of shares, demat details, details of bonus shares, etc were filed-Denial of exemption is not justified.[S. 10(38), 45]

Kediam Gem (P) Ltd. v.ITO (2024) 229 TTJ 344 / 236 DTR 369 / 38 NYPTTJ 397 / 164 taxmann.com 736 ((Surat) (Trib)

S. 68 : Cash credits-Cash deposits in bank account-demonetization period-Sales not doubted-Books of account not rejected-Addition is sustained only of 10 per cent of cash deposit to avoid the possibility of revenue leakage-Liable to be assessed as normal rate and not enhance rate as per S.115BBE of the Act. [S.115BBE]

Muthoot Agri Projects & Hospitalities (P) Ltd. v. ACIT (2024) 229 TTJ 468 / 237 DTR 220 / 38 NYPTTJ 439/ 164 taxmann.com 59 (Cochin)(Trib)

S. 57 : Income from other sources-Deductions Secured debentures-Interest income during pre-commencement period-Entire investment was out of borrowed funds-Interest expenditure is allowable as deduction. [S.56, 57(iii)]