Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. GJ Trading (P) Ltd. (2022) 218 DTR 225 / 328 CTR 865 / 145 taxmann.com 279 (Telangana)(HC)

S. 115WB : Fringe benefits-Limitation –Additional grounds-Notice issue under section 143(2) after six months from the end of relevant financial year-Notice is invalid-Tribunal is justified in admitting additional grounds. [S. 115WE(2), 143(2), 254(1)]

SRS Mining v. UOI (2022) 328 CTR 510 / 217 DTR 321/ 141 taxmann.com 272 (Mad.)(HC)/Notice is issued in SLP filed by the Revenue , ACIT v. SRS Mining (2023) 294 Taxman 604 (SC)

S. 69A : Unexplained money-Assessment against yard owners was completed-Addition of same income in the hands of the petitioner was directed to be deleted-Matter remanded. [S. 153C, Art. 226]

Delhi International Airport Ltd. v. PCIT (2022) 210 DTR 881 / 325 CTR 361 / 138 taxmann.com 541 (Karn.)(HC)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission, brokerage, etc.-Passenger service fees (PSF)-Not liable to deduct tax at source-Matter remanded for verification. [S. 194H]

National Dairy Development Board v. Addl. CIT (2022) 220 DTR 273 / 143 taxmann.com 282 / (2023) 290 Taxman 181 / 330 DTR 273(Guj.)(HC)

S. 36(1)(viii) : Eligible business-Special reserve-Agricultural development-Eligible business-Dairy or animal husbandry activities-Providing long term finance to various dairy co-operatives engaged in producing milk-Not eligible to claim deduction.

National Dairy Development Board v. Addl. CIT (2022) 220 DTR 273 / 143 taxmann.com 282 / (2023) 290 Taxman 181/ 330 CTR 464 (Guj.)(HC)

S. 36(1)(v) : Contribution to approved gratuity fund-Gratuity trust-Deed of variation pending for approval-Not allowable as deduction.[S. 43B]

Delhi International Airport Ltd. v. PCIT (2022) 210 DTR 881 / 325 CTR 361 / 138 taxmann.com 541 (Karn.)(HC)

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made [R. 8D]

ITO v. Aam Family Private Trust ( Mum)( Trib) www.itatonlline .org

S. 56 : Income from other sources – Relative – Individual – Private discretionary trust – Gift of equity shares to trust – Trust crested for the benefit of self and relatives – Any sum received without consideration , aggregate value of which exceeds fifty thousand rupees – Pass through entity – Provision of section 56(2)(x) is not applicable [ S. 56(2)(x)) ] S. 56 : Income from other sources – Relative – Individual – Private discretionary trust – Gift of equity shares to trust – Trust crested for the benefit of self and relatives – Any sum received without consideration , aggregate value of which exceeds fifty thousand rupees – Pass through entity – Provision of section 56(2)(x) is not applicable [ S. 56(2)(x)) ]

Keenara Industries Private Ltd v. ITO (2023 )453 ITR 51 / 147 taxmann.com 585// 331 CTR 477/ 223 DTR 273 (Guj) (HC) www.itatonline.org.Editorial: Touchstone Holdings Pvt Ltd v. ITO ( 2023) 451 ITR 196( Delhi)( HC), dissented from .Editorial: Notice issued in SLP order of High Court , ITO v. Keenara Industries (P.) Ltd. (2023) 294 Taxman 344 (SC) Editorial: Notice issued in SLP order of High Court , ITO v. Keenara Industries (P.) Ltd. (2023) 294 Taxman 344 (SC)

S. 148A: Reassessment – Limitation – Notices issued pursuant to the case of UOI v. Ashish Agarwal (2022) 444 ITR 1/ 213 DTR 217/ 326 CTR 473/ 286 Taxman / AIR 2022 SC 2781 (SC) – Notice issued on or after 01.04.2021, the period concerned is between 01.04.2021 to 30.06.2021-Relaxation Act will not apply – The law as per Finance Act, 2021 has to be followed- Notice issued for Assessment years 2013 -14 and 2014 -15 are barred by limitation – The submission that the UOI v. Ashish Agarwal (Supra) would be applicable to the cases, where such notices have been challenged before different High Courts only, were not accepted. [S. 119, 147, 148, 148A(d), 149, 151, 151A, Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020, S. 3(1), CBDT Instruction, 31-3-2021, Art. 226]

Rajeev Bansal v. UOI (2023)453 ITR 153/ 331 CTR 609/ 223 DTR 177 / 147 taxmann.com 549 (All)(HC) www.itatonline.org

S. 148A: Reassessment – Conducting inquiry, providing opportunity before the issue of notice – Limitation – Notices issued pursuant to the case of UOI v. Ashish Agarwal (2022) 444 ITR 1/ 213 DTR 217/ 326 CTR 473/ 286 Taxman / AIR 2022 SC 2781 (SC) – Notice issued on or after 01.04.2021, the period concerned is between 01.04.2021 to 30.06.2021-Relaxation Act will not apply – the law as per Finance Act, 2021 has to be followed.-CBDT Instructions No.1 of 2022 (2022) 444 ITR 43 ( St)- Interpretation Of Taxing Statutes — Strict Interpretation. [S. 119, 147, 148, 148A(d), 149, 151, 151A, Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020, S. 3(1), CBDT Notification, 31-3-2021, Art. 226]

Muthoot Leasing and Finance Ltd. v. CIT (2023) 450 ITR 496 /292 Taxman 5 / 330 CTR 209 (SC)

S. 260A : Appeal-High Court-Finding of fact-High Court must frame the substantial question of law-Order setting aside the order of Tribunal was quashed and set aside-Order of Tribunal was affirmed. [Interest-tax Act, 1974, S. 2(5A), 2(5B), 2(7)]