Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Mahendrasingh Ramsingh Jadav v. ITO (2021) 88 ITR 157 (Bang.) (Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Long term or short term-Period of holding to be reckoned from date of allotment. [S. 2(29A), 2(29B), 2(42A), 2 (42B), 45]

ACIT v. Investment Trust of India Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289(Chennai) (Trib.) Dy. CIT v. HFCL Infotel Ltd. (2021) 88 ITR 566/ 211 TTJ 777 / 203 DTR 289 (Chennai)(Trib.)

S. 50B : Capital gains-Slump sale-Amalgamation of Companies- Subsidiary-Balance consideration received from escrow agents by subsidiary after amalgamation on behalf of erstwhile Chennai Company-Taxed in hands of erstwhile Chennai company at Chandigarh -cannot be taxed again in hands of subsidiary in Chennai [S. 2(19AA), 2(42C), 72A]

DLF Universal Ltd. v. Dy. CIT (2021) 88 ITR 33 (SN) (Delhi)(Trib.)

S. 45 : Capital gains-Cost of development paid under tripartite arrangement-Allowable as cost of improvement-Brokerage paid allowable as deduction. [S. 48]

ACIT v. Lifestyle International (P.) Ltd. (2021) 88 ITR 79 (Bang.) (Trib.)

S. 43(5) : Speculative transaction-Premium on forward cover – Commodity-Foreign exchange cover not contract for purchase of share or stock and does not fall within definition of commodity – Transaction not speculative.

DLF Universal Ltd. v. Dy. CIT (2021) 88 ITR 33 (SN) (Delhi)(Trib.)

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Commission paid to subsidiary at lower rate than others-No disallowance can be made.

ACIT v. Lifestyle International (P.) Ltd. (2021) 88 ITR 79 (Bang.) (Trib.)

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Professional fees-Onus shift on revenue to show expenses excessive and not legitimate-Assessing Officer cannot contend that the expenditure is not required at all. [S. 37(1)]

B. Nanji A. v. ITO (2021)88 ITR 29 (SN) (Ahd.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Interest on deposits-Tax not deducted-Declaration was furnished by depositors-Disallowance was deleted. [S. 194A, 197A(1), Form No. 15G]

Dy. CIT v. Altisource Business Solutions P. Ltd. (2021) 88 ITR 135 (Bang.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Software purchase-Nature of trade-Not liable to deduct tax at source.

Ogene Systems India Ltd. v. ITO (2021) 88 ITR 2 (SN) (Hyd.)(Trib.)

S. 37(1) : Business expenditure-Bank guarantee to execute project-Bank recovering from the assessee-Loss in the ordinary course of business-No element of fines or penalties-Allowable as business expenditure.

ACIT v. Investment Trust of India Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289 (Chennai) (Trib.) Dy. CIT v. HFCL Infotel Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289 (Chennai)(Trib.)

S. 37(1) : Business expenditure-Premium payable on redemption of debentures-Spread over period of debenture.